The total price paid was 2.2 million Australian dollars, a sum more than twice that of the previous record for any item of jewellery or gemstone sold by public tender or auction in Australia. It is a world auction record for any diamond to come out of the Kimberley’s Argyle mine.
Known as the ‘Fitzpatrick Pink Diamond’, the record- breaking rock is a round cut of fancy intense purplish pink colour, and weighs in at 2.00 carats.
This beauty was named after its owner, Ms Diosma Fitzpatrick of Brisbane, who formed a collection of Argyle pink diamonds some thirty-five years ago when the Western Australian mine had just begun operating. Many of the diamonds in the recent sale were the property of Ms Fitzpatrick, who purchased 11 pink diamonds in the early 1980s.
Speaking to The Australian, Ms Fitzpatrick, 78, said she used to wear all her pink diamonds as jewellery. “It’s time for others to experience the pleasure that I have had with these treasures”. The Australian 17/7/21.
One of her other stones, known as ‘The Queen of Hearts', sold for more than 1 million Australian dollars. The final price was not disclosed.
The identity of the purchasing parties of both stones has not been made public, but it is believed they are Australians.
A first for Pink Diamonds
The company conducting the sale say that this was the first global public tender of this type.
Yourdiamonds CEO Tim Goodman told The Australian, “We had trouble placing a pre-tender estimate on the stone (the Fitzgerald Pink Diamond) because we have been unable to find a precedent… This record-breaking price is very exciting for the Australian diamond industry; it is exciting for our client Ms Fitzpatrick and of course it is exciting for us.”
The July public tender was a first for the company. It began with an Adelaide finance company looking to sell 5 Argyle Pink Diamonds and ended up an 11 million dollar-plus offering of 37 rare and exquisite stones.
The Pandemic created a lot of logistical issues for the company, who took the diamonds on a national road show for prospective buyers to view. It proved too difficult to mount an exhibition in Melbourne, so the city missed out. International viewings were impossible. But that hasn’t appeared to put a dampener on the demand for these precious pinks.
The Pink Tender
It’s understood that most of the delighted vendors bought their diamonds many years ago, like Ms Fitzpatrick.
The sales have realised returns of well over 500% for the majority of the sellers, so the investment has paid off very nicely. Other buyers came from all around the globe, comprising trade, private collectors, investors, young and old, men and women.
Public tenders featuring fancy coloured gemstones are planned for November this year and July 2022.
There will be more Argyle pink diamonds up for grabs and other exotic, coloured stones from Russia and further afield.
From the rugged Kimberley Ranges to the hands of Lady Gaga
The world-famous Argyle mine in the rugged Kimberley Ranges in north-western Australia closed last year after around 40 years of production. It supplied around 90% of the earth’s pink diamonds. Pink diamonds are exceptionally rare and valuable. They will often bring more than 30 times more than a comparable white diamond. In November 2021, mining ceased and the land was handed back to the traditional owners. There will be several years of work to restore the land. The closure of the mine has created unprecedented interest in, and demand for, pink diamonds, and their prices have skyrocketed accordingly.
The Linney family of Perth has a long association with Argyle pink diamonds. They are the owners of the renowned pink diamond tiara which was exhibited at Kensington Palace during the Queen’s diamond jubilee celebrations in 2012. The spectacular tiara was designed by the royal jeweller, Asprey, and features 182 Argyle pink diamonds set in rose gold and platinum. The star of the show is a central pear-shaped diamond, which can be detached and worn as a ring. This stone alone is estimated to be half a million dollars in value.
The family is currently looking for a buyer; the asking price 5 million dollars plus. Rumour has it Lady Gaga is very interested….
"Argyle pink diamonds are cherished and adored by Australians – we have a special connection with them. No other sparkling stone speaks to the Australian soul in the same way."
We are a Select Atelier of Argyle pink diamonds; membership is exclusive – only a privileged body of fine craftsmen and jewellers are invited to join this association.
We have been specialists in Argyle pink diamonds for over 25 years and have an outstanding collection of these rare and majestic gemstones. Since the year 2000 Paul Bram has been recognised as an authorised partner of Argyle, and we are invited to the annual official Pink Diamond Tender.
We can advise you or bid on your behalf at this prestigious event. Argyle pink diamonds are guaranteed to be ethically sourced and are certified by two independent grading laboratories. Known as ‘Beyond Rare’, an Argyle pink diamond is a very special stone.