dglobalnews.com Pink Diamond Shatters Auction Records
Published: Wed, April 05, 2017
Markets | By Armando Jensen

Pink Diamond Shatters Auction Records

A 59.60-carat pink diamond has sold for a record $US71.2 million ($94.2 million) in Hong Kong to local jewellers Chow Tai Fook after a five-minute bidding war between three phone bidders. The oval-shaped diamond dethroned the Oppenheimer Blue, which fetched US$58m ($83m) in May at Christie's.

But Sotheby's was forced to take back the flawless diamond after that buyer, a New York-based diamond cutter, defaulted on the sale.

Chow Tai Fook's purchase gives Sotheby's some respite after it failed to sell other major gems last year, including the biggest rough diamond found in more than 100 years and a blue diamond ring that once belonged to Hollywood actress Shirley Temple.

The Pink Star gem took nearly two years to cut after being discovered in Botswana in 1999.

Winter storm brings snow to Boston area
Highs today will only be in the 30's to low 40's and winds won't be very strong, only around 10-20 miles per hour at most. Quiet weather returns by Sunday into Monday before additional chances of rain and snow arrive by the middle of next week.

The record price for the pink diamond was $12m lower than an earlier offer.

It is the second time in less than four years the Pink Star has been appeared at auction.

Until now, the most expensive diamond ever sold at auction was the Oppenheimer Blue, which fetched 56.8 million Swiss francs (then 57.6 million United States dollars) last May. Whatever you call it, it's the largest diamond ever to earn the Vivid Pink rating - even the Shah of Lugash would be hard-pressed to name a more impressive diamond. Of all fancy colored pink diamonds, those graded "Fancy Vivid" are the most precious and desirable. "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 auction is a world record for the price that this diamond has been sold as never a gem has been sold at so much high price.

Like this: