Diamond sold for £57m

A new record has been set for the world's most expensive diamond.

By Yasmin Turner
November 15, 2013, 3:09 pm
Diamond sold for £57m

A new record has been set for the world's most expensive diamond.

Sotheby’s Geneva made history when it sold The Pink Star – a 59.60-carat oval cut pink diamond - for $83,187,381 (£57.1 million). 

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  historic 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).

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 tonight in the strength of the bidding and we are thrilled that the record price it achieved earned it a place in history. Today’s 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 by the famous diamond cutter Isaac Wolf who has renamed it ‘The Pink Dream’ after the sale. 

The diamond - lot 372 in the sale - received the highest colour and clarity grades from the GIA for pink diamonds, it has also 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 tonight with an estimate of $60 million. 

The landmark price achieved tonight established a world auction record for a diamond (including for a pink diamond and any coloured diamond) and for any jewel. 

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