A 59.6-carat pink diamond, dubbed “Pink Star”, is expected to become the most expensive diamond ever auctioned. According to multiple news reports, the “Pink Star” will go on auction in Hong Kong on April 4, and is expected to fetch Sotheby’s $60 million. If Sotheby’s gets its estimated price, the “Pink Star” will have topped the $57.5 million sale price of a 14.6-carat blue diamond sold by Christie’s last year, according to CNBC.
This isn’t the first time the huge, rare polished stone has been offered at auction. In November 2013, it was auctioned by Sotheby’s Geneva to Isaac Wolf, a New York-based diamond cutter, for $83 million. Wolf, however, was unable to pay for it. Consequently, Sotheby’s sold off partial ownership of the diamond to Diacore and Mellen.
David Bennett, head of Sotheby’s Jewellery division, commented: “The extraordinary size of this 59.60-carat diamond, paired with its richness of color, surpasses any known pink diamond recorded in history”. According to Bennet, the current record is held by the 24.78-carat “Graff Diamond”, which sold in Geneva for $46.2 million in 2010.
The “Pink Star” was initially unearthed by mining giant De Beers in 1999. The stone was originally a rough weighing 132.5 carats. Now that it is cut and polished, it stands to be the most valuable polished diamond ever offered at auction. According to CNBC, Sotheby’s financial statements have valued the stone at $72 million.