Published: Wed, April 05, 2017
Markets | By Erika Turner

Pink Star diamond sells for world record $71.2m

Pink Star diamond sells for world record $71.2m

The Pink Star diamond, the most valuable cut diamond ever offered at auction, is displayed by a model at a Sotheby's auction room in Hong Kong on March 29, 2017. At that price, it became the world's most expensive precious stone other than a diamond.

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. That 25-carat dazzler sold for about $46 million in 2010. Sotheby's said it was sold to a client who phoned in a bid.

The 12.03-carat "Blue Moon of Josephine" was bought for the then record price of $48.4 million in Geneva by Hong Kong property tycoon Joseph Lau in 2015, a day after he spent $28.5 million on a rare 16.08-carat pink diamond.

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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. In November 2013 it was auctioned for a record $83 million to NY diamond cutter Isaac Wolf, who failed to pay.

The previous recoed was helf by the Oppenheimer Blue, which sold for $50 million last May.

"It is the biggest pink diamond ever discovered in the annals of mankind". The uncut stone was expected to go for at least $70 million, but failed to find a buyer. It surpassed the $60 million pre-sale estimate when Hong Kong jewelry retailer Chow Tai Fook won the auction. The gem made its public debut in 2003 and has since been featured as part of an exhibit in the Smithsonian Museum of Natural History and the Natural History Museum in London.

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