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

Posted April 05, 2017

The world's most expensive pink diamond has sold at Sotheby's auction in Hong Kong for a world record price of around 66.7 million euros.

The gem was sold in November 2013 at an even higher price of US$83mln at another Sotheby's auction in Geneva.

As quick and efficient as the sale was this time around, the Pink Star's auction history is a bit spotted.

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"It is the biggest pink diamond ever discovered in the annals of mankind".

The billionaire dealer Laurence Graff and the prolific diamond collector Joseph Lau are expected to be among potential buyers.

Going beyond just pink diamonds, the gem that previously was the most expensive jewel ever sold at auction was the Oppenheimer Blue diamond. The auction house had to spend $60 million to cover the guaranteed price, The Washington Post reported.

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Sotheby's put it back on the market because of rising demand from wealthy Asian buyers. Of all fancy colored pink diamonds, those graded "Fancy Vivid" are the most precious and desirable.

The diamond was mined by De Beers in Africa in 1999 and took two years to cut and polish. 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.

This isn't its first purchase of the kind; past year it bought a green diamond for $17 million at a Christie's auction, and in 2010 the jeweller set a record with its $35 million purchase of a rough diamond from Cullinan Mine.

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The 59.60 carats rock was estimated to have a value of more than $60 million. The uncut stone was expected to go for at least $70 million, but failed to find a buyer.