On April 28, 1987, a 0.95 carat diamond was sold for $880,000 at Christie's in New York. It contained two large flaws, one of which was a deep cavity in the table (top center facet) of the diamond. Despite its flaws and small size, it set a new world record per carat price for any gem sold at auction: $926,000 (reported by the summer 1987 issue of Gems and Gemology).
Why did that diamond command such a high price? Because its natural color was an extremely rare, deep, purplish-red. Color plays a...
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