Sign of the Times? 10-Carat Pink Diamond Fails to Sell at Auction

Diamonds are a girl's best friend -- except during an economic recession.

In a sign that belt-tightening may have spread to even the ultra-rich, a more than 10-carat rare pink diamond expected to fetch up to $15 million has gone unsold at a luxury New York jewelry sale.

Altogether, the Christie's Magnificent Jewels auction took in nearly $32 million Tuesday, but the pink diamond -- its top item -- failed to find a buyer.

10.09-ct. Fancy Vivid purplish-pink diamond

Courtesy of Christie's

A 10.09-carat Fancy Vivid purplish-pink diamond was expected to fetch up to $15 million at an auction this week but went unsold.

"We were disappointed that the 10-carat purple-pink diamond did not find a buyer," the head of Christie's jewelry sales, Radul Kadakia, told Reuters. "But top-quality white, blue, pink and yellow diamonds fared very well," he said begrudgingly.

The biggest price tag went to a more than 37-carat colorless diamond, selling for nearly $4.5 million, or $120,000 per carat, Forbes reported. Next up was a Fancy Vivid blue diamond, which sold for $3.67 million, or more than $1 million per carat, exceeding its initial estimated value.

"In all, five top jewels exceeded the $1 million mark, with heavy competition among both trade buyers and private collectors for colorless diamonds, large gemstones and signed jewels," Kadakia told The Epoch Times.

But the 10.09-carat Fancy Vivid cushion-cut pink diamond, flanked by white diamonds around it, was supposed to be the sale's highlight. Pink diamonds are the most rare and most expensive stones, and their value has skyrocketed in recent years. Fewer than 10 percent of all pink diamonds weigh more than two-tenths of a carat.

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Fancy Vivid is a designation for the top-grade rate of diamonds at auction.

Two potential buyers placed bids on the pink diamond but failed to reach an undisclosed threshold at which the owner was willing to sell. But Kadakia said some private bids have come in after the auction ended.

"The transaction is still alive," he said. "Perhaps we'll see something take place in the coming days."

Pink diamonds get their color from a rare geological process while they are crystallizing deep under the Earth's crust.