Auctions

‘The Pink Star’ Sells for $71M at Sotheby’s

AuctionsApr 04, 2017

‘The Pink Star’ Sells for $71M at Sotheby’s

The 59.60-carat pink diamond is, once again, the most expensive jewel ever sold at auction.

20170320_Pink-Star-1.jpg
The 59.60-carat “Pink Star” diamond has surpassed the Oppenheimer Blue to become the most expensive jewel ever sold at auction. Chow Tai Fook paid more than $71 million for the stone at Sotheby’s Hong Kong Tuesday.
Hong Kong--The 59.60-carat “Pink Star”  diamond has, once again, become the most expensive jewel ever sold at auction, and maybe this time it will stick.

The Pink Star is a 59.60-carat oval mixed-cut Type IIa pink diamond and is the largest internally flawless fancy vivid pink diamond the Gemological Institute of America has ever graded. The diamond came from a 132.5-carat piece of rough mined by De Beers in Africa in 1999 and was cut and polished over a two-year period.

Chow Tai Fook paid $71.2 million for the stone on Tuesday at Sotheby’s Magnificent Jewels and Jadeite sale in Hong Kong and renamed it The CTF Pink. The Hong Kong-based retailer and manufacturer edged out two other buyers to snag the stone, Sotheby’s said.

Sotheby’s experts had estimated before the sale that The Pink Star would sell for more than $60 million.

It set a new world record price for any jewel sold at auction, surpassing the rectangular-cut, 14.62-carat “Oppenheimer Blue,” which sold for $57.5 million at Christie’s Geneva last May.

This isn’t the first time The Pink Star has found a buyer at auction, though the first sale fell through.

The nearly 60-carat pink stone went up for auction in November 2013 at Sotheby’s Geneva, where four different bidders competed for it. New York diamond cutter Isaac Wolf placed the winning bid of $83 million, which, at the time, marked a new auction record for any jewel ever sold at auction.

In February 2014, though, Wolf defaulted on the payment for the diamond he had named “The Pink Dream” and as a result, Sotheby’s had to take the stone back into its inventory because it had been sold under an auction guarantee.

Last summer, the auction house formed a partnership with Diacore and Mellen Inc. to acquire an ownership interest in the diamond, meaning that when the stone sold, proceeds would be split among the three companies per their ownership percentage.

Editor’s Note: This story was updated post-publication to reflect the news that Chow Tai Fook renamed the pink diamond after acquiring it. 
Brecken Branstratoris the senior editor, gemstones at National Jeweler, covering sourcing, pricing and other developments in the colored stone sector.

The Latest

Stock image of a gavel
CrimeJun 14, 2024
2 Men Sentenced to Life in 2022 Murder of Detroit-Area Jeweler

In court, Daniel Hutchinson’s loved ones remembered the jeweler as a giver, a role model, and a leader.

Billie Bangle
CollectionsJun 14, 2024
Piece of the Week: Jade Trau’s ‘Billie’ Bangle

Take a walk along this bangle’s diamond “cobblestone” made from round-, pear-, and marquise-cut diamonds.

Graphic with headshots for My Next Question 2024 Las Vegas webinar
Recorded WebinarsJun 14, 2024
Watch: What Happened in Vegas in 2024

The National Jeweler editors discuss the hot topics, best jewels, and current trends that stood out during Jewelry Market Week.

Untitled design.jpg
Brought to you by
The End of an Era? Lab-Grown Diamonds' Journey Towards Price Stability

As the demand for lab-grown diamond jewelry may still be increasing, the most notable change we are likely to see is price stabilization.

Vera Wang Love True lab-grown diamond engagement ring
FinancialsJun 13, 2024
Signet Awaits Engagement Recovery as Q1 Sales Sink 9%

The company is expecting to see a 5 to 10 percent increase in engagements this year.

Weekly QuizJun 13, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
QVC HSN logo
MajorsJun 13, 2024
HSN, QVC Parent Company Faces Delisting

Qurate Retail is in the middle of a turnaround plan as it battles declining sales.

Marie Lichtenberg Scapular necklace
TrendsJun 13, 2024
Amanda’s Style File: For the Fathers

Showcase your dad’s personal style with a piece of fine jewelry for Father’s Day.

1872 x 1052 Gemolite.jpg
Brought to you by
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional Edition

GIA®’s most advanced microscope has new features to optimize greater precision and comfort.

