The GemHunter

Professor Hausel's Guide to Finding Gemstones, Diamonds, Gold, Rocks & Minerals 

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Pink Diamond Sells for $83 Million!

Posted by gemhunter on October 14, 2014 at 2:00 PM

The $83 Million Pink Diamond Default

Diamond cutter Isaac Wolf outbid three rivals for the 59.6-carat “Pink Star” diamond, offering about $83.2 million, a world record for any gem sold at auction. He renamed it the “Pink Dream.” Unlike many who would make a purchase like this, he revealed his identity and explained why he bought the gem. In fact, he did everything in a proper manner except for one thing: He never paid for it.

 

 

The diamond is graded as Type IIa, which is rare for any pink diamond, much less one of this size and color. It is twice the size of any vivid pink diamond ever brought to auction and the largest known diamond rated vivid pink. David Bennett, chairman of Sotheby’s Jewellery Division in Europe and the Middle East and chairman of Sotheby’s Switzerland, said the diamond is one of the most important gems he has seen in his 35-year career.

 

“It is difficult to exaggerate the rarity of vivid pink diamonds weighing only five carats,” he said prior to the auction. “So this 59.60 carat stone is simply off any scale, and passes, I believe, into the ranks of the earth’s greatest natural treasures.”

 

The oval-cut gem was the highlight of the November auction in Geneva. It was estimated to fetch more than $60 million. The bidding opened at $48 million.

 

The diamond was originally mined in South Africa in 1999 as a 132.5-carat rough by De Beers. It was cut by the Steinmetz Diamond Company over a two-year period and was formerly known as the “Steinmetz Pink.” In 2003, it was shown publicly in Monaco and was displayed at the Smithsonian Institute as part of its “Splendor of Diamonds” exhibit. The Pink Star was sold privately in 2007, according to Wikipedia.

 

It certainly livened up a routine post-earnings report. As one investor representative said, “Just to get to ask questions about a pink diamond on a conference call is really pretty cool.”

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