The Pink Promise Diamond

 The diamond, described by Christie's as the "Picasso of the Pink Diamond world," sold for an incredible $31,861,000 – approximately $2.13 million per carat.

The diamond, referred to as The Pink Promise Diamond is a stunning pink oval stone with mixed cuts. Its Fancy Vivid Pink color (as opposed to Fancy Intense Pink) is a designation given by the Gemological Institute of America (GIA) and represents the most prized color grading in pink diamond history. The oval stone was set in a platinum ring and surrounded by diamonds. It was estimated that the ring would sell for between $28 million and $42 million.

The Fancy Vivid pink diamond was originally purchased by gemologist and jeweler Stephen Silver, who is known for his keen eye for gemstones. When he bought the stone (for an undisclosed sum) in 2013, it was originally a 16.21-carat Fancy Intense pink. However, Silver believed that the stone could achieve a higher color rating if it were cut differently to allow more light through it. Silver turned to a master gem-cutter and together they spent several years planning how to cut the rare Type IIa pink diamond.

Cutting the 16.21-carat stone was risky because if they could not achieve a higher color rating, they were basically tossing away millions of dollars in lost carat weight.

The risk paid off. The stone was re-certified by the GIA after its cutting from 16.21 carats to 14.93 carats. It went from Fancy Intense Pink to the much rarer Fancy Vivid Pink rating. Additionally the Type IIa pink diamond achieved VVS1 clarity – the grade just beneath "flawless." The higher grades in color and clarity boosted the value of the diamond exponentially.

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