Wednesday, March 5, 2014

Pink Star Diamond is in Sotheby’s Possesion Again


In November last year we wrote about $83 Million Pink Star Diamond which became the highest paid price in history for any diamond ever purchased. But now this most valuable diamond offered at auction is again in Sotheby’s possession after the buyer couldn’t pay for the jewel and defaulted. New York-based diamond cutter Isaac Wolf outbid 3 rivals to pay $83 million for the oval-cut stone, the largest internally flawless fancy vivid pink diamond ever graded by the Gemological Institute of America (GIA).


But chief financial officer, Patrick McClymont, told investors in a conference call Thursday that the buyer had defaulted and the auction house has added the diamond back to its inventory at a value of $72 million. “We are currently in discussions with the buyer, while also considering other alternatives. In the meantime, we are quite comfortable with our valuation and see real value in owning the diamond at this price,” McClymont said.

The Pink Star was originally mined by De Beers in Africa in 1999.


Described as “full of fire and light,” and one of the earth’s “greatest natural treasures,” Pink Star was cut and polished from a 132.5 carat rough diamond and polished over two years by Steinmetz Diamonds, before being unveiled to the press as the Steinmetz Pink in Monaco in 2003.


This gem, mounted on a ring, was first sold in 2007, which actually was the first time that the diamond was presented at auction.

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