dglobalnews.com 'Pink Star' diamond sells for record $71.2 million in bidding war
Published: Wed, April 05, 2017
Markets | By Armando Jensen

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

Clocking in at 59.60 carats and with an estimated value of more than $60 million, the Pink Star could become the most expensive diamond ever sold at auction.

But Sotheby's was forced to take back the flawless diamond after that buyer, a New York-based diamond cutter, defaulted on the sale. Tobias Kormind of 77 Diamonds, an online diamond jewelery seller, said he expects it to sell for more than $100 million.

The sale lasted for five minutes and involved three bidders before the winning offer came by phone from Chow Tai Fook, prompting a round of applause.

Mined by De Beers in Africa in 1999, the 132.5-carat rough diamond was meticulously cut and polished for over two years and transformed into a 59.60-carat stunning gemstone. Its color, fancy pink, is the highest grade, and the purity of its crystals rank the diamond among the top 2% in the world.

The Pink Star was first introduced to the public in 2003, when the Financial Times hailed it "the rarest, finest, most precious stone the world has ever seen", according to the Sotheby's brochure.

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One of the world's great natural gems will go up for auction tomorrow, at Sotheby's magnificent jewels and jadeite auction in Hong Kong. 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.

The Pink Star was sold in 2013 for a record $83 million at a Sotheby's auction in Geneva, but the buyer defaulted on the deal, CNN Money reported.

And the sheer size of the stone already makes it so rare and so attractive.

Asian buyers have been making record diamond purchases in the past few years.

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