The legendary Rainbow Collection more than 300 fancy coloured diamonds amassed over four decades by the late Eddy Elzas sold for just above its low estimate at Christie’s Geneva on 11 November, achieving $2.19 million against a pre-sale estimate of $1.98 million to $2.98 million.
Comprising around 350 carats and spanning the full colour spectrum, the collection was once hailed as one of the world’s most extraordinary private assemblages of fancy coloured diamonds. Over the years, press reports placed its value between $60 million and $100 million.
Elzas, affectionately known as “The King of Coloured Diamonds,” famously declined a lavish offer from a Saudi prince who reportedly wished to purchase the collection as a wedding gift for Prince Charles and Lady Diana.
A true pioneer in the fancy colour diamond trade, Eddy Elzas was instrumental in elevating global recognition of coloured diamonds during his 40-year career. He passed away in November 2021 at the age of 79.
Christie’s described the Rainbow Collection as “an impressive collection of unmounted coloured and treated coloured diamonds,” featuring 300 stones across an array of hues and shapes. The lot included 291 GIA reports dated between 2008 and 2025, with diamonds ranging from 0.24 carats to 4.89 carats in yellow, orange, blue, pink, red, brown, and grey tones.
For the DCLA, this sale highlights not only the enduring fascination with fancy colour diamonds but also the evolving market perception of rarity and provenance in today’s auction landscape.
The legendaryMellon Blue Diamonda 9.51-carat fancy vivid blue, internally flawless gem sold for$25.5 million USDatChristie’s Magnificent Jewels auctionin Geneva this week. The sale, held at the Four Seasons Hotel des Bergues, drew global attention from elite collectors and gem enthusiasts alike.
The Mellon Blue once belonged to renowned art collector Rachel Lambert “Bunny” Mellon, whose refined taste and cultural influence continue to shape the world of art and jewellery. Despite its exquisite pedigree, the price achieved represents a 22 percent decrease from its previous sale 11 years ago and a nearly 60 percent drop in real value when adjusted for inflation.
Originally auctioned at Sotheby’s in 2014 as part of Mellon’s estate collection, the diamond fetched $32.6 million USD, setting a world record for a blue diamond at that time. Adjusted for inflation, that sum equates to approximately $44.7 million in 2025.
Christie’s had estimated the gem between $20 million and $30 million, and the final sale once again highlighted the continuing prestige of exceptional coloured diamonds despite softer market conditions.
Rahul Kadakia, Christie’s Chairman of Global Luxury and President of Asia Pacific, remarked:
“It was a true honour to offer for sale the exquisite Mellon Blue Diamond here at Christie’s Geneva. It was another notable moment for Christie’s Luxury, evidencing the elite appetite amongst collectors for extraordinary and storied gems.”
The winning bidder, identified only as a collector from Hong Kong, continued the stone’s legacy of global fascination.
While the Mellon Blue once held the world record for a blue diamond, that benchmark has since been overtaken by two other remarkable stones:
The 14.62-carat Oppenheimer Blue, sold at Christie’s in 2016 for $57.5 million USD
The 15.10-carat De Beers Cullinan Blue, sold by Sotheby’s in 2022, also for $57.5 million USD
These historic sales underline the rarity and enduring appeal of fancy vivid blue diamonds, which represent less than 0.1 percent of all diamonds, and of those, fewer than 1 percent qualify as fancy vivid.
Bunny Mellon, who passed away in 2014 at age 103, was celebrated not only for her wealth being heiress to the Listerine and Mellon fortunes but also for her artistry and impeccable taste. She famously designed the White House Rose Garden and curated an impressive art collection that included two Rothko masterpieces, which together realised $76 million USD at auction.
When Christie’s announced the diamond’s return to auction earlier this year, Kadakia described the sale as a tribute to Mellon’s lasting influence, saying her legacy “elevates the Mellon Blue’s allure by tying it to her sophisticated aesthetic and cultural prominence.”
The auction itself was as heated as the competition literally with the auctioneer requesting the windows be opened mid-sale to cool the room as bidding intensified.
About DCLA: The Diamond Certification Laboratory of Australia (DCLA) is the official CIBJO-recognised diamond laboratory in Australia, specialising in independent diamond grading and certification. DCLA ensures the highest international standards of accuracy, integrity, and transparency in diamond evaluation.
