‘The Orange’ set to Sell for $20 Million
October 29th, 2013 by Noam Flint
Orange is the color of fall, and jewelry lovers all over the world were seeing the fiery hue when news of a record-breaking stone went public in early October. While this colored diamond, aptly named “The Orange,” made a major splash, it has continued to take up its fair share of the limelight in the weeks following its reveal. More information about this gem’s upcoming sale is coming to light, and some of the news may have people around the world standing at attention.
The largest fancy vivid orange diamond in the world
Image by Christie’s
Ready to break records
“The Orange” is a 14.82-carat, pear-shaped vivid orange diamond. It’s heading to the auction block Nov. 12, but before it is sold to the highest bidder by Christie’s Geneva, the stone went on display in Hong Kong. Experts believe the gem will command around $20 million, which would result in a record price of approximately $1.3 million per carat.
“This will become already a new world record per carat for any orange diamond,” Rahul Kadakia, head of jewelry for Christie’s Americas, told CNBC. “Then, there’s a question of how big a world record it will create.”
Of course, any records that the diamond breaks will be almost exclusively due to its size and color. Orange diamonds are incredibly rare, and to find one of this caliber and weight may be a once-in-a-lifetime occurrence.
“Christie’s [is] really thrilled to have this orange diamond in our sale in Geneva,” senior international jewelry specialist David Warren told CBS. “It is probably one of the rarest diamond we’ve ever sold. In all the years that I’ve been here, which is most of my life, I’ve never seen a stone like this.”
A safe investment
The $20 million price tag may turn some prospective buyers away, but others are drawn to the beauty – and the economic value – of this colored diamond. In fact, these stones have become a popular choice for investors, many of whom want a tangible way to show off their wealth. Others believe it is a smart option because the price of colored diamonds continues to go up as the word spreads about these stunning gems.
If you want to buy something … that is eventually going to keep going up because there’s only so much of it around, a diamond is your investment, Over the last 10 years, [diamonds] have gone up 300 percent. I don’t think any asset class has done that. (Kadakia told CNBC.)