Massive Bright Pink Diamond Sold For $71.2 Million

This Pink Star diamond is one of the world’s largest and most flawless diamonds which has been sold in auction, and it sure brought in a pretty penny.

Sotheby’s sold the rare 59.6-carat diamond on Tuesday, at an auction held in Hong Kong, it was sold for $71.2 million, which was bought by jewelry retailer Cho Tai Fook, written over Sotheby’s Twitter account.

The Pink Star is an internally flawless fancy vivid pink diamond which was mined in South Africa by De Beers in year 1999. It took two years for the process of cutting and polishing of the elegant diamond.

This diamond then got its grading by the Gemological Institute of America. GIA is a public non-profit institute it performs research of precious gems and sets quality standards.

David Bennett, Sotheby’s global chairman for international jewelry, in an interview to Sotheby’s TV said, “This is the largest fancy vivid pink they’ve ever graded, so I think we’re looking at the biggest, pinkest diamond known.”

Founder of the online retailer 77 Diamonds, Tobias Kormind said “I think that the diamond market as a whole has had a couple of wobbly years,” he added, “White diamonds have declined a bit over the last three years, and that’s got to do with nervousness about luxury goods purchasing from China, oil prices that have affected Middle East purchasing and there’s been crises in Russia.”

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