Brocker.Org: Pink diamond fetches record $71.2M in Hong Kong auction – Washington Submit

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HONG KONG — A breathtaking 59.6 carat diamond regarded as the “Pink Star” bought for $71.two million at a Sotheby’s