Red diamonds remain one of nature’s most elusive and captivating treasures. With only 24 specimens over one carat ever publicly recorded, their scarcity is legendary. Among them, the remarkable Winston Red has now taken centre stage at the Smithsonian National Museum of Natural History in Washington, DC.
This exceptional gem was donated in December 2023 by Ronald Winston, son of the renowned American jeweller Harry Winston. Weighing over one carat, the Winston Red is not only a visual marvel but also a scientific mystery—until now.
Recent research published in Gems & Gemology has provided unprecedented insight into what makes red diamonds so rare. Using advanced imaging and spectroscopic techniques, gemologists have identified that the Winston Red’s vivid crimson hue results from a combination of factors: a unique distribution of nitrogen impurities and a heavily deformed crystal lattice structure composed of tightly stacked red-to-pink layers.
These structural distortions—formed under extraordinary heat and pressure—are thought to alter the way light interacts with the diamond, giving rise to its intense red colour. Such conditions are extremely rare in the Earth’s mantle, further explaining the diamond’s scarcity.
Historical records trace the Winston Red as far back as 1938, when Jacques Cartier sold the stone to the Maharajah of Nawanagar. Combined with its cutting style and geological characteristics, the evidence suggests the gem likely originated from diamond-producing regions in Brazil or Venezuela.
For gemologists and collectors alike, the Winston Red represents both a scientific breakthrough and a pinnacle of natural beauty—an enduring reminder of the Earth’s ability to create something truly extraordinary.
The Winston Red, an extraordinary and exceptionally rare diamond, is now on show to the public — making it the only known pure red diamond of its kind currently on display anywhere in the world.
Weighing 2.33 carats, it holds the distinction of being the fifth-largest pure red diamond known to exist. To put that into perspective, fewer than two dozen red diamonds over one carat have ever been recorded, making this a truly exceptional stone.
It’s now on exhibit at the Smithsonian National Museum of Natural History in Washington, D.C., as part of a special showcase of natural coloured diamonds.
A team from the Gemological Institute of America (GIA), working alongside experts from the Smithsonian’s Department of Mineral Sciences and the Paris School of Mines, have conducted an in-depth examination of the gem.
GIA’s president and CEO, Susan Jacques, called the Winston Red “one of the most exquisite gems on Earth,” noting its intense deep-red colour and fascinating history. Red diamonds are incredibly rare, and among the more than one million coloured diamonds studied by GIA, a mere 0.07% were red — and just over half of those qualified for the elite ‘Fancy red’ grade awarded to the Winston Red.
Through advanced research, GIA scientists have identified the diamond’s colour origin and believe it likely came from either Brazil or Venezuela.
Tom Moses, GIA’s executive VP and head of research, shared his personal connection to the stone, having first examined it back in 1987. He recalled its striking deep red hue and historical significance — a diamond once sold by Jacques Cartier in 1938 to the Maharaja of Nawanagar.
The Winston Red is now the star attraction in a new exhibition at the Smithsonian, which features 40 other rare coloured diamonds from the Winston Fancy Color Diamond Collection. The collection was donated by Ronald Winston, son of legendary jeweller Harry Winston.
This exhibition is a rare opportunity to witness one of nature’s most elusive and captivating treasures — a true celebration of colour, history, and craftsmanship.
Winston Red Diamond Will Be Unveiled to the Public at the National Museum of Natural History Alongside a Rainbow of Colorful Diamonds
The Smithsonian’s National Museum of Natural History will unveil the Winston Red Diamond and Winston Fancy Color Diamond Collection Tuesday, April 1—an extraordinary showcase of some of the world’s rarest and most dazzling gems.
The breathtaking diamonds were gifted to the museum by Ronald Winston, the son of distinguished jeweler and gem collector Harry Winston. In 1958, Harry Winston donated the iconic Hope Diamond to the Smithsonian, laying the foundation for the National Gem Collection. Now, the Winston Red Diamond and Winston Fancy Color Diamond Collection will be featured in the museum’s Winston Gallery, offering visitors the rare opportunity to witness one of the finest collections of fancy color diamonds ever amassed.
“This ranks among the most significant gifts ever received by the Smithsonian,” said Kirk Johnson, the Sant Director of the National Museum of Natural History. “The Winston diamonds are unprecedented in their beauty and rarity, and we are thrilled to welcome them as additions to our National Gem Collection. We extend our gratitude to Ronald Winston for making this gift to the nation possible.”
