'Rare Pink Diamond Set to Fetch Millions at Auction'

Sotheby's is set to auction an "ultra-rare" pink diamond, named The Eternal Pink, weighing 10.57 carats and expected to fetch over $35 million. The diamond is officially classed as "purplish pink" in color and has been designated "fancy vivid," the highest grade of intense color achieved by only 4% of pink diamonds. The Eternal Pink is the most valuable diamond of its shade ever to appear at auction. Pink diamonds have soared in value in recent years due to a slump in supply caused by the 2020 closure of Australia's Argyle Mine, which previously produced most of the world's pink diamonds.