A rare pink diamond, the largest of its kind to ever come to auction, is expected to fetch up to $28 million at an auction in Switzerland in November. Tim Graham reports.
It is a diamond unlike any other, and the largest of its kind ever to go to auction. The 16.08 carat jewel is being put up for sale in Switzerland in November. The diamond has been officially qualified as "fancy vivid", meaning its pink hue is absolutely pure. Jean-Marc Lunel is with Christies auction house. (SOUNDBITE) (French) CHRISTIE'S SENIOR INTERNATIONAL SPECIALIST, JEAN-MARC LUNEL, SAYING: "The value of coloured diamonds has been increasing a lot over the last years, their price has even sometimes doubled, and we have been breaking records at every auction. This diamond is estimated at between 23 and 28 million dollars - we do think that there will be a fierce battle for setting the auction range prices." To say the gemstone is rare is an understatement. Coloured diamonds only represent about 1 percent of world diamond production. Pink diamonds only represent one percent of that one percent. Meaning only those with deep pockets need bother placing a bid.