Ultra-rare purple-pink diamond could fetch $38M at auction

An "ultra-rare" purple-pink diamond is set to go under the hammer, with auction house Sothebys estimating that it could fetch up to $38 million. The 14. 83-carat stone, dubbed "The Spirit of the Rose," will go on sale in Switzerland next month, more than three years after it was uncovered from a mine in northeast Russia. Taking its name from the 1911 Russian ballet "Le Spectre de la rose," the jewel was cut from an even larger rough diamond unearthed by the mining company Alrosa in 2017. Then weighing 27. 85 carats, the initial find was believed to be the largest pink crystal ever unearthed in the country. It took a year to cut and polish the oval-shaped stone, which will go on display in Hong Kong, Singapore and Taipei before arriving in Geneva for the November 12 sale. According to the chairman of Sothebys jewelry division, Gary Schuler, the diamonds rarity is a result of its size and color, which has been graded as "Fancy Vivid Purple-Pink. " The jewel has also been classified as "internally flawless," a measure of its clarity, while the stone belongs to a rare subgroup of diamonds that contain little to no nitrogen. "Only 1% of all pink diamonds are larger than 10 carats and only 4% of all pink diamonds are graded Fancy Vivid and display a rich, vivid color," Schuler said in a press statement. "Having the opportunity to offer a large polished pink diamond . . . with the richness of color and purity of The Spirit of the Rose is therefore truly exceptional. "Soaring pricesPink stones now account for five of the 10 most valuable diamonds ever to sell at auction, said the head of next months auction, Benoit Repellin. "These exceptional sales, all realized in the last decade are a testament to the growing appreciation, and awareness of the great scarcity of these natural treasures around the world," he said in a press statement, "and with the supply of these beautiful stones becoming ever more limited, they are likely to continue to become even