Jewelry News

A Diamond Red Alert

December 30, 2009

A New York-based diamond specialist surprised the jewelry industry with a rarity - nearly 2 carats of radiant, purplish-red diamond perfection you have to see to believe.

Natural-color diamonds are the most coveted prize of well-heeled collectors, celebrities, and jewelry hounds the world over. So the news that a once unsalable pink diamond from Rio Tinto's famous Argyle mine in Australia has turned from a pink pumpkin into a rare red princess has taken the diamond world by surprise this week.

Originally the 1.77-carat, radiant-cut, fancy deep purplish-pink diamond didn't attract a buyer at Rio Tinto's 2008 Argyle Pink Diamond tender, but Joshua Sheby from Scarselli Diamonds took a chance, and the result is a jaw-dropper.

The final result is a 1.61-carat, fancy purplish-red stone worth an estimated $2 million called "The Kimberly Red."

"It was a just a matter of readjusting some of the angles...and bringing out that red component," Sheby told National Jeweler.

So what's next for the rare stone? The diamond could be sold through an auction house, retail outlet or to a collector. A museum also could decide to buy the stone or rent it for a specified amount of time so we mere mortals can take a gander at the red beauty.

In the meantime, visit our Diamond Education section for more information about natural-color diamonds and what big celebs are wearing them on their ring fingers and to red carpet events.

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