Brief History of Diamonds
Diamonds have a long history as objects of desire. Historians estimate that India was trading in diamonds as early as the fourth century BC. By the 1400s diamonds were becoming fashionable to wear by the European elite. Up until the mid 1800s, diamonds were very rare and only the very wealthy had access to them. The modern diamond market began with the 1866 discovery of diamonds in Kimberley, South Africa when Cecil Rhodes established De Beers Consolidated Mines Limited in 1888 and by 1900, De Beers controlled 90% of the world's rough diamond production. In 1927, Ernest Oppenheimer became the chairman of the board of De Deers. A world wide decline in diamond prices began soon after in the 1930s. In response to this decline Oppenheimer created one of the most successful marketing campaigns that has endured to this day. Diamonds became a symbol of love with the 1947 marketing campaign "A diamond is forever". Below we take a closer look at five of the most expensive diamond rings sold in 2023 at Sotheby's.
1. The Eternal Pink Diamond Ring, 34,804,500 USD
The Eternal Pink Diamond Ring sold for 34,804,500 USD in June 2023. The Eternal Pink Diamond Ring features a 10.57-carat Fancy Vivid Purplish Pink diamond with trapezoid-shaped side stones. This Internally Flawless 10-carat ring, natural-color Type IIa diamond is exceptionally rare, as noted by the GIA, which provided a special letter and monograph describing it as "a stunning specimen; one of nature's great wonders transformed through artistry and ingenuity." The GIA emphasizes the Eternal Pink's rarity, citing its vivid color, flawless clarity, and substantial size as unparalleled among pink diamonds at auction. Crafted by Diacore—renowned for diamonds like the Williamson Pink Star and CTF Pink Star—the Eternal Pink was discovered in 2020 at Botswana's Damtshaa mine. The 23.78-carat rough stone was meticulously cut over six months in New York into a mixed cushion shape, maximizing its vivid color and brilliance.
2. Fancy Vivid Blue Diamond Ring, 198,220,000 HKD
The Fancy Vivid Blue Diamond Ring sold for 198,220,000 HKD in October 2023. This diamond ring has a radiant-cut fancy vivid blue diamond weighing 11.28 carats. It is also embellished with brilliant-cut diamonds and diamonds of pink tint, mounted in 18 karat white and pink gold. The diamond is Fancy Vivid Blue, Natural Colour, VS2 Clarity; also accompanied by a diamond type classification report stating that the diamond is determined to be a Type IIb diamond.
This exceptional ring is accompanied by a monograph expressing the rarity and the characteristics of the stone, as well as a letter stating that ‘...To say the Infinite Blue is special cannot be overstated. The odds of finding a blue diamond is of the topmost rarity. This glorious and notable diamond is an example of what can occur when nature leads the way and humankind embraces the earth’s treasures—producing a gem of spirited light performance.’
3. Bulgari Laguna Blu Fancy Vivid Blue Diamond Ring, 22,625,100 CHF
The Bulgari Laguna Blu Fancy Vivid Blue Diamond Ring sold for 22,625,100 CHF in May 2023. The exceptional and rare 11.16-carat fancy vivid blue diamond ring, known as Laguna Blu, is set in a Bulgari mounting. The diamond features a Natural Colour, VS1 clarity, and a Type IIb classification. Renowned for its superb craftsmanship and style, Bulgari has a legacy of using prestigious gemstones. Giorgio Bulgari, son of founder Sotirio Bulgari and a pioneer in introducing colored diamonds to the brand, initially acquired this rare gem. It was later purchased by another prominent collector and has remained in their collection until it made its auction debut in 2023.
The diamond’s rich, mesmerizing blue hue and classic unmodified pear shape make it exceptionally rare and highly sought after. At the Met Gala 2023, actress and Bulgari Ambassador Priyanka Chopra Jonas showcased the diamond, wearing it on a bespoke Bulgari necklace inspired by Greco-Roman bay laurel wreaths.