Charles & Colvard moissanite ring
GradingJun 12, 2024
IGI to Grade Charles & Colvard Moissanite

The partnership follows the launch of the jewelry company’s B2B moissanite platform.

Bruce Cleaver
SourcingJun 12, 2024
Bruce Cleaver Is Gemfields’ New Chair

The former De Beers CEO will step into the role next month.

Rose cut arch cabochons Columbia Gem House
SourcingJun 12, 2024
State of Colored Stones: Why the Market Is More Colorful Than Ever

As prices of “The Big Three” skyrocket, supply dwindles, and focus on sustainability grows, an age of open-mindedness is dawning.

Edward Arthur Jewelers logo
IndependentsJun 11, 2024
Edward Arthur Jewelers to Close After 53 Years

Owner Randy Brooks, whose brother opened the Maryland jewelry store in 1971, is retiring.

Greenwich St jewelers pride raffle
IndependentsJun 11, 2024
Greenwich St. Jewelers Is Hosting a Pride Month Raffle

Tickets to win a ring are for sale until June 13, with proceeds going to a trans care nonprofit.

National Jeweler columnist Peter Smith
ColumnistsJun 11, 2024
Vegas Musings: Equal Parts Noise and Inspiration

Fresh off Jewelry Market Week 2024, Peter Smith separates the positive—retail and product innovation—from the positively annoying.

Katherine Jetter CASE Award winning ring
Events & AwardsJun 11, 2024
The 2024 CASE Awards Are Open for Entries

Submissions will be accepted now through July 17.

Swarovski New York City flagship
IndependentsJun 10, 2024
State of Retail: 4 Retail Design Trends for 2024

From lighter color palettes to the integration of AR, experts offer inspiration for jewelers in need of an aesthetic refresh.

Van Cleef & Arpels 1929 tie necklace
AuctionsJun 10, 2024
Van Cleef & Arpels Necklace From 1929 Sells for $3.6M at Auction

The rare piece went home with a Sotheby’s executive.

Woman shopping
SurveysJun 10, 2024
Consumer Confidence Rises in May Despite Anxiety About the Future

Expectations of a recession rose for the second consecutive month.

Sotheby’s watch executives Sam Hines and Geoff Hess
WatchesJun 10, 2024
Sotheby’s Makes Changes at Top of Watch Division

Sam Hines returns to the auction house as chairman, watches, while Geoff Hess moves up to the role of global head of watches.

Elephants wading in the Okavango Delta in Botswana
SourcingJun 10, 2024
State of the Diamond Industry: Botswana Beyond Diamonds

From moringa to ecotourism in the Okavango Delta, the country and its leaders are exploring how Botswana can diversify its economy.

Seymour Holtzman
IndependentsJun 07, 2024
Seymour Holtzman of CD Peacock Dies at 88

He was remembered by loved ones as “an authentic, original American entrepreneur.”

45 carat yellow diamond
AuctionsJun 07, 2024
Phillips to Auction 45-Carat Yellow Diamond

The stone features rare step-cut faceting and is estimated to sell for up to $3.5 million.

Tabayer Oera ‘Unity’ Ring
CollectionsJun 07, 2024
Piece of the Week: Tabayer’s Oera ‘Unity’ Ring

Crafted in Fairmined gold with a rainbow of agate, the ring is a joyful symbol of inclusivity, diversity, and solidarity.

INS Show_NJ Supplier eBlast Banner.jpg
Supplier BulletinJun 06, 2024
Join INSTORE This August in Rosemont!

Grab Your Free Show Badge Today. Sponsored by INSTORE

Sarah Alden
IndependentsJun 06, 2024
GoFundMe Launched Following Jeweler’s Murder

Vintage jewelry seller Sarah Alden, 53, died after a brutal attack at the Venice Canals in Los Angeles.

Sylvester Stallone Sotheby’s watch
AuctionsJun 06, 2024
Sotheby’s Auction of Sylvester Stallone’s Watches Was a Knockout

The auction house sold all 11 watches from the “Rocky” star’s collection, with his Patek Philippe Grandmaster Chime setting a new record.

Stock image of a gavel
CrimeJun 06, 2024
2 Men Found Guilty in 2022 Murder of Detroit-Area Jeweler

A jury convicted Marco Bisbikis and Roy Larry in the murder-for-hire plot targeting Daniel “Hutch” Hutchinson, owner of Hutch’s Jewelry.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy