'Pink Star' diamond goes for record amount at auction

Posted April 05, 2017

It's the nearly 60-carat chunk of rock known as the Pink Star which, according to Sotheby's auction house and various media outlets, is hitting the auction block on April 4th in Hong Kong where it's expected to fetch as much as $60 million or more.

The Pink Star is the largest polished diamond to go for auction.

It was 132.5 carats in the rough when it was mined by De Beers in South Africa in 1999, according to Sotheby's.

Until now, the previous world auction record for a pink diamond was 46.2 million USA dollars for the 24.78 carat "The Graff Pink" in 2010.

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"We're very, very confident that all three bidders had the financial capability, and of course the buyer definitely had the financial capability", she said.

The final price was 553 million Hong Kong dollars, including the buyer's premium, or auction house charge.

Its refined form is now set to be the most valuable polished diamond ever offered at auction.

The starting price was some $51.6 mln and the auction lasted for six minutes. The Pink Star has been renamed "The CTF Pink" in memory of the late Dr. Cheng Yu-Tung, father of the current chairman and founder of Chow Tai Fook, and commemorates the esteemed brand's 88 anniversary.

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It took two years to polish and shape the stone into a pristine oval, rated internally flawless.

While Chow Tai Fook Jewellery is known mostly as mass jewelry brand, it has recently expanded into fine jewelry.

Tuesday's auction also broke the previous world auction record for a pink diamond. In 2016 they bought a $17-million green diamond at an auction run by Sotheby competitor Christie's.

It exceeded its $60 million estimate but was under the $83.2 million it sold for in 2014, although ultimately the winning bidder from that sale defaulted on payment.

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