"Pink Star" Diamond Goes to Auction
A 59.60-carat, internally flawless, fancy vivid pink diamond known as “The Pink Star” will be auctioned off by Sotheby’s in Hong Kong on April 4. Having received the highest possible color and clarity grades from the Gemological Institute of America, The Pink Star – valued at $60 million USD - is expected to set a new record for the most expensive jewel ever sold at auction. That record is currently held by the Oppenheimer Blue, a 14.62-carat fancy vivid blue stone that sold for $57.5 million USD in May, 2016.
The Pink Star was bought for $83 million at auction in November 2013, but the buyer defaulted on the payment. However, after watching color diamonds perform well in the market for several years, David Bennett – chairman of Sotheby’s jewellery division – decided the time was right to try again. “At a time of unprecedented demand for the finest in colored diamonds, I am delighted to be bringing this magnificent stone back to the market… the extraordinary size of this 59.6-carat diamond, paired with its richness of color, surpasses any known pink diamond ever recorded in history,” Mr. Bennet has said of the stone.
The source of pink color in natural fancy diamonds is the subject of some debate in the gemological community, but pink diamonds are generally thought to occur in the presence of higher-than-usual underground pressure. What is known is that pink diamonds are highly rare and desirable, and are growing even more so: The Rio Tinto Argyle Mine in Western Australia, which produces over 90% of the world’s pink diamonds, is expected to close by 2020. If you are interested in acquiring a pink diamond of your own, we invite you to call us or browse our selection online!