Russia to continue buying diamonds through state fund in 2025
The Russian budget for 2025-2027 has set aside $1.55 billion for the purchase of precious metals and gems.
An extremely rare, purple-pink diamond mined and polished by Russia’s Alrosa (MCX:ALRS) has set a new record price for a gem of that colour sold at an auction after fetching $26.6 million (24.4 million Swiss francs) at Sotheby’s in Geneva.
The flawless 14.83-carat diamond, named “The Spirit of the Rose” after a ballet of the same name from 1911, already had another record under the belt — it’s the largest of its kind ever found in Russia.
The oval gem was bought by a telephone bidder who chose to remain anonymous, Sotheby’s said.
While the selling price is a fresh world record in the pink-purple category, both Alrosa and coloured diamonds specialist had estimated the stone would fetch between $60 million and $65 million.
Coloured diamonds, especially pink ones, have been lately achieving top prices. They are expected to soar to new highs in the coming years as Rio Tinto this month closed its iconic Argyle mine. The operation was the world’s biggest diamond mine and the main global source of high-quality pink gems.
Sotheby’s set the record for any gem ever sold at an auction in 2017, with its $71.2 million sale of the 59.6-carat Pink Star to Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group.
Until then, the most expensive coloured diamond ever sold at auction was the “Oppenheimer Blue,” which fetched 56.8 million Swiss francs (about $58 million) in May 2016.
