One of the most expensive cities in the United States to buy property is New York City; where the average apartment price in Manhattan will set you back $865,000. In which case, the most expensive ring in the world is worth the same value as 82 apartments in Manhattan. Selling for $71.2 million at Sotheby’s in Hong Kong in April 2017, this ring set a new record for being the most expensive ring in the world.
- What is the most expensive ring in the world?
- What makes it the most expensive ring?
- How much is a diamond worth?
- What is the best way to sell a diamond ring?
What Is The Most Expensive Ring In The World?
With a price tag well north of a million dollars, the Pink Star is currently the most expensive ring to have sold in the world. A 59.60 carat Fancy Vivid pink diamond, the stone is set into a platinum ring with two white diamonds. It set records when it was sold at auction in 2013 for a staggering $83 million (that’s $12 million more than it sold for in 2017).
However, the buyer Isaac Woolf, was unable to afford the full amount and therefore never paid for the diamond. His intention had been to rename it “The Pink Dream” but instead it remained with Sotheby’s as The Pink Star, until it was bought and paid for in 2017.
According to the Gemological Institute of America, it is the largest, internally flawless Fancy Vivid pink diamond that they have ever graded. The diamond was discovered in 1999 in South Africa by De Beers Steinmetz Diamonds subsequently spent 20 months meticulously cutting the diamond before its grand reveal in Monaco in May of 2003.
About The Pink Star Diamond:
- Carat weight: 59.60ct
- Color: Fancy Vivid Pink
- Shape: Oval
- Measurements: 2.69cm x 2.06cm
- Origin: South Africa
- Year it was mined: 1999
- Price: $71.2 million
- Previous official name: Steinmetz Pink
- Current official name: CTF Pink
Why Is The Pink Star The Most Expensive Ring In The World?
The pink star is truly exceptional and incredibly rare, as it is the largest Flawless Fancy Vivid Pink diamond in the world. While large diamonds are rare, as are Flawless diamonds and Fancy Vivid Pink diamonds, the combination of all three factors makes for a remarkable and highly sought after stone. Although the ring itself is made from costly materials, the absolute rarity and worth of diamond is the reason why the Pink Star is the most expensive ring in the world.
How Much Is A Diamond Worth?
As with the Pink Star, the overall value of a ring is not dependent on one factor. In fact, valuing a diamond ring is a complex and nuanced process with a large number of factors taken into consideration. Depending on when your ring was purchased and how you came into possession of it, your understanding of its value may or may not be accurate.
Some of the keys aspects that are taken into consideration was assessing the value of a ring are:
Diamond certificates: You may have received a jeweler’s appraisal or a diamond certificate issued by a diamond-grading laboratory (such as the GIA) at the time of purchase. While you do not need to have a diamond certificate in order to sell your diamond ring, it certainly helps you get an initial price quote as it details all of the key characteristics of the stone.
Some laboratories are more reliable than others in their grading, with the GIA being the most trusted laboratory in the industry and providing the most accurate grades.
- How much it was initially bought for: Knowing how much your ring was bought for will help you establish a rough idea of its second-hand value. Most diamonds sell for approximately 20% - 50% of the original retail price. This depends on how much the diamond was marked up at retail.
- The center stone: Although the center stone is not the only determining attribute, this will be the most valuable part of the ring. It is therefore important if your ring has a center stone to determine what type of stone (gemstone or diamond) it is, as well as its condition.
- The metal: It is important to know what material your ring is made from, however it is important to note that the metal value fluctuates depending on the day and the state of the market. However, certain precious metals such as gold and platinum are generally more valuable.
- The age of the ring: Your ring could be vintage or antique, which in some cases can add to the value of your ring. The value of vintage and antique rings is best assessed by experts as it varies greatly.
- How you decide to sell your ring: If you are looking to sell your ring, the way in which you choose to sell it can have a major impact on the price.
What Is The Best Way To Sell A Diamond Ring?
Have you decided to sell your ring and need advice on the best method of selling jewelry? In order to quickly and safely sell your ring for the best price, it is advised to sell to jewelry experts who can accurately value your ring.
Whether your ring is antique or designer, with an emerald cut diamond, cushion cut, pear shaped diamond or other, myGemma can offer you the best possible price. We buy a wide range of luxury items: Harry Winston jewelry, diamond sets, designer platinum bands, luxury watches and handbags. With an A+ BBB rating and over one thousand customer reviews, we provide a transparent and reputable way to sell luxury items.
Sell online or via appointment: our entire process is discreet, secure and can take as little as 24 hours from start to finish. Most importantly there are no costs or hidden fees and no obligation to sell.
How it works:
- Get a price quote: Our GIA trained gemologists are on hand to help determine how much your ring is worth and we can offer you the most competitive price. Simply fill in our online form today to receive your price quote.
- Get a final price: Send your ring in with our free, fully insured shipping or make an appointment to visit one of our convenient locations.
- Get paid: Accept our offer and receive payment, or we return your ring free of charge.