Interesting News! Pink Star diamond sets new world record in Hong Kong!

A stunning oval diamond again broke the world record for a jewel sold at auction when it was bought in Hong Kong yesterday for £57.3 million. This isn't its first purchase of the kind: previous year it bought a green diamond for $US17 million at a Christie's auction, and in 2010 the jeweller set a record with its $US35 million purchase of a rough diamond from Cullinan.

Hong Kong-based jewelry retailer Chow Tai Fook had the HK$553-million winning bid for the Pink Star after a 5-minute contest that included three phone bidders, Sotheby's said Tuesday.

David Bennett, worldwide chairman of Sotheby's jewellery division, said: "I am delighted that this magnificently lovely diamond has been rightfully crowned the most valuable gemstone ever sold at auction".

Steinmetz Diamonds, owned by Israeli billionaire Beny Steinmetz, spent two years cutting and polishing the stone, which was mined by De Beers in Botswana. The crowd in the packed auction room applauded when it was sold for a hammer price of $63 million, not including the buyer's premium. "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".

"All three bidders.have a long standing relationship with the company and we were very, very confident that all three bidders had the financial capability and of course the buyer definitely had the financial capability", she said. It received the highest color and clarity grades possible for a pink diamond. That sale collapsed because the buyer, diamond-cutter Isaac Wolf, never paid, and the auction house had to reclaim the stone.

Tobias Kormind managing director for 77 Diamonds said: "The Pink Star has returned to rock the diamond world - and for all the right reasons".

Be Civil - It's OK to have a difference in opinion but there's no need to be a jerk.

  • Larry Hoffman