'Pink Star' diamond sells for record US$71.2 million in bidding war

Posted April 05, 2017

It's the biggest pink diamond ever known and on Tuesday it was sold by Sotheby's in Hong Kong for $71.2 million, making it the most expensive diamond or gemstone ever auctioned. It's the largest internally flawless diamond of its kind that the Gemological Institute of America has ever graded.

The Pink Star was mined by De Beers in 1999 in South Africa and weighed 132.5 carat in the rough. "I know there was a lot of talk about the economy in China not being as positive as it was a few years ago", but the results from its jewelry auction Tuesday, which included almost 200 other lots, were very strong, she said. The oval-shaped 59.6 carat stone was bought after just five minutes' bidding at Sotheby's. We are very, very confident all three bidders had the financial capability and, of course, the buyer has the financial capability. In November 2013 it was auctioned for a record $83 million to NY diamond cutter Isaac Wolf, who failed to pay.

Sotheby's made a decision to put the diamond back up for sale due to the rising demand for expensive gemstones in Asian markets.

Due to this sale the auction house gets some respite after it failed to sell other expensive diamonds that were in lower prices like the diamond of Shirley Temple. Don't feel too sorry for Sotheby's though, since their worldwide chairman of the jewelry division, David Bennett, is optimistic that the time is right to let go of a diamond with the Pink Star's unique qualities: "The last few years we've had colored diamonds perform extremely well".

Chow Tai Fook, founded in 1929, is the world's largest jeweller, operating more than 2 000 jewellery and watch stores throughout greater China.

A giant pink diamond is expected to break records at a Sotheby's auction in Hong Kong on Tuesday. The Pink Star has been renamed "The CTF Pink" in memory of the late Dr. Cheng Yu-Tung, father of the current chairman and founder of Chow Tai Fook, and commemorates the esteemed brand's 88 anniversary. That was bought for almost 54 million euros.

The Pink Star was estimated to be worth more than $60 million.