Editor’s Note
This article explores how rarity drives the exceptional value of fancy color diamonds, such as pink, yellow, and blue varieties, compared to their more common colorless counterparts.
The value of a gemstone increases with its rarity. Rarity is indeed a crucial factor determining a gem’s worth. A stone that is easily found on the streets holds no value as a gem, no matter how beautiful it is. Fancy color diamonds like pink, yellow, and blue diamonds are extremely rare in nature, which is why they command higher value than colorless diamonds.
Among colored diamonds, the red diamond is the rarest. In fact, red diamonds are so scarce that even gem experts rarely get to see one in person. Even finding photographs of them is difficult. In April, news emerged about one of the most extraordinary fancy red diamonds.
Ahead of the Phillips Auction’s ‘Magnificent Jewels: TWO’ held in Geneva on May 13, an email interview was conducted with Benoît Repellin, Global Head of Jewellery at Phillips Auction. When asked to recommend high-end jewelry or gemstones worthy of auction history, Repellin introduced five pieces. Among them, the one that immediately captured attention was the Argyle Phoenix – that exceedingly rare red diamond.
He began his introduction of the Argyle Phoenix with these words. The Argyle Phoenix was a privately held piece being offered at auction. Red diamonds are typically fashioned into sizes under 1 carat. However, the Argyle Phoenix weighed 1.56 carats and was cut into a round brilliant shape – a very rare cut for colored diamonds.
Even before the auction, global jewelry enthusiasts began focusing their attention on Geneva for the Argyle Phoenix. Reflecting this intense interest, this very small diamond (under 1 cm in diameter, roughly 7.40mm) had a pre-sale estimate of 1 to 1.5 million USD. The actual hammer price at the Geneva auction on May 13 was a staggering 3.811 million Swiss Francs (approximately 5.72 billion KRW). This amount was over four times the low estimate.
The Argyle Phoenix made auction history. It set the world record price for a round fancy red diamond at auction and also achieved the highest price per carat for a fancy red diamond, reaching 2.7 million USD per carat. The auction result was more than sufficient to elevate the legendary status of the now-closed Argyle mine.
One of the greatest attractions of jewelry auctions is that all information about the carefully selected lots is objectively and transparently available to everyone. Before an auction, exhibitions are held in major cities for a set period, offering the public a chance to view rare jewelry firsthand. Perhaps this is why global interest in gem auctions has been particularly fervent in recent times.