Natural red diamonds are among the rarest gemstones on Earth, and the Winston Red Diamond stands out as exceptional. At 2.33 carats, it ranks among the largest diamonds ever bestowed with the coveted “Fancy red” color grade by the Gemological Institute of America (GIA). Researchers estimate that less than one in 25 million diamonds is a Fancy red, and the Winston Red Diamond is one of the most exquisite in existence.
“The red diamond is the highlight of my career, and I have never seen anything else like it,” Ronald Winston said. “This donation to the museum represents my life’s achievements in this domain, and I am so happy to share this collection with the Institution and the museum’s visitors.”
While some colorful diamonds get their pigmented appearance from atomic impurities in their crystal structure, the Winston Red Diamond’s striking crimson hue is the product of extremely high pressure and temperature conditions deep within the Earth that strained and altered the crystal. The diamond features an old mine brilliant cut, a style that predates the round brilliant cut used in engagement rings today. With fewer, larger facets, this distinctive cut suggests the stone was fashioned before the mid-1900s. A study on the science and history of the Winston Red Diamond is forthcoming in the spring 2025 issue of Gems & Gemology, the quarterly professional journal of the GIA.
“In this collection, we have diamonds in colors I could never have dreamed of,” said mineralogist Gabriela Farfan, the Coralyn W. Whitney Curator of Gems and Minerals. “These gems give us the opportunity to share with our visitors the full range of colors in which diamonds occur.”
The Winston Red Diamond will be displayed alongside 40 other gems from the Winston Fancy Color Diamond Collection. The diamonds will be arranged in a radiant rainbow of color, featuring every shade imaginable from deep teal to soft peach.
The Winston Red Diamond and Fancy Color Diamond Collection are the result of 60 years of dedicated acquisitions by Ronald Winston. Alongside the Hope Diamond, the new display will honor the legacy of the Winston family and showcase the brilliance and rarity of these exceptional gems.
A pair of fancy vivid orange-yellow diamond earrings sold for almost $8m at Christie’s Hong Kong.
They were the lead item in the Magnificent Jewels sale that raised just over $60m on 29 October.
The Oriental Sunrise earrings feature a pair of Type 1b oval mixed-cut diamonds – 12.20 carats (VVS2) and 11.96 carats (VS1) – surrounded by white shield and tapered baguette-cut diamonds, set in platinum and gold. The pre-sale estimate for the earrings was $6.4m to $10.3m.
Among other highlights was a necklace of 26 oval-shaped rubies (5.38 carat to 1.27 carat), some of them listed as “pigeon blood red” – with white pear and marquise-shaped diamonds, that sold for $6.4m.
A Cartier ring, set with a Type IIa 12.60-carat D-color, IF clarity round-cornered rectangular brilliant-cut Goloconda diamond, sold for $1.4m. The high estimate was $1.1m.
Fancy colour diamonds saw slower growth in the last three months, with an increase of just 0.5 per cent in the FCRF Index, which tracks prices across all colours, sizes and intensities.
That compares with a 1.3 per cent rise during the first quarter of 2023, as reported by the New York-based Fancy Colour Research Foundation, with the biggest increases among yellows.
During Q2, yellows diamonds again drove the increase, with a rise of 6.5 per cent across all categories. Pinks were up 0.2 per cent and blues rose by 0.6 per cent.
The FCRF noted that fancy colour diamonds had again out-performed white diamonds, which saw prices fall 3.5 per cent during the quarter.
Board member Eden Rachminov said: “The first six months of 2023 were intriguing. We experienced notable spikes in certain sub-categories within the yellow category, particularly in the intense and vivid grades with a high inner-grade.
“Meanwhile, the blue and pink categories remained stable. If the world economy continues to maintain its positive momentum, we can anticipate a robust price behavior after the summer.”
The FCRF tracks pricing data for fancy colour diamonds in Hong Kong, New York, Geneva and Tel Aviv.
Argyle pink diamonds are extremely rare and highly sought-after, making them some of the most valuable diamonds in the world. The Argyle diamond mine in Western Australia is the primary source of pink diamonds, and it is estimated that only 0.01% of the diamonds recovered from the mine are pink in colour, with an even smaller percentage being of the highest quality.
