Fortune Pink diamond sells for more than $28.5 million at auction after tense bidding war

The “Fortune Pink” diamond, an exceptionally rare giant gem, was auctioned in Geneva on Tuesday for more than $28.5 million to an Asian private collector.

At 18.18 carats, the gemstone is the largest pear-shaped fancy vivid pink diamond ever sold at auction, auction house Christie’s said.

The dazzling diamond fetched a price of 24.5 million Swiss francs ($24,615,150), which rose to 28,436,500 Swiss francs ($28,570,150) with the buyer’s premium.

The bidding, which lasted four minutes, started at 17 million Swiss francs and was a three-way battle between telephone bidders, with the winner eventually claiming the gem by increasing the bid by half a million.

The diamond was exhibited in Geneva and then went to New York, Shanghai, Taiwan and Singapore in October before returning to Switzerland.

It was sold at the Magnificent Jewels auction at the Hotel des Bergues as part of Christie’s Luxury Week in Geneva.

The Fortune Pink was valued at $25 to $35 million.

Max Fawcett, head of jewelry at Christie’s in Geneva, said the stone, which is a rich, saturated pink color, was quarried in Brazil more than 15 years ago. He declined to identify its owner, but described the diamond as “a true wonder of nature.”

“We had tremendous interest in the stone from around the world,” Fawcett said in an interview. “It is a truly incredible diamond.”

The auction comes six months later Christie’s sells “The Rock” — a 228-carat egg-sized white diamond that will be the largest of its kind to be auctioned — for more than $21.75 million, fees included. That was at the lower end of the expected range.

Earlier this year, the diamond “De Beers Blue”. sold for $57.5 million in Hong Kong, auction house Sothebys said.

The world record for a pink diamond was set in 2017 when a stone called CTF Pink Star sold in Hong Kong for $71.2 million.

In July, miners in Angola discovered what is believed to be a rare pure pink diamond largest found in 300 years, according to the Australian site operator. The 170-carat pink diamond – dubbed The Lulo Rose – was discovered at the Lulo mine in the country’s diamond-rich northeast and is among the largest pink diamonds ever found.

The Associated Press contributed to this report.