With the Argyle mine closed, the allure of rosy diamonds has aficionados paying millions for the resplendent jewels that feature them.
Absence, it is said, makes the heart grow fonder. This certainly seems to be the case with pink diamonds, as the closure of the famous Argyle mine in Australia has driven interest in these rare and expensive stones.
Some consumers are drawn to pink diamonds because they are, as Boodles director James Amos puts it, “an interesting investment story” now that the world’s main source has ceased producing. The British jeweler recently unveiled a pear-cut, 10.05-carat, pink diamond cocktail ring, which it is selling for more than $4 million.
Designs featuring large stones like this tend to be simple, with the jewelry acting as little more than a practical carriage for its precious cargo. Access to top-quality examples is limited to the deep-pocketed elite and to the private buyers victorious in auction house bidding — such as the unnamed Asian customer who dropped $29.3 million on the 15.81-carat, purple-pink Sakura diamond at Christie’s in May.
For most jewelry designers, however, pink diamonds remain a fiscally impractical choice compared to pink sapphires. When jewelers do roll out rosy diamonds to elevate a piece, it tends to be as a pavé accent — although some are experimenting with small cuts of very light or included pinks in organic designs or next to cognac diamonds.
Though white remains a classic pairing for pink, a more striking color complement that’s gaining traction is green. Lily Gabriella highlights this beautifully in a ring featuring a radiant-cut, 6.78-carat, pink diamond within a swirling double halo of light-green grossular garnets. Another example is The Green Jewels earrings, which combine Muzo emeralds with Argyle pink diamonds. Those sold at Christie’s in May for HKD 15.9 million ($2.1 million), proving that the pink-diamond trend is still going strong.
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