Rare Pink Diamond Sells for a Whopping $71.2 Million

A giant 59.6 carat diamond known as the “Pink Star” was sold for $71.2 million at a Sotheby’s auction in Hong Kong. This is the highest price any gem has fetched at an auction.

According to reports, this breathtaking gem was purchased by Hong Kong-based jewelry company Chow Tai Fook. Previously, this gem was sold at a higher price at an auction in Geneva. The deal however fell apart soon after the buyer defaulted.

Rare-Pink-DiamondImage Credit : Nbcnews.com

Considered to be the largest internally flawless pink diamond that the Gemological Institute of America (GIA) has ever graded, the “Pink Star” was reportedly sold within 5 minutes of bidding. Sotheby’s Asia Chairwoman Patti Wong stated, “We’re very happy. I know there was a lot of talk about the economy in China not being as positive as it was a few years ago, but the results from its jewelry auction Tuesday, which included nearly 200 other lots, were very strong.” She added, “We’re very, very confident that all three bidders had the financial capability, and of course the buyer definitely had the financial capability.”

Prior to this, the most expensive diamond sold at an auction was the “Oppenheimer Blue”.  This gem is regarded to have been sold at 56.8 million Swiss francs last May. The previous auction record for a pink diamond was $46.2 million for “Graff Pink”.

The “Pink Star” was mined in Africa in 1999. Originally, the gem weighed 132.5 carats as a rough diamond. It was later meticulously cut and polished for over a period of 2 years. Chow Tai Fook has renamed the alluring gem to “CTF Pink Star” in memory of the company’s founder.

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