The Pink Star Diamond set a world record for top auction price for any diamond or jewel during Sotheby’s auction on 4 April 2017 in Hong Kong. The 59.60 carat oval mixed cut Fancy Vivid Pink internally flawless diamond, sold for HK$553 million or US$71.2 million.
The 59.60 Carat Largest Internally Flawless Fancy Vivid Pink – Pink Star Diamond – Now Renamed The CTF Pink
The frantic five minutes bidding between three contenders was won by the distinguished Chinese jeweler Chow Tai Fook. Dr. Henry Cheng Kar-Shun, Chairman of the company placed the winning bid on phone. He gave a new name to the diamond as “The CTF Pink,” in memory of his late father (and founder of Chow Tai Fook) Dr. Cheng Yu-Tung. The extraordinary pink diamond commemorates 88th anniversary of the esteemed brand.
When the hammer fell on the final bid, the offer smashed Sotheby’s pre-auction estimate of $60 million for the stone. It more than doubled the previous auction record for a fancy vivid pink diamond. It was $ 46.2 million for the 24.78 carat “Graff Pink” in 2010. What’s more, it created a new record for any lot sold at auction in Asia. The Oppenheimer Blue diamond held the previous record set at $57.5 million in May 2016.
It is pertinent to point out that this was the second time that the Pink Star Diamond came under the auction hammer. When the diamond was first auctioned in November 2013, the winning bid was a whopping $83 million. However, the buyer (diamond-cutter Isaac Wolf) defaulted on payment and Sotheby’s had to reclaim the gemstone into its own inventory. Sotheby’s decided to bring the diamond back under the hammer correctly judging the rising demand from wealthy Asian buyers.
The Pink Star Diamond was formerly known as the Steinmetz Pink. De Beers mined the rough weighing 132.5 carat in 1999 in South Africa. It is the largest pink diamond ever found in the recorded history of humankind. The Steinmetz Diamond Group understood the stone’s incomparable rarity and took almost two years to cut the Pink. They meticulously modeled the rough 50 times to experiment with different cuts. The stunning stone was unveiled on twenty-ninth May 2003 in Monaco in a public ceremony. It was worn by Danish model Helena Christensen around her neck for exhibiting it to the public.
At 59.60 carats, The CTF Pink Star, is the largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Gemological Institute of America (GIA). It sports an oval mixed cut. It has earned the highest clarity & color grades from the GIA for pink diamonds. Also, it is a Type IIa stone. The gemstones in this group are chemically the purest of all diamond crystals and display extraordinary optical transparency.
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