Pink diamond auctioned for record $71.2m

2017-04-05 08:00
(File, AP)

(File, AP)

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Hong Kong - A stunning 59.6 carat diamond known as the "Pink Star" sold for $71.2m at a Sotheby's auction in Hong Kong on Tuesday, setting a new world record for any diamond or jewel, according to the auction house.

The oval mixed-cut diamond smashed the $60m pre-sale estimate set by Sotheby's when it went on the block.

The sale comes three years after the gem was sold at an even higher price at another Sotheby's auction in Geneva. That deal later fell apart after the buyer defaulted.

The gem is the largest flawless fancy vivid pink diamond ever graded by the Gemological Institute of America.

Sotheby's says the buyer is Hong Kong jewellery company Chow Tai Fook , which beat out two other telephone bidders.

Until now, the most expensive diamond ever sold at auction was the "Oppenheimer Blue," which fetched $57.6m in May last year. The previous world auction record for a pink diamond was $46.2m for the 24.78 carat "Graff Pink" in 2010.

Sotheby's decided the time was right to bring the diamond back to the market because of rising demand from wealthy Asian buyers.

Read more on:    sotheby's  |  hong kong
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