'Pink Star' Diamond Set To Fetch Record Price In Hong Kong
The 59.60-carat "Pink Star" is the largest in its class
Image: AFP Relaxnews/ Image for representation
A plum-sized pink diamond is expected to break the world record for a gemstone early next month when it goes under the hammer in Hong Kong, Sotheby's auction house said Wednesday.
The 59.60-carat "Pink Star" is the largest in its class ever graded by the Gemological Institute of America (GIA). But Sotheby's was been forced to buy back the flawless diamond after a previous buyer defaulted on what was then a record sale in 2013.
That sale in Geneva saw a New York-based diamond cutter secure the stone for $83 million.
Sotheby's is confident the "Pink Star" will again sell for a record price on April 4, somewhere above $60 million.
"I think when it's sold, it will be the new world record price anywhere in the world for a jewel at auction, and I think that's quite remarkable," its deputy chairman for Asia Quek Chin Yeow told AFP Wednesday.
The sparkling oval-cut rock measures 2.69 by 2.06 centimetres (1.06 by 0.81 inches) and weighs 11.92 grams (0.026 pounds).
Quek said Hong Kong is the right place for the sale, with Asian buyers breaking records in other categories for diamond sales in the past few years.
A 12.03-carat "Blue Moon of Josephine" was bought for the then-record price of $48 million in Geneva by Hong Kong property tycoon Joseph Lau in 2015, a day after he had spent $28.5 million on a rare 16.08-carat pink diamond.
Quek said there was still much interest in the "Pink Star" since the abortive sale in 2013.
"Four years is a good time period since the last time it sold in Geneva as there are a lot of new billionaires on the market,"
The Pink Star was discovered in a mine in Africa by De Beers in 1999.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.
Recommended For You
- The Royal Enfield Twin Endurance Render Puts All The Right Ideas Into Our Heads
- Scarlett Johansson Tops Forbes List of the Highest-paid Actresses
- Paul Pogba, Twitter And Racism: An Uneasy Relation Between Footballers And Fans
- Jio Effect: Tata Sky Broadband Offers 6 Months Additional Usage on Annual Plans
- 'Choked' by Husband’s Extreme Love and Affection, UAE Woman Seeks Divorce