Sotheby’s Magnificent Jewels and Jadeite Spring Sale is finally here and will be held at the Hong Kong Convention and Exhibition Center on April 4th. Over the years, we have seen Sotheby’s Hong Kong host a plethora of outstanding jewelry pieces, as well as breathtaking stones, and 2017 is definitely no exception.
This year’s auction will be led by the Pink Star diamond; an oval mixed cut, 59.60-carat, internally flawless, Fancy Vivid Pink stone with an IIa grading. These attributes do not only make the gem seem like a treasure among treasures, but they also make it the largest diamond of its kind to ever be graded by the GIA.
A Brief History of the Pink Star
Sourced by De Beers from a South African mine during 1999, the diamond initially weighed a sizable 132.5 carats. During 2003, the rough was acquired by the Steinmetz Group, where it was processed, cut, and polished to its present shape and size. Four years later, the Steinmetz Pink, after private negotiations, was sold to an anonymous buyer at an undisclosed price. The newly named Pink Star diamond was ultimately entrusted to Sotheby’s auction house to be sold at the Magnificent Jewels Sale held in Geneva during November 13, 2013.
It was during that time the stone fetched a jaw-dropping $83 million, the highest price ever offered for a jewel at a public auction. Unfortunately however, the hype was short lived as the bidder reneged his purchase shortly after. As of 2014, the stone remained as part of Sotheby’s inventory and according to the house’s annual report, the diamond is valued at $72 million (making this year’s $60 million pre-auction estimate seem modest.)
Things to Keep in Mind:
Currently, the Oppenheimer Blue holds the title for the most valuable diamond ever to be sold in a public auction. Also known as the “gem of gems”, this 14.62-carat, rectangular cut, Fancy Vivid Blue diamond sold for a staggering $57.5 million (approximately $4million/carat) during the Christie’s Geneva Auction in May of last year. Further, the record holder for the most expensive pink diamond to ever be sold at an auction is the Graff Pink. This 23.88-carat, rectangular cut, internally flawless Vivid Pink diamond broke the records at Sotheby’s 2010 Geneva auction fetching $46 million (yielding almost $2million/carat).
With the Pink Star being more than double the size of the Graff Pink and holding a pre-auction estimate of $60 million, it should not be surprising if it not only shattered the record for a pink diamond sold at an auction, but also surpass the world record for any colored diamond sold at a public auction.
For more reading on colored diamonds, check out the link below.
- The Most Valuable Naturally Colored Diamonds of 2016
- Investing in Natural Pink Diamonds: What You Need to Know
- Pink Diamonds Show Largest Growth of Colored Diamonds