4. Fancy Intense Pink and Fancy Deep Grayish Blue Diamond Ring, 10,377,267 CHF
The Fancy Intense Pink and Fancy Deep Grayish Blue Diamond Ring sold for 10,377,267 CHF in May 2023. The diamond ring features a fancy intense pink center diamond weighing 21.94 carats with fancy deep grayish blue diamond shoulders weighing 0.51 and 0.46 carat and a mount enhanced with brilliant-cut diamonds. The 20 carat center diamond is Fancy Intense Pink, Natural Colour, VVS2 Clarity. The side diamonds weighing 0.51 and 0.46 carat, are Fancy Deep Grayish Blue, Natural Colour, VS2 and SI1 Clarity.
5. Fancy Vivid Purplish Pink Diamond Ring, 5,619,900 CHF
The Fancy Vivid Purplish Pink Diamond Ring sold for 5,619,900 CHF in May 2023. The diamond ring is set with a round-cornered rectangular modified brilliant-cut fancy vivid purplish pink diamond weighing 5.01 carats. The seamless mount set with fancy-shaped diamonds, further enhanced with brilliant-cut diamonds. The center diamond is Fancy Vivid Purplish Pink, Natural Colour, VS2 Clarity. The remaining diamonds stated to weigh a total of approximately 2.90 carats, on average D-F colour, VVS-VS clarity.
Advantages to Buying Diamond Rings on the Secondary Market
There are many advantages to buying diamond rings at Sotheby's. As one of the largest and most established global luxury secondary markets, Sotheby's offers clients many unique advantages when growing a diamond ring collection.
1. Access
Sotheby's is able to provide access to a curated selection of diamond rings from its long established global network of sellers. Sotheby's is a leading global marketplace that offers pristine diamond rings in the most rare colored diamonds from an assortment of designers. Our jewelry specialists are always sourcing the more desirable diamond rings from collectors around the world. Sotheby's also sells incredible private collections that include one of a kind diamond rings.
2. Flexibility
Sotheby's provides multiple ways to purchase diamond rings including auction, online and in person in New York, Hong Kong, Zurich, Paris and London. Sotheby's also offers a concierge service if you need assistance sourcing a specific diamond rings that isn't available at auction or online.
3. Value
As a leading global secondary market, Sotheby's often provides great value for diamond rings. While Sotheby's regularly sells diamond rings over $600,000, many of these diamond rings sell for below the original retail price. Signed diamond pieces can experience a 30 to 40% decrease from retail price to secondary market. Non-signed diamond pieces may fluctuate based on the current market price for the raw materials themselves. The discount varies depending on the ring design and quality and size of the diamond and gem stones and overall market conditions. Some diamond rings can also sell at a premium to the original retail, especially for unique vintage or one of a kind designs, diamond rings with provenance linked to celebrities and/or royalty and rings featuring exceptionally rare diamonds and colored gem stones. Sotheby's is a great place to start collecting diamond rings. Sotheby's also provides seasoned collectors value for vintage diamond rings at prices that can be materially lower than retail replacement values.
4. Discovery
One of the best parts of a global luxury secondary market is discovering unique pieces from decades earlier and custom designed one of a kind diamond rings. Sotheby's curated selection changes regularly and each auction has a unique selection of diamond rings. You are likely to discover something new to you.
Buy and Sell Diamond Rings At Sotheby's
Sotheby's often has rare and collectible diamond rings available at auction. Sotheby's also has a curated selection of diamond rings available for immediate purchase on marketplace. If you would like to view a diamond ring, a salon specialist would be happy to assist. Sotheby's is also able to source diamond rings from its global supplier network. Prices for diamond rings start around $4,000 for white gold and diamond band rings and rise significantly for more coveted diamonds. Iconic diamond rings, such as platinum diamond engagement rings with can exceed $800,000.
- Explore upcoming jewelry at auctions in New York, London, Switzerland, Paris, and Hong Kong.
- Speak to a Salon Associate in New York, Zurich, London, Paris, or Hong Kong to schedule an appointment.
- Contact a Jewelry Specialist about selling a diamond ring.
Trust our worldwide network of leading jewelry specialists from a globally renowned auction house established in 1744.