'Pink Star' diamond sells for record $71.2 million at auction

A 59.60-carat oval pink diamond was auctioned for 0.553 billion Hong Kong dollars (71.2 million US dollars) at Sotheby's Hong Kong jewels and jadeite spring sale on Tuesday, setting a new world record for any diamond or jewel.

At 59.60 carats, the "Pink Star" was the largest ever polished diamond to be auctioned and beat Sotheby's pre-sale estimate of US$60mln. The crowd in the packed auction room applauded when it was sold for a hammer price of $63 million, not including the buyer's premium.

Wong said the company is not anxious about another default because the bidders were vetted and have longstanding relationships with Sotheby's. Sotheby's presents private sale opportunities in more than 70 categories, including S|2, the gallery arm of Sotheby's Global Fine Art Division, and two retail businesses, Sotheby's Diamonds and Sotheby's Wine.

Due to this sale the auction house gets some respite after it failed to sell other expensive diamonds that were in lower prices like the diamond of Shirley Temple. The gem fetched a record $83 million but the buyer could not pay.

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

More news: Trump national security aides complete North Korea policy review

The 59.60 carats rock was estimated to have a value of more than $60 million.

Also called the Steinmetz Pink, after the billionaire whose organization was responsible for cutting it down from 132.5 carats, Pink Star was mined by the De Beers mining corporation in 1999.

The stone was first sold in 2007 and was subsequently renamed "The Pink Star".

The 14.6-carat Oppenheimer Blue diamond was previously the world's most expensive gem after selling for $57.5 million last May at Christie's in Geneva.

Related Articles

  • Diego Maradona taking legal action against Pro Evolution Soccer 2017 creators

    Diego Maradona taking legal action against Pro Evolution Soccer 2017 creators

    "I heard yesterday that the Japanese company Konami uses my image for its game PES 2017 ", Maradona said on his Facebook . Using someone's likeness is a big no-no and this can have a lot of consequences.
    Kim Kardashian tells Kris Jenner another pregnancy may be too unsafe

    Kim Kardashian tells Kris Jenner another pregnancy may be too unsafe

    The urgency to have more kids comes in the wake of the life-changing armed robbery that shook the mogul to her core last October. She goes under the knife all the time, and it's likely that she doesn't view it as a risk, the way the rest of us do.
    Rick And Morty Just Secretly Released Their Season 3 Premiere

    Rick And Morty Just Secretly Released Their Season 3 Premiere

    So if you'd rather not know anything about the season premiere of Rick and Morty , don't read beyond the image below. At the end of last week's episode 3, which we've recapped here, we were left wondering what would become of Jack.
  • Ivanka Trump Says 'Women Deserve Equal Pay for Equal Work'

    The Utah Department of Workforce Services says there is some truth to that, but it doesn't explain all of the disparity in pay. For those unfamiliar with Equal Pay Day, it's an initiative that's dedicated to raising awareness about the gender pay gap.
    Democrats oppose Gorsuch, say he rules against workers

    Democrats oppose Gorsuch, say he rules against workers

    Schumer's announcement came the day after Gorsuch finished his 20-hour-long testimony before the Senate Judiciary Committee. A Colorado man, Jeff Perkins, is encouraging senators not to confirm Judge Neil Gorsuch to serve on the Supreme Court.
    Federer saves match points to beat Berdych in Miami

    Federer saves match points to beat Berdych in Miami

    In the bottom half of the draw, unseeded Italian Fabio Fognini will face Spain's fifth-seed Rafael Nadal for a spot in the final. The 21-year-old has won the only ever clash against Federer where he made it on to court in 2015.
  • Honda sales fall just under 1 percent as Acura struggles

    Honda sales fall just under 1 percent as Acura struggles

    Ford Motor Co . (NYSE:F) topped its 52-week high price of $14.22 on April 28, 2016 and 52-Week Low Price of $11.07 on Nov 9, 2016. They are projecting Next Quarter growth of -4.8%. 02/10/2017 - Ford Motor Company was upgraded to " by analysts at Jefferies.

    House sends bill to Trump blocking online privacy regulation

    Swire recommends using pop-up blockers, anti-tracking software like Tor , or Privacy Badger , and a virtual private network . Susan Collins, say they put internet service providers at a disadvantage against websites that can sell personal information.
    Heat wave sweeps 10 states; Delhi touches 38 degrees C

    Heat wave sweeps 10 states; Delhi touches 38 degrees C

    Chandigarh, the common capital of Punjab and Haryana recorded a high of 35.5 degrees Celsius, three notches more than normal. According to the Met office, temperatures in Udhamsinghnagar, Pantnagar and Dehradun have broken records set 25 years back.
  • Verizon To Launch Oath, Will Oversee Yahoo and AOL Acquisitions

    Verizon To Launch Oath, Will Oversee Yahoo and AOL Acquisitions

    Yahoo announced in September that hackers in 2014 stole personal data from more than 500 million of its user accounts. The new company is expected to launch this summer after Verizon's (VZ, Tech30) acquisition of Yahoo is completed.

    Federation Internationale de Football Association bans Lionel Messi for 4 World Cup qualifying games

    With or without Messi, all is not lost for a team that has played at every World Cup after the 1970 tournament in Mexico. Four teams qualify directly to play in Russian Federation .
    Andhra CM Naidu's son takes oath as Cabinet Minister

    Andhra CM Naidu's son takes oath as Cabinet Minister

    Arrangements have been made for the induction of 34-year-old Nara Lokesh into the N Chandrababu Naidu cabinet in Andhra Pradesh. This was the first expansion after Naidu took over as the first Chief Minister of the new Andhra Pradesh on June 9, 2014.