Pink Star Diamond Posts World Record Price at $71.2-M

Pink Star Diamond Posts World Record Price at $71.2-M

Pink Star Diamond Posts World Record Price at $71.2-M

$BID

The largest, most perfect Pink diamond to have ever been offered at auction has sold for $71.2-M at a Sotheby’s (NYSE:BID) event Tuesday in Hong Kong, setting a new world record for any diamond or jewel, according to the auction house.

Described as one of “the earth’s greatest natural treasures”, the oval-cut 59.6-carat “Pink Star” is the largest internally flawless Pink diamond that the Gemological Institute of America (GIA) has ever graded.

The Pink Star is graded as Type IIa, which is rare for any Pink diamond, much less one of this size.

Until now, the most expensive diamond ever sold at auction was the “Oppenheimer Blue,” which fetched 56.8 million Swiss francs (more than $57-M at the time) last May.

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

When 1st unveiled to the public in Y 2003, the Pink Star was called the “Steinmetz Pink,” but it was renamed after it was 1st sold for an undisclosed sum in T 2007.

In Y 2013, the diamond broke a new world record price for a gemstone at auction by fetching $83.2-M in Geneva, way above the $60-M experts had predicted.

Not long after the sale rumors spread that the consortium of buyers, led by diamond cutter Isaac Wolf, defaulted the transaction.

Then in February 2014, Sotheby’s confirmed those unofficial reports and said the diamond was again part of its inventory, valued at approximately $72-M.

The Pink Star, originated from a 132.5-carat rough mined by De Beers in Y 1999 and it’s more than 2X the size of the “Graff Pink.”

Symbol Last Trade Date Change Open High Low Volume
NYSE:BID 45.64 6 April 2017 1.60 44.08 45.65 44.08 596,900
HeffX-LTN Analysis for BID: Overall Short Intermediate Long
Bullish (0.37) Neutral (-0.18) Very Bullish (0.62) Very Bullish (0.67)

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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