In the news; $50 million for a pink diamond, are we crazy?

The Winston Pink Legacy has been acquired by Harry Winston for $50.000.000,- A record-breaking price for a diamond, once again. Why are we so fond of diamonds and records? And are we crazy to spend this much on a stone?

Harry Winston placed the winning bid on the 'pink legacy' diamond

Another record shattered and we all like to read about it. It’s a funny thing: these records and these giant gemstones. Harry Winston placed the winning bid and with that, the stone has not just found a new owner but also a new name. The Winston Pink Legacy. (previously: the Pink Legacy). For those who like to step back a moment, it’s auction sales like these, that make us wonder why. Why are we so fascinated by a giant, undoubtedly beautiful stone? A perfect stone, as some would say, but that’s, of course, according to a manmade scale.

You and I won’t be able to ever buy that stone, nor would we perhaps wish to do so. Then why do we all love to read about it, almost with that same perverted lust as we read about a celebrity scandal?

Ethics

Perhaps because it feels a tat over the top? Slightly scandalous even? This time it’s Harry Winston buying the stone. A jeweler under the umbrella of the Swatch Group, with the famous CEO Nayla Hayek steering the course of the famous diamond jeweler. This jeweler, once known as the king of diamonds, will add the diamond to its already famous row of stunning big diamonds.

But what if a businessman buys a diamond for his daughter? Remember the Joseph Lau story? He bought the Blue Moon, a blue diamond of 12.01 carat, for about $50 million give or take and a few other enormous stones, for his then 7-year old daughter. I think we like to jump on it for the sensational twist of such a story, but Mr. Lau is, according to Forbes, worth around $17 billion. This real estate magnate has bought diamonds for a girl that still plays with dolls, but he is 66 years old and a diamond like this is an investment, like art, can be ( of course, he is a vivid art collector too ;-) )

Why are we so fascinated by big diamond sales?

I think for those who like a little bit of sensation, auctions of big diamonds cause always a stir, an excitement, something to have some kind of opinion about. And boy, we do like to share our opinions ;-). For others, the more philosophical minded types, it becomes an observation and an ethical question. Are we crazy to value diamonds, a stone formed by our planet millions of years ago, but nonetheless a stone, so much?

Even if I tend to look at auctions like this with some reservation, almost reluctant to see it as part of the jewelry industry, I can’t deny that we, a majority of the people, are simply fascinated by record-shattering diamonds. For all kinds of reasons.

The facts of the Winston Pink Legacy

• The Winston Pink Legacy is sold for $50.375.000,-
• Previous Owner: Oppenheimer Family - owned the De Beers company for many years
• The Winston Pink Legacy weighs; 18.96 ct and is a vivid Pink diamond

Photos are all courtesy by Christie's

---

 

Christie's, Diamonds, Harry Winston, Pink Diamonds

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat.