Published: Wed, April 05, 2017
Finance | By Laverne Griffith

Interesting News! Pink Star diamond sets new world record in Hong Kong!

Pink diamond of 59.6 carat was sold for $71 million in Honk Kong.

The gem is the largest flawless fancy vivid pink diamond ever graded by the Gemological Institute of America.

The oval-shaped diamond was bought by Hong Kong-based jewelry retailer Chow Tai Fook for HK$553.04 million after a five-minute contest that included three bidders.

The Pink Star was mined by De Beers in 1999 in South Africa and weighed 132.5 carat in the rough. "The price that was made before was not valid", she said, adding they were "very happy" with the result. We are very, very confident all three bidders had the financial capability and, of course, the buyer has the financial capability.

The giant pink rock had been sold before, netting a record $83 million at Sotheby's Geneva in 2013 - but that buyer defaulted on his payment and the stone.

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Sotheby's decided the time was right to bring the diamond back to the market because of rising demand from wealthy Asian buyers. Due to differences, however, between the buyer and the auction house, the transaction was never carried through. Clocking in at 59.60 carats and with an estimated value of more than $60 million, the Pink Star could become the most expensive diamond ever sold at auction. "The market for the world's finest diamonds and gem stones remains buoyant and Sotheby's Hong Kong is honored to present at auction the Pink Star this spring following these world records".

Chow Tai Fook, founded in 1929, is the world's largest jeweller, operating more than 2 000 jewellery and watch stores throughout greater China.

This isn't the first time the Pink Star has gone up for sale.

Tuesday's auction also broke the previous world auction record for a pink diamond. That was bought for almost 54 million euros.

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