(Photo courtesy of Phillips) 

On April 28, 1987, at Christie's of New York, an agent allegedly representing The Sultan Of Brunei bought the .95 red round diamond for $880,000, plus a 10% buyers commission. This set a new world per carat price for any gem at $926,000 per carat.  This was the beginning of the colored diamond bull market.  It has really not stopped after 37 years.  Of  course, the red diamonds are the rarest and we are lucky to see a few a year on the market.

Since 2003, you can see the 5.11 Moussaieff Red, the the world's largest known red diamond. It was discovered in Brazil in the 1990s by a now not-so-poor farmer tending his crops.  It weighed 13.9 carats in the rough. Since, 2003, it has been showcased in ‘The Splendor of Diamonds’ exhibit at the Smithsonian Institution.

At The Geneva Jewels Auction May 20, 2024, Phillips broke records for a red diamond.  The 1.56 ct. “Argyle Phoenix” red diamond sold almost $4.2 million—more than double its estimated reserve. This is a new auction record for a fancy red diamond in both total price and the $2.68 million price per carat.  As you can see from the above photo, the diamond has Imperfect clarity.  Although not clarity graded by the GIA, it doesn't really matter.  Some rare stones can be included and collectors don't care. This is one.  Purchased by Laurence Graff, the record-breaking Phoenix is the largest known round brilliant fancy red diamond, sourced from the now-defunct Argyle mine in Australia.

During its 37 years of production, the Australian Argyle mine produced between 90% and 95% of the world’s pink and red diamonds. The depleted mine was officially closed on November 3, 2020.  There are now no new reds or pinks entering the market.  Expect prices for these goods to continue to escalate.  At the fall 2013 tender, the Argyle Phoenix was sold to a Singapore-based jeweler for slightly more than $2 million.  We assume the jeweler sold the stone for a markup.  This is the first time the stone entered the auction market. Argyle's annual tender represented a small collection of the rarest diamonds from a year’s worth of production at the mine. Each year, only pink and occasionally red diamonds would be offered for sale.  Regretfully, those days are gone.