Pink diamond auctioned for record $71.2 million in Hong Kong

The Pink Star diamond, the most valuable cut diamond ever offered at auction, is displayed by a model at a Sotheby's auction room in Hong Kong on March 29, 2017. Tobias Kormind of 77 Diamonds, an online diamond jewelery seller, said he expects it to sell for more than $100 million.

A 59.60-carat pink diamond sold for a record $71.2 million in Hong Kong on Tuesday to local jewelers Chow Tai Fook after a five-minute bidding war between three phone bidders.

Sotheby s worldwide chairman for global jewellery David Bennet, who presided over the auction, called it a "historic sale".

At an auction in Geneva in 2013, the stone fetched $83m but the buyer later defaulted.

The auction is a world record for the price that this diamond has been sold as never a gem has been sold at so much high price.

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The most important diamond sales usually take place in Geneva. Its color is a very nice pink and another astonishing feature of this diamond is that its crystals purity ranks among the 2% all over the world.

The Pink Star is a rare gem - literally.

Mined by De Beers in Africa in 1999, the 132.5-carat rough diamond was meticulously cut and polished for over two years and transformed into a 59.60-carat stunning gemstone.

It first appeared in public in 2003 and later became part of an exhibit at the Smithsonian National Museum of Natural History, which is also home to the blue Hope Diamond. The previous record sale price for a pink diamond was $45.6 million, which went toward the purchase of the 24.8 carat Graff Pink at Sotheby's in 2010.

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