Image: Harry Winston, Sotheby’s and Christie’s
It is no secret that rare jewels are one of the most sought after possessions across the world. Auctions around the globe have become arenas for collectors and zealots to compete for the most coveted treasures, driving prices to astronomical levels. Whether it is the mesmerising hue of a Mozambican ruby, the sparkle of a diamond or the storied past of a royal pearl, these gems hold an unparalleled magnetic appeal.
This raises the question: what drives the obscenely high prices at jewelry auctions? The stories of some of the most expensive jewels ever sold provide the answer. Here are the top ten:
The Pink Star
Image: Sotheby’s
Discovered by De Beers in Africa in 1999, the Pink Star began as a 132.5-carat rough diamond. Over two years, it was meticulously cut and polished, emerging as a vivid pink type IIa diamond known for its exceptional clarity and perfection
The Pink Star shattered all previous price records when sold at Sotheby’s Hong Kong for INR 595.45 crore ($71.2 million) in 2017 to jeweller Chow Tai Fook, who later renamed the diamond the CTF pink, in homage to the company’s initials and himself. Weighing 59.60-carat and being approximately the size of a strawberry, it is believed that there will never be another diamond quite like it.
The Oppenheimer Blue
Image: Christie’s
On May 18, 2016, at Christie’s Geneva, the auction featured the world’s largest fancy vivid blue diamond ever to be put up for sale—a 14.62-carat gem. While it may seem modest compared to the nearly 60-carat Pink Star, vivid blue diamonds of this caliber are exceedingly rare. Named in honour of Sir Philip Oppenheimer, the former chairman of De Beers diamond company and previous owner of the stone, its rarity and brilliance set it apart in the world of gemstones. The diamond was sold for INR 480.82 crore ($57.5 million), although the buyer’s identity remains a mystery.
Memory of Autumn Leaves and Dreams of Autumn Leaves
Image: Sotheby’s
In May 2017, Sotheby’s Geneva presented the ultimate in colored diamonds—Apollo and Artemis, later renamed The Memory of Autumn Leaves and The Dream of Autumn Leaves by their anonymous buyer. This pair consisted of a 14.54-carat internally flawless blue diamond (type IIb) and a 16.00-carat pink diamond with VVS2 clarity (type IIa). Mounted as a pair of earrings and offered separately due to their rarity and presence, they collectively sold for INR 480.04 crore ($57.4 million), setting the record as the most valuable earrings ever sold at auction.
The Winston Pink Legacy
Image: Harry Winston
Harry Winston made headlines on November 13, 2018, by purchasing a pink diamond at Christie’s Geneva for INR 418.15 crore ($50.7 million), surpassing its INR 250.30 crore ($30 million) estimate. This acquisition set a new record price per carat for a pink diamond at auction. Discovered in South Africa and cut in 1920, the 18.96-carat diamond belonged to the Oppenheimer family, who controlled the De Beers diamond company. After the purchase, CEO Nayla Hayek renamed it the Winston Pink Legacy.
The Blue Moon of Josephine
Image: Sotheby’s
At Sotheby’s Geneva, Hong Kong, billionaire Joseph Lau made a notable purchase in 2015—a 12.03-carat internally flawless fancy vivid blue diamond, discovered in South Africa in January 2014, for INR 404.75 crore ($48.4 million) as a gift for his seven-year-old daughter, Josephine. This acquisition followed his purchase of a 16.8-carat pink diamond for INR 238.34 crore ($28.5 million) at Christie’s just a day earlier, which he named Sweet Josephine.
The Graff Pink
Image: House of Graff
At Sotheby’s Geneva in November 2010, the owner of House of Graff, Laurence Graff, set a new record by purchasing a 24.78-carat pink diamond for INR 384.76 crore ($46.1 million). This gem, which previously belonged to his competitor Harry Winston, is now a prized piece in Graff’s historic collection of rare diamonds and has been named after him. The Gemological Institute of America classified it as “fancy intense pink”, a colour rating for pink diamonds and identified it as diamond type IIa, placing it among the top two percent of diamonds worldwide.
The Princie Diamond
Image: Christie’s
At Christie’s New York on April 16, 2013, the Princie Diamond—a cushion-cut fancy intense pink diamond weighing 34.65 carats—was auctioned for INR 326.21 crore ($39.3 million). Found 300 years ago in the Golconda mines, the Princie Diamond is considered the fourth largest pink diamond in the world, following the Daria-i-Noor, the Noor-ol-Ain, and the Pink Star. Originally belonging to the Nizams, the royal family of Hyderabad, the diamond was first auctioned at Sotheby’s in 1960. It was acquired by the London branch of Van Cleef & Arpels for INR 49 lakh (GBP 46,000) and later resurfaced at Christie’s
Queen Marie Antoinette’s Pearl
Image: Sotheby’s
At Sotheby’s Geneva in November 2018, a fierce bidding war culminated in the sale of a large natural pearl and diamond pendant for INR 302.79 crore ($36.2 million). This was no ordinary pearl; it once belonged to the French Queen Marie Antoinette, who never got to experience the full power of her throne. The pendant was part of a jewelry collection sold by Italy’s royal Bourbon-Parma house. The new owner paid a premium not just for the exquisite piece, but also for its connection to the Queen’s history, as this is one of the last remaining pieces of jewelry that were once worn and owned by her.
The Orange
Image: Christie’s
A 14.82-carat pear-shaped diamond, the largest known vivid orange diamond, was auctioned at Christie’s Geneva on November 12, 2013, for INR 296.94 crore ($35.5 million). Christie’s catalogue emphasised the rareness of this gem, stating, “The appearance of such a gem at auction is so scarce that amongst the very few fancy vivid orange diamonds that were ever sold at auction, the largest was less than 6 carats, making the ORANGE diamond, weighing as much as 14.82-carat, the ultimate possession for diamond collectors.”
De Grisogono Emerald and Diamond Necklace
Image: Christie’s
Mastering the art of wearing a 163.41-carat D color diamond gracefully, Fawaz Gruosi, the former owner of the now-defunct de Grisogono, designed a necklace with hundreds of emeralds and diamonds to accentuate the stone’s beauty. This head-turner was sold by Christie’s Geneva on November 14, 2017, for INR 281.88 crore ($33.7 million).
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