Pink Diamond Shatters All Auction Records

Pink Star diamond set to smash records at auction

Pink diamond auctioned for record $71.2 million in Hong Kong

A 59.60-carat diamond named the Pink Star has been sold for a world record fee at a auction for $71.2m (£57m) in Hong Kong.

David Bennett, worldwide chairman of Sotheby's jewellery division, said: "I am delighted that this magnificently handsome diamond has been rightfully crowned the most valuable gemstone ever sold at auction".

The Pink Star, the largest pink diamond to have ever been found, has set a new record for fetching the most money for any gemstone at auction.

In 2013, Sotheby's sold the diamond for $83 million to diamond cutter Isaac Wolf, but the transaction fell through when he couldn't come up with all the money.

Forbes magazine reports that the buyer was a Hong Kong-based jewelry retailer who was bidding against two other phone bidders.

The winning bid Tuesday surpassed the auction record paid for a pink diamond, $46.16 million for the 24.78 Graff Pink, sold in 2010 in Geneva.

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.

Also called the Steinmetz Pink, after the billionaire whose organization was responsible for cutting it down from 132.5 carats, Pink Star was mined by the De Beers mining corporation in 1999. In November 2013 it was auctioned for a record $83 million to NY diamond cutter Isaac Wolf, who failed to pay.

This led to Sotheby's owning the diamond for several years.

Before Tuesday, the world record for an auctioned gem was held by the Oppenheimer Blue, which in May 2016 was auctioned by Christie's for $57.5 million.

"It is the biggest pink diamond ever discovered in the annals of mankind". A year ago it sold an unspecified stake in the diamond to two companies, diamond specialist Diacore and NY jeweller Mellen Inc.

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