On Tuesday, a remarkably rare 19-carat pink diamond goes under the hammer in Geneva, Switzerland, when it amounted 44 million euros ($50 million), sets a new record for a stone of its kind.

The Pink Legacy usually belonged to the Oppenheimer family, which over decades ran the De Beers diamond mining company. However, the auction house Christie’s refused to disclose the name of their current owner.

Rahul Kadakia, who is International jewellery head of Christie, has decided The Pink Legacy as “one of the world’s greatest diamonds.”

The rectangular-cut pink diamond has been graded with a ‘fancy vivid’, which is possibly the highest grade of color intensity.

Christie’s has noted in the saleroom, ‘fancy vivid’ pink diamond more than 10-carats are “virtually unheard of” and only 4 vivid pink diamonds or more than 10 carats have been raised at the auction.

One of the was the 15-carat Pink Promise, which was sold at last November at an auction of Christie in Hong Kong for $32.5 million. The amount was nearly $2.176 million per carat that sets new world auction record price per carat for any pink diamond.

Possible recorder price for a pink diamond as the ‘most beautiful’ one.

Le Vian’s jewelers CEO Eddie LeVian said that the earlier record could drop at auction, which was organized at ultra-luxurious Four Seasons Hotel Des Bergues, situated on the banks of Lake Geneva.

Le Vian said in a statement that “we’ve recently witnessed a meteoric rise in the number of the world’s ultra-high net worth individuals who view rare, natural fancy color diamonds as investments.”

He continued, “I, therefore, believe the Pink Legacy will beat the current world auction record.”

The ‘most beautiful’ pink diamond was discovered in a mine of South Africa, around a century ago probably in 1920 and has not to be altered since said Christie’s.

An international jewelry specialist Jean-Marc Lunel said, “Imagine a domino that you have cut the corners off of,” pointed out the cut is a “classical so-called emerald cut,” which differentiates from more rounded, typical and multi-facetted caused used nowadays.

For white diamonds, classic rectangular cuts are common and traditional but it is rare for a pink diamond.

Christie’s claims that the Pink Legacy is “the largest and finest Fancy Vivid Pink diamond ever offered at auction by the company,” acknowledged the stone as “incomparable.”

Lunel said that “It is probably the most beautiful (specimen) ever presented at public auction.”

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