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Rare purplish-red diamond sold for USD 2.77 million at auction in Geneva

A rare purplish-red diamond embedded on a finger ring was sold for USD 2.77 million at the Christie's auction in Geneva.

New Delhi November 12, 2020 UPDATED: November 12, 2020, 13:50 IST

Arare purplish-red diamond embedded on a finger ring set a world record at the Christie’s auction in Geneva On Wednesday as it was sold for USD 2.77 million.

WHAT ARE THE CHARACTERISTICS OF THE RARE DIAMOND?

The diamond, of 1.05 carats with VS2 clarity, is mounted on a platinum and gold ring in between two heart-shaped diamonds, news agency ANI reports. It was sold for that exorbitant amount owing to its unique colour.

WHO BOUGHT THE FINGER RING?

The fancy finger ring was bought by Tiara Gems and Jewellery DMCC owned by Dubai-based Indian ex-pat Ashish Vijay Jain.

Speaking of his investment, Ashish Vijay Jain told ANI, “The jewellery industry is growing rapidly, becoming more competitive and must be sensitive to consumer sentiment. Amidst the COVID-19 pandemic, there will always be interest for rare stones, which are an investment opportunity.”

purplish-red diamond

WHY IS THIS DIAMOND RARE?

Diamonds that are red in colour are rare in occurrence and hence, are most expensive. Gemologists have debated for long in order to ascertain the reason that leads to the formation of red diamonds. Certain quarters, thereafter, arrived at the conclusion that the red colour is due to the presence of the gliding atoms in the structure of the diamond.

During its formation, a diamond undergoes immense pressure that alters its atomic structure, thereby imparting a particular colour to the gem.

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