The Argyle mine ceased operations in 2020, which has led to speculation that the prices of pink diamonds, including argyle pink diamonds, may increase in the coming years. With the mine no longer producing new stones, the limited supply of these rare diamonds is expected to drive up demand and prices. However, like any investment, it’s important to carefully consider market trends and consult with a qualified professional before making any decisions.
The largest pink argyle diamond found to date is the Argyle Pink Jubilee, which was discovered at the Argyle mine in Western Australia in 2011. The diamond weighs 12.76 carats and is a vivid pink colour, making it one of the largest and most valuable pink diamonds ever found. The Pink Jubilee was cut and polished over a period of ten months, during which time the rough diamond was studied and analyzed extensively to determine the best way to bring out its natural beauty and maximize its value. The diamond was sold at auction in 2013 for an undisclosed sum, but it is believed to have fetched a record-breaking price per carat for a pink diamond.
Red diamonds are extremely rare, even more so than pink diamonds. It is estimated that only a handful of natural red diamonds are found each year, and most of them are less than half a carat in size. Red diamonds are so rare that many jewelers and gemologists may go their entire careers without ever seeing one.
The red colour in diamonds is caused by the presence of a rare mineral which causes “graining,”, This occurs when the crystal structure of the diamond is distorted during its formation. The graining causes the diamond to absorb green light and reflect red light, resulting in a beautiful and distinctive red hue. Because of their rarity, red diamonds are among the most valuable and expensive gemstones in the world. They are highly sought-after by collectors and investors, and prices for top-quality stones can reach millions of dollars per carat at auction.
Blue diamonds are also quite rare, but not as rare as pink or red diamonds. Blue diamonds account for only about 0.02% of all diamonds mined worldwide. The blue colour in diamonds is caused by the presence of trace amounts of boron during their formation, which causes the diamond to absorb red, yellow, and green light, resulting in a blue hue.
Blue diamonds are highly prized for their unique colour and rarity, and they can command very high prices at auction. The value of a blue diamond depends on a variety of factors, including its size, colour intensity, clarity, and overall quality. Blue diamonds range in colour from pale blue to vivid blue, with the most valuable stones being those with a deep, rich blue colour.
One of the most famous blue diamonds is the Hope Diamond, which is a 45.52-carat blue diamond that is part of the Smithsonian Institution’s collection of natural history specimens.
The most expensive diamond ever sold is the Pink Star, a 59.60-carat oval-cut pink diamond that was sold for $71.2 million at a Sotheby’s auction in Hong Kong in 2017. The diamond, which is the largest internally flawless fancy vivid pink diamond ever graded by the Gemological Institute of America (GIA), was mined in Africa in 1999 and took two years to cut and polish.
The Pink Star was originally sold at auction in 2013 for a record-breaking $83 million, but the sale was later cancelled after the buyer defaulted on the payment. The diamond was put back up for auction in 2017 and sold to a jewelry retailer in Hong Kong for $71.2 million, setting a new world record for the most expensive diamond ever sold at auction.
Yellow diamonds are not as rare as pink, red, or blue diamonds, but they are still considered rare and highly prized. Yellow diamonds are formed when nitrogen atoms are trapped in the crystal lattice structure of the diamond during its formation, causing it to absorb blue light and reflect yellow light.
The intensity of the yellow colour in a diamond can vary widely, ranging from a pale yellow or light lemon colour to a deep, intense yellow. The most valuable yellow diamonds are those with a deep, rich colour that is evenly distributed throughout the stone.
Yellow diamonds are mined in various parts of the world, including South Africa, Australia, and Canada. While yellow diamonds are not as rare as some other coloured diamonds, high-quality yellow diamonds can still command very high prices at auction, especially those with a large carat weight and intense colour.
Orange diamonds are considered rare and highly valuable. The orange colour in diamonds is caused by the presence of nitrogen and other impurities in the crystal lattice structure of the diamond, which absorb blue and green light, resulting in an orange hue.
Orange diamonds can range in colour from pale orange to a deep, vivid orange, with the most valuable stones being those with a pure and intense colour. Orange diamonds are not as commonly found as white or yellow diamonds and are considered much rarer than brown or gray diamonds.
The most famous orange diamond is the Pumpkin Diamond, a 5.54-carat fancy vivid orange diamond that was mined in South Africa. The Pumpkin Diamond was sold at auction in 1997 for over $1.3 million, and it is now part of the collection at the Smithsonian Institution’s National Museum of Natural History in Washington, D.C.
