Image courtesy of Daniel Leal-Olivas / AFP

The 37.3-carat ‘The Raj Pink’ which the model is holding, is a fancy intense pink diamond with an estimated worth of GBP 15-22 million. The whooping gem was first discovered in South Africa in 2015 and a master cutter refined the rough crystal and turned it into a precious jewel.

Sotheby’s has put a target price of $30 million (25 million euros) on the ‘Raj Pink’ and what is said to be an extremely rare 37.3-carat pink diamond will auction as the highest offer at Sotheby’s jewel sale on Wednesday, right after news broke that rival auction house Christie’s had sold their 163.41-carat and completely colourless “Art of Grisogono” D-Colour diamond necklace for nearly $34 million, after taxes and commission, in Geneva.

According to an industry expert, the price paid by the anonymous buyer fell short of expectations and may be a warning sign of a softening diamond market. “I am disappointed that the Art of de Grisogono didn’t sell for a more dazzling price” said Tobias Kormind, head of 77 Diamonds, a major European online diamond jeweller.

Gemological Institute of America mentioned that Raj Pink will still be a unique acquisition for the successful buyer

Gemological Institute of America (GIA) has certified the diamond as a “Fancy Intense Pink”, meaning it has unusually clear and natural colour.

“Only on the rarest occasions do diamonds with vibrant, shocking colour like the Raj Pink’s emerge.” – Gemological Institute of America

In April, a 59.6-carat “Pink Star” was sold for record price of $71.2 million (60 million euros) and it is the highest amount ever paid for a Fancy Intense Pink category, whilst “The Graff Pink” went for a $46.2 million in 2010.

Sotheby’s aims to beat expectations for the Raj Pink.