We here at the Israel Diamond Portal blog are always tickled pink when a spectacular colored diamond – or colored diamonds – go up for sale. Diamonds in every color of the rainbow are hot properties, and for a select cadre of collectors, the sky is the limit as far as price goes.

On April 12, Christie's New York will be selling a 10.09-carat cushion-cut diamond color graded Fancy Vivid Purplish Pink as part of the aptly-named Magnificent Jewels Auction.

Early assessments say the pink diamond could be knocked down for anywhere from $12 million to $15 million (which would put its per-carat price at $1.19 million-$1.48 million),  but few people in the jewelry or diamond industries would be surprised if the winning bid is even higher.

In a statement issued by the auction house, Christie's New York Head of Jewelry Rahul Kadakia said that collector demand for large colored diamonds has never been stronger, particularly for pink diamonds of such size and quality. "In all my years at Christie's, I have never seen such vivid color in a stone," Kadakia said.

If the pink diamond meets expectations, it will mark the continuation of a trend of pink diamonds selling for record prices at auction.

In November 2010, an anonymous buyer secured a 14.23-carat rectangular-cut diamond known as the Perfect Pink sold for $23 million - considerably more than its estimate price of $14-19 million – at a Christie's auction in Hong Kong.

The Hong Kong sale came two weeks after London jeweler Lawrence Graff paid $45.6 million for a 24.72-carat diamond with a grade of Fancy Intense Pink. Now known as the Graff Pink, the emerald-cut pink stone generated a lot of media heat prior to being auctioned at Sotheby's.

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