National Jeweler reports that a fancy 1.77 carat purple-pink diamond has been “reborn” since it failed to sell in Rio Tinto’s 2008 Argyle Pink Diamond bid. The diamond has become a 1.61 carat, radiant-cut, fancy purple-red stone after it was purchased by Scarselli Diamonds of New York.

Argyle pink diamonds – mined form the famous Argyle mine in Australia – have a reputation for being difficult to cut. Scarselli Diamonds decided to take a risk and hand the gem over to gemologist Joshua Sheby. Sheby transformed the diamond into a new design worth an estimated $2 million, which has rekindles the industry’s interest in the stone.

“It was a just a matter of readjusting some of the angles...and bringing out that red component,” Sheby explained to the National Jeweler.

Arglye Pink Diamonds issued a letter of rarity for the newly christened diamond, stating it bears the rare distinction of only being the second diamond larger than 1.5 carats granted the GIA’s “fancy purplish red” grading. The stone has been named “The Kimberly Red.”

The future of The Kimberly Red is unclear at the present time. Although it may be sold at auction, its value makes it an ideal candidate for museum purchase.

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