Back in 2007, a South Florida man purchased a beautiful $2 million pink diamond ring for his wife. Now, the unique 10.07-carat pink diamond will be sold in a worldwide auction at Christie’s for an expected $8 to $12 million – thanks to Andrew Kravit, an expert gemologist who recognized its true value.
“The couple fell in love with this magnificent piece of jewelry,” said Kravit, founder and president of Kravit Estate Appraisals LLC in Boca Raton. “They appreciated its unique color, and enjoyed it for many years, but had no idea of its worth in today’s market. Despite the global financial recession, the value of their colored diamond increased more than 400 percent in the past nine years.”
Last fall, Kravit was asked to appraise the couple’s overall jewelry collection for insurance purposes. “When I looked through a list of their personal assets on their insurance policy, I saw some pieces that were overvalued, others that were undervalued and a few that were right on the money,” he said. “But there was one glaring mistake: their 10-carat pink diamond had been appraised for only $4.7 million.”
A few days later, Kravit met with the couple and called an associate specializing in colored diamonds who confirmed that diamond would command in excess of $8 million in the current market. After considering their options, the couple decided to engage Kravit as their representative in maximizing the value of their rare gem.
Kravit contacted several leading auction houses to negotiate the best terms for his client. After several conversations, his clients selected Christie’s, which will be featuring the couple’s unique pink diamond at its April 20 jewelry auction in New York City.
“Pink diamonds in strongly saturated colors of over a carat are a rarity,” said Rahul Kadakia, International Head of Jewelry for Christie’s. “To locate an intense pink gem of over 10 carats is a real event in the world of jewelry auctions,” he added.
In the coming weeks, the pink diamond will be exhibited in Geneva, Hong Kong, Los Angeles and New York City prior to the auction.
Kravit noted that pink diamonds have increased substantially in value over the past decade, rising an estimated 20 percent annually for the past five years. “There is only one colored diamond for every 10,000 colorless diamonds,” he said. “Most of the world’s pink diamonds come from the Argyle mine in Western Australia, whose supply is expected to run out by 2020. High demand from wealthy individuals and savvy investors around the world is driving the steep increase in values.”
“Because market values are constantly changing, it is vital to have an experienced appraiser examine a collection of personal assets in order to establish the current value,” Kravit said. “in this case, a pink diamond purchased for $2 million is likely to return four or five times that value. Clearly, this unique gem was an excellent investment.”
About the Diamond:
AN IMPORTANT COLORED DIAMOND RING
Set with a fancy intense purple-pink cushion modified brilliant-cut diamond, weighing approximately 10.07 carats, flanked on either side by a triangular-shaped diamond, ring size 6 1/4, mounted in platinum and gold
Estimate: $8,000,000 – 12,000,000
SOURCE Kravit Estate Appraisals LLC
