In 2005, jeweler Laurence Graff purchased a 50.01-carat diamond for $4.2 million. He then sold it, but when the gem went on the market again in 2012, Graff had to pay $8.4 million to get it back.
The fact that the price of an individual stone doubled over the course of 7 years speaks to the investment value of diamonds in general. And while $8.4 million may seem like a high price to pay, it pales in comparison to the sums that colored diamonds have recently been selling for.
A 59.6-carat fancy vivid pink diamond sold for $83.2 million earlier this month (after having been estimated at over $60 million), and a 14.82-carat orange diamond—called the “largest fancy vivid orange diamond in the world”—went for $35.5 million, nearly double what it had been expected to sell for.
Rahul Kadakia, head of jewelry for Christie’s Americas and Switzerland, explained that, “In the colored diamond world $1 million per carat is now normal, which in itself is a headline.” In October, a 1.56-carat fancy red diamond from the Argyle Diamond Mine sold for over $2 million—the highest price per carat for a diamond produced from the mine.
Whether for jewelry or for investment, interest in diamonds is as high as it’s ever been.
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