A priceless pink diamond is back on public view in France, almost 100 years to the day after its theft. The display opens as natural diamond prices sit at record lows.
The nine-carat Grand Condé went on show at the Château de Chantilly, north of Paris, on October 17. However, the wider market tells a different story about mined stones.
What Makes the Pink Diamond So Hard to Replace?
Two amateur thieves raided the château overnight in October 1926. They hid the pink diamond inside a hollowed-out apple at their hotel.
Roughly two months later, a hungry hotel maid bit into the apple and struck the stone. Since then, visitors have only seen a replica.
The Grand Condé owes its color to intense pressure that distorted its crystal structure deep underground. Yellow and blue diamonds, by contrast, get their hue from traces of nitrogen or boron. Fewer than 0.15% of diamonds graded by the Gemological Institute of America (GIA) are mainly pink, Sotheby’s says.
Yet history, not geology alone, makes the Grand Condé priceless. It has belonged to the Condé collection since 1740 and survived the French Revolution.
Why Are Ordinary Diamonds Worth Less Than Ever?
Most diamonds lack that pedigree, and their prices show it. Unlike a pink diamond, the average 1-carat natural stone now costs $3,898, CNBC reported. That marks a 51% drop from $8,007 in 2021.
The Diamond Standard Index, which tracks investment-grade stones, hit a record low of 2,490 points in early August.
Polished prices show the same trend. The IDEX Diamond Index, a benchmark for polished diamond prices, has lost nearly half its value since early 2022.
An earlier glut of mined stones still weighs on prices, even as miners now cut output. Meanwhile, lab-grown stones cost up to 90% less while staying chemically identical.
As a result, lab-grown stones featured in 61% of engagement rings sold in 2025. The gap between diamonds versus precious metals keeps widening, as gold has doubled since 2011.
The Grand Condé shows where value now sits. Commodities trade on weight, and even gold faces a Bank of America forecast below $4,000 into year-end. Silver trades near its 2026 low.
A pink diamond, by contrast, trades on rarity and provenance.
Similarly, rare Pokémon cards have beaten Bitcoin and gold since 2021. If lab-grown supply keeps rising, provenance may become the only diamond premium that lasts.
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