Industry News by Nemesis

'Pink Star' to Highlight at Sotheby's Hong Kong Magnificent Jewels Auction in April

March 26, 2017

 

The highlight of Sotheby's Hong Kong Magnificent Jewels and Jadeite sale will be 'The Pink Star', a 59.60-carat diamond that is estimated to fetch $60 million.

 

The Pink Star was mined by De Beers in 1999 in Botswana. Originally weighing 132.5 carats, it was cut and polished over a period of two years into a large, oval-cut diamond.

 

Sotheby's said the Pink Star is a Type IIa and is the largest Internally Flawless Fancy Vivid Pink diamond ever graded by the GIA.

 

The Pink Star will be on display from March 29 to April 3 at the Hong Kong Convention and Exhibition Centre, with the diamond auction taking place on April 4.

 

The Pink Star was sold in November 2013 for $83.2 million at the Geneva diamond auction to New York-based buyer, Isaac Wolf. However, the sale fell through after Wolf and his investors defaulted on payment.

 

Sotheby's has since held the diamond in inventory with a valuation of $72 million.

 

"At a time of unprecedented demand for the finest in colored diamonds, I am delighted to be bringing this magnificent stone back to the market," David Bennett, worldwide chairman of Sotheby's Jewellery Division, said in a statement.

 

The 24.78-carat 'Graff Pink' diamond is half the size of The Pink Star and sold for $46.2 million in 2010.

 

Source: Idex

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