After the foiled $25 million Dubai heist, why are pink diamonds so coveted?

The stones owe their unique colour to a quirk of geology - and habitually sell for more than any other gem

The Eternal Pink diamond was sold for $34.8 million at a Sotheby's auction in 2023. Pawan Singh / The National

Dubai Police’s recent foiling of a heist has once again cast a spotlight on pink diamonds, considered among the rarest and most sought-after gems in the world.

The force on Monday said they arrested a gang that had been plotting to steal a 21-carat rare pink diamond worth $25 million from a jeweller and smuggle it out of the UAE. The elaborate year-long scheme involved identifying the diamond’s owner and tricking him into moving the precious stone out of his secure shop, allowing them to steal it.

Teams from Dubai CID were able to track the three suspects, arrest them and recover the diamond within eight hours of the theft before it left the country.

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Pink diamonds owe their colour to extreme pressure during formation, which distorts their structure and makes light reflect in shades of pink. They are the rarest of the precious gems and the most in-demand on the global market, fetching record prices at auctions.

Five of the 10 most expensive diamonds ever sold have been pink, according to auction house Sotheby's, with all sold within the past decade.

Dubai Police did not identify the owner of the recovered pink diamond, but said the stone was among the rarest in the world, with only a 0.01 per cent chance of finding another like it.

The pink diamond that Dubai Police helped recover is one of the rarest of its kind in the world. Photo: Dubai Police

Vikram Jethwani, co-founder of VikJet Fine Jewelry and 818 Vault, told The National that collectors see pink diamonds “as both emotional treasures and irreplaceable assets” due to their rarity.

“A $25 million pink diamond could command even higher bids in Dubai, where scarcity and investor appetite drive values upwards. Additionally, auction houses often push such gems beyond estimates,” he says.

Buyers of such rare stones are in “the global 0.01 per cent of ultra high net worth individuals, royals and seasoned collectors,” he explains. “They view pink diamonds as the ultimate blend of status and beauty.”

Vikram Jethwani, the co-founder of VikJet Fine Jewelry and 818 Vault. Photo: Vikram Jethwani

According Mehul Pethani, of Cara Jewellers in Dubai, pink diamonds can range in price from tens of thousands to millions of dollars per carat, depending on the intensity and quality of the colour.

“The UAE's affluent market and appreciation for high-end jewellery contribute to their popularity,” says the jeweller. “In fact, some of the world's most renowned jewellers and luxury brands, who call the UAE home, often feature pink diamonds in their collections.

“Only few pink diamonds exist in the world and only few mines produce them, that's why they are so much more expensive than white diamonds.”

Jethwani adds: “Demand has only grown since the closure of Australia’s Argyle mine in 2020, which was the world’s main source – 90 per cent of pink diamonds globally were sourced from there.”

The Williamson Pink Star diamond sold for $49.9 million in Hong Kong in 2022. Pawan Singh / The National

Beyond the UAE, the wider Middle East is “a trend-leader in pink diamonds,” according to Jeremy Morris, the chief executive and creative director of London-based jeweller David Morris.

“These gemstones are, of course, pretty and extremely collectible, but I believe their popularity among the jewellery connoisseurs of the Middle East owes more to the gemstone’s elegance and individuality,” he told The National in an earlier interview.

“For me they are absolutely timeless, while possessing a playfulness that as a jewellery designer is a joy to work with, and offers a unique beauty that captivates our clients.”

One of the most expensive pink diamonds to recently go on sale was an “ultra-rare” gemstone weighing 10.57 carats. Named Eternal Pink, the diamond, which was discovered at a mine in Botswana, was displayed in Dubai by Sotheby's before it fetched $34.8 million at an auction in New York.