Rare purplish-red diamond sets world record at auction in Geneva

Auction company Christie’s made jewellery auction history on Wednesday. 

A rare rectangular-cut fancy purplish-red diamond ring of 1.05 carats was sold for $2.77 million – establishing a house and worldwide record of price per carat for a diamond of that colour.

The 1.05-carat fancy purplish-red diamond with VS2 clarity was bought by Tiara Gems and Jewellery DMCC, owned by Dubai-based Indian expat Ashish Vijay Jain. The stone is mounted on a platinum and gold ring flanked by two heart-shaped diamonds.

According to Ashish Vijay Jain, the diamond will go on display in his family’s jewellery store, which is currently under construction in the Gate Avenue mall at the Dubai International Financial Centre (DIFC).

“The jewellery industry is growing rapidly, becoming more competitive and must be sensitive to consumer sentiment. Amidst the Covid-19 pandemic, there will always be interest for rare stones, which are an investment opportunity. Natural coloured purplish-red diamonds are the rarest of the gems,” he said.

“Despite the challenging environment and the first auction at the Four Seasons Hotel de Bergues without clients present in the room, Christie’s saw strong bidding from all over the world, both online and on the telephone. With a sale through a rate of 89%, it shows the market is robust and there is a very competitive demand for exceptional jewels and coloured stones,” Max Fawcett, Head of Department at Christie’s said.