The Pink Star sets world auction record for a diamond
GENEVA, November 14, 2013 – Sotheby’s Geneva made history on November 13 when it sold The Pink Star – a 59.60-carat oval cut pink diamond – for $83,187,381 (CHF 76,325,000), a world auction record for a diamond and any gemstone or jewel.
This landmark price eclipsed the previous record at $46.2 million established three years ago by Sotheby’s Geneva for the magnificent ‘Graff Pink’ – the 24.78 carat fancy intense pink diamond.
The November 13 sale of Magnificent Jewels achieved $199,512,930 (CHF 183,054,500), the highest jewellery sale total in history (est. $121,635,591-165,432,534/ CHF 111,601,500-151,785,500).
Commenting on the results, David Bennett, Chairman of Sotheby’s Jewellery Division in Europe and the Middle East and Chairman of Sotheby’s Switzerland, said: “The Pink Star is a true masterpiece of nature. Its immense importance was reflected in the strength of the bidding and we are thrilled that the record price it achieved earned it a place in history.
“The record sale is a further testimony to the strength and depth of the diamond and jewellery market.”
Four bidders competed for the Pink Star which is the largest internally flawless fancy vivid pink diamond that the Gemological Institute of America (GIA) has ever graded.
The diamond was bought after nearly five minutes by the famous diamond cutter Isaac Wolf who has renamed it ‘The Pink Dream’ after the sale.
The diamond received the highest colour and clarity grades from the GIA for pink diamonds.
It has been found to be part of the rare subgroup comprising less than 2 % of all gem diamonds – known as Type IIa: stones in this group are chemically the purest of all diamond crystals and often have extraordinary optical transparency.
Mined by De Beers in Africa in 1999, the 132.5 carat rough diamond was painstakingly cut and polished over a period of two years and transformed into this stunning gemstone.
The diamond was presented for the first time at auction on November 13 with an estimate of $60 million.
The landmark price achieved established a world auction record for a diamond (including for a pink diamond and any coloured diamond) and for any jewel.