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The Graff family, for one, has spent many years seeking out collections of coloured diamonds. In 2010, Laurence Graff bought an exceptionally important 24.78-carat fancy intense pink emerald-cut diamond at a Sotheby’s auction for US$46.2 million. Previously owned by American celebrity jeweller Harry Winston, it had not been seen on the market for more than six decades. Once faceted, it made a 23.88-carat internally flawless fancy vivid rechristened the Graff Pink.

The Spirit of the Rose (14.83 carats), named after a famed Russian ballet, is considered to be “the world’s largest vivid purple-pink diamond ever to appear at auction”. Cut from the largest pink rough ever mined in Russia, the gem was sold at Sotheby’s in Geneva in late 2020 for US$26.6 million.

So why are collectors paying extraordinary amounts for pink diamonds? And why are they on every maison’s radar? Is it the beauty? Or is it the scarcity?

Certainly, owning a rare pink diamond is a privilege. Unlike other colours of diamond produced by trace elements, pinks are formed from intense heat and pressure distorting their atomic lattice.

According to Gary Schuler, worldwide chairman of Sotheby’s jewellery division, “Pink diamonds in nature are extremely rare in any size. Only one per cent of all pink diamonds are larger than 10 carats and only four per cent are graded “fancy vivid” for their rich and brilliant colour. Roberto Boghossian, managing partner at Geneva-headquartered Boghossian, pointed out that the latest world record at Sotheby’s is “testament to the rarity of pink diamonds”. Coloured gems are true investments, and large, high-quality coloured gems even more so, he added.

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Creative director Sara Prentice of Garrard echoed his thoughts: “The rarity, the colour and the fact they come in so many different hues make pink diamonds covetable.” Prentice also agreed that pink diamonds are a “safe valuable investment when global markets are volatile, again due to their rarity”.

The shutdown of the Argyle diamond mine in Australia is certainly having an impact on the market, Bastien observes. “Prices have been going up for the past few years already and that is unlikely to change. The demand remains high for pink diamonds, especially on good quality pieces,” he added. It is reassuring for clients to learn that Graff always has a “significant inventory of rare pieces” due to its strong network of supply, and currently has a nice selection of pink diamonds.

Pink diamonds are certainly among the top investment gems at the moment, said Boghossian. As supply has dwindled, the demand continues to surge.

As gem connoisseurs in Asia and the Middle East increasingly seek pink diamonds, not merely for their beauty but because they are quintessentially a hot investment, Boghossian draws on its existing stock of “beautiful pink diamonds”, while continually browsing the market for the next big find.

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Maison Mazerea, claiming to be the “world’s first haute diamanterie maison”, has direct access to mines yielding some of the rarest coloured diamonds in the world. In its treasure chest lies a fancy vivid purplish-pink diamond – one of the last five hero stones to emerge from the now-exhausted Argyle mine and bought by Burgundy Diamond Mines (owner of Maison Mazerea) in 2021.

A favourite name with gem connoisseurs, Ronald Abram also caters to the growing interest in high jewellery sets with pink diamonds. “Pink diamonds are unmatched in beauty and unrivalled in rarity,” said Jonathan Abram, director of Ronald Abram. “Historically, they have been coveted by the pre-eminent gem collectors which also increases their desirability.”