Pink diamond fetches record $71.2M in Hong Kong auction

April 5, 2017- A rare diamond known as the Pink Star has been sold in Hong Kong for more than $71m (£57m), setting a new world record for any gemstone at auction.

"Sotheby's set a new record for any diamond or jewel when the Pink Star, a 59.60-carat oval mixed-cut fancy vivid pink internally flawless diamond, sold for HK$553 million (US$71.2 million) to renowned jeweller Chow Tai Fook, who has renamed the stone 'CTF Pink Star, '" Sotheby's said in a statement. The winning bidder for the world's largest flawless vivid pink diamond was Hong Kong jeweler Chow Tai Fook.

The Pink Star was previously sold in Geneva in 2013 for $83m (£67m), but the buyer later defaulted.

The Oppenheimer Blue, previously held the highest record price for any diamond at auction.

Soon after, Sotheby's tried to auction off the Lesedi La Rona, the world's second biggest diamond, in the Swiss city. At that price, it became the world's most expensive precious stone other than a diamond.

It was 132.5 carats in the rough when it was mined by De Beers in South Africa in 1999, according to Sotheby's. In November 2013 it was auctioned for a record $83 million to NY diamond cutter Isaac Wolf, who failed to pay.

"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.

Wong said she was not anxious at all about the same thing happening again, as the auction house had vetted all prospective bidders ahead of the sale.

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".

So they decided the time was right to bring the diamond back to the market because of the rising demand, especially from wealthy Asian buyers. The diamond went to an Asian collector, bidding on telephone.

  • Salvatore Jensen