The Pink Star

A magnificent 59.60-carat blended cut diamond known as “The Pink Star” was auctioned for $71.2 million on April 4th in Hong Kong by Sotheby’s, setting a new world record for any diamond at auction. This ultra-rare gemstone, a unique spectacle and nature’s triumph, is graded by the GIA as the ‘Largest Internally Flawless Fancy Vivid Pink’ diamond.

‘Pink Star’ had beforehand aroused vivid expectations of a new world record , as Sotheby’s was propitious that sell price would outreach $60 million and industry’s connoisseurs claimed it could exceed the $100 million price, establishing it as the most highly priced diamond in history.

Alongside its uniqueness, the diamond’s story is escalating even more intriguingly. The precious stone originated from a 132.5-carat rough mined by De Beers in 1999 and it demanded two years of scrupulous cutting and polishing before its astonishing current shape. ‘Pink Star’ was sold by Sotheby’s for a record-setting value of $83.2 million in 2014 in Geneva, yet the triumphant bidder, the New York-based jewel cutter Isaac Wolf, defaulted on installment and, thereafter, the diamond remained at Sotheby’s inventory, valued at $74 million.

Sotheby’s attempted to resume the stone’s enthralling journey. “At a time of unprecedented demand for the finest in coloured diamonds, I am delighted to be bringing this magnificent stone back to the market,” said David Bennett, Worldwide Chairman of Sotheby’s Jewellery Division. “The extraordinary size of this 59.60-carat diamond, paired with its richness of colour, surpasses any known pink diamond recorded in history.”

Inevitably composing a new success story, it is not coincidental that Sotheby’s auctioned Pink Star in Asia, rather than Geneva, since the Asian ultra-luxury market is fervent in impervious investments to secure their wealth, considering the volatility of the local property and stock market. And indeed, after only five minutes’ bidding, the winner was Hong Kong jewelry firm Chow Tai Fook, with company’s chairman, Henry Cheng Kar-Shun, placing the winning bid over the phone.

Brian Lay Vice President of Greece Sotheby’s International Realty with Henry Howard Sneyd Chairman of Sotheby’s Asia

Greece Sotheby’s International Realty’s Vice President, Brian Lay, was exclusively shown the ‘Pink Star’ on a private visit by the Chairman of Sotheby’s Asia, Henry Sneyd Howard, before the auction in Hong-Kong.
Savvas Savvaidis, President and CEO of Greece Sotheby’s International Realty, mentioned:

“Brian Lay is at Hong Kong during this time of year having discussion with eminent Asian investors for major residential projects in Greece. It was a great opportunity combining our asian networking program with a visit to this iconic exhibition and auction. Greece Sotheby’s International Realty is fully endorsing Sotheby’s international events. At the end of this month our team will be visiting the Magnificent Jewels Exhibition held in New York on April 24”.

Beverly Lay, a Greek Australian artist attending the exhibition

The sale of the Pink Star diamond perpetuated Sotheby’s legacy of presenting to the market magnificent jewels and insuperable natural treasures.