Monster Diamond Might Set Record Sale at Auction

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The Pink Star is a diamond of distinction, with a whopping 59.6 karats, and it could break records when it goes up for auction April 4, Forbes reported.

The gem already holds several benchmarks among diamonds. The previous record for a pink diamond was $46.2 million for the Graff Pink, which was only (by comparison) 23.78 karats. And the world record for a diamond sale was $57.5 million for the Oppenheimer Blue, which is 14.62 karats. If the Pink Star sells this time around at the price estimated, it will officially eclipse that record (assuming the buyers do not renege again).

The Gemological Institute of America found the Pink Star the biggest ever pink diamond of its kind, and it also set the record sale amount for a diamond last time it sold. Four years ago it went for $83 million. But Sotheby, the seller, reported the diamond still in its inventory later on, after the buyers reneged. Sotheby allegedly had to shell out $60 million for the diamond because of a guarantee it gave to the original owner.

An oval-cut, internally flawless gemstone, The Pink Star is a rare-colored Type IIa in grade. Mogul diamond corporation De Beers originally unearthed the giant stone in 1999, which when in the rough was 132.5 karats. Cutting and polishing The Pink Star was a process completed in the space of two years.

When The Pink Star joined the Sotheby inventory, the company gave the gem an estimated value of $72 million. Now Sotheby owns it in partnership with companies Mellen Inc. and Diacore. The former is a New York private jeweler, and the latter was the first owner of the Pink Star in its rough form. Diacore manufactures rare and large gemstomes.

Sotheby Chairman David Bennett said that he was delighted to present The Pink Star for auction, saying it was superior to any pink diamond known before it.

The diamond will be up for sale at the Magnificent Jewels and Jadeite auction in Hong Kong.

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