Pink Star Diamond Fetches Record $71.2 Million In Hong Kong

Posted April 05, 2017

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. It's the largest "Internally Flawless, Fancy Vivid Pink" diamond ever to be graded by the Geological Institute of America (GIA), Sotheby's said.

Chinese jewelry behemoth Chow Tai Fook Jewellery was revealed as the buyer of the almost 60-carat stone, edging out two other bidders over the phone.

The previous record holder for a cut diamond at auction was the "Oppenheimer Blue".

The oblong-shaped 59.6 carat stone was purchased after only five minutes' bid at Sotheby's, reports said.

"Of course, the buyer definitely has the financial capability", Wong told reporters, adding all three bidders were vetted and had a longstanding relationship with the auction house.

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It was sold for a hammer price of $63.0 million, not including the buyer's premium.

The world's most valuable diamond is up for auction on Tuesday (4 April), four years after the winning dealer failed to come up with the £66m he bid for the gem.

This isn't the first time the Pink Star has gone up for sale.

The giant pink rock had been sold before, netting a record $83 million at Sotheby's Geneva in 2013 - but that buyer defaulted on his payment and the stone.

Chow Tai Fook is Asia's most prominent jeweler, operating more than 2,000 stores throughout China. On Tuesday, it also became the most expensive pink diamond ever auctioned. In 2016 they bought a $17-million green diamond at an auction run by Sotheby competitor Christie's. 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.