$60 Million ‘Pink Star’ Diamond Goes Back on Sale Next Month

$60 Million ‘Pink Star’ Diamond Goes Back on Sale Next Month

The Pink Star diamond, the most valuable cut diamond ever offered at auction is displayed by a model at Sotheby's auction rooms in London, Monday, March 20, 2017.


LONDON —

A 59.60-carat diamond known as "The Pink Star" is returning to auction next month and could fetch a record $60 million, three years since it was sold for even more - only for the buyer to pull out of the deal.

The diamond was presented by Sotheby's in London ahead of the auction in Hong Kong on April 4.

In November 2013, a Geneva auction of the stone fetched a world record $83 million but the buyer, New York-based diamond cutter Isaac Wolf, could not pay up and defaulted.

However, after some more successful auctions of colored diamonds in recent years, the auction house said that now was a good time to try again.

"The last few years we've had colored diamonds perform extremely well, many new records been created at auction for the colored diamonds, pinks and blues mainly, so we thought it was a good time to bring it to the market," David Bennett, worldwide Chairman of Sotheby's Jewelry Division, told Reuters.

In 2015 the "Blue Moon of Josephine" sold for $48.5 million in Geneva. At 12.03 carats, it set a price-per-carat record.

"The Pink Star" is the largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Gemological Institute of America (GIA), the auction house said, yet the sparkling stone is still small enough to fit onto a ring.

Sotheby's said that the mixed-cut diamond was initially mined by De Beers in 1999 in Botswana as a 132.5 carat rough diamond before being cut and polished.

Its refined form is now set to be the most valuable polished diamond ever offered at auction.

"The extraordinary size of this 59.60-carat diamond, paired with its richness of color, surpasses any known pink diamond record in history," Bennett said.

Bennett said the current record for a pink diamond was held by the "Graff Pink". At 24.78 carats it is half the size of The Pink Star and was sold in Geneva for $46.2 million in 2010.



Add Comment

all comments

  Other news

more
British sports car maker Lotus bought by China's Geely

British sports car maker Lotus bought by China's Geely..

24-May, 08:01

Lotus, the British sports car maker, is being bought by China's Geely. ...

Ex-Anglo bank chief FitzPatrick cleared of fraud

Ex-Anglo bank chief FitzPatrick cleared of fraud..

24-May, 14:32

Irish banker Sean FitzPatrick has been formally acquitted of fraud...

Digital currencies hit record highs

Digital currencies hit record highs..

24-May, 10:00

The price of Bitcoin, a digital currency once located at the fringe of...

Come Dine with Me winner Martyn Hett confirmed dead in Manchester terror attack

Come Dine with Me winner Martyn Hett confirmed dead in Manchester terror attack..

24-May, 08:56

by Emmy Griffiths Martyn Hett, who had appeared in Come Dine with Me and...

Irish employment tops 2 million for 1st time since crash

Irish employment tops 2 million for 1st time since crash..

21-Feb, 10:06

Statisticians say the number of people in Ireland with a full-time job...

Iranian Baby With Heart Defect Admitted to Oregon Hospital

Iranian Baby With Heart Defect Admitted to Oregon Hospital..

08-Feb, 01:00

An Iranian infant in need of life-saving heart surgery arrived Tuesday at...

Colombia keeps cocaine from spoiling Valentine's Day flowers

Colombia keeps cocaine from spoiling Valentine's Day flowers..

14-Feb, 00:14

Cocaine is probably the last thing most people think about when buying...

Morocco names new government, ending 6-month deadlock

Morocco names new government, ending 6-month deadlock..

05-Apr, 21:34

Moroccan King Mohammed VI appointed a new coalition government Wednesday,...