Industry News by Nemesis

Sotheby’s Shares Ownership of ‘$72M’ Pink Diamond

June 9, 2016

Sotheby’s teamed up with two other firms to collectively own the Pink Star diamond, which has been valued at $72 million.

In November 2013, the oval mixed cut, 59.60-carat, fancy vivid pink, internally flawless stone was sold to diamond cutter Isaac Wolf for a world auction record of $83.2 million in Geneva. The gem was returned to Sotheby’s after Wolf defaulted. 

“Diacore and Mellen Inc. have acquired an ownership interest in one of the world’s natural treasures: the remarkable Pink Star diamond,” Sotheby’s said in a statement. “The three parties have formally partnered to achieve the value of the 59.60-carat stone, which Sotheby’s holds in its inventory.” 

No other details, including financial, were disclosed. However, a Sotheby’s annual report published in February 2014 shows the diamond was recorded in the company’s inventory at about $72 million. It remains the largest internally flawless, fancy vivid pink diamond ever graded by the Gemological Institute of America, Sotheby's said. 

Diacore purchased the original 132.50-carat rough and took two years to cut and polish it, the statement added.

Diacore is a diamond manufacturer headquartered in Johannesburg, South Africa. Mellen Inc. is a family-run private jeweler based in New York.

 

Source: Rapaport

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