Pink Diamond Sold for $71.2 Million

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59.6 carat diamond known as the “Pink Star” sold for $71.2 million at a Sotheby’s auction in Hong Kong. It has set a new world record for any diamond or jewel.

The “Pink Star” was mined in Africa by De Beers in 1999 as a raw 132.5 carat gem and cut over a two-year period. In November 2013 it was auctioned for a record $83 million to New York diamond cutter Isaac Wolf, who failed to pay.

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

Until now, the most expensive diamond ever sold at auction was the “Oppenheimer Blue,” which fetched 56.8 million Swiss francs (then $57.6 million) last May.

The previous world auction record for a pink diamond was $46.2 million for the 24.78 carat “Graff Pink” in 2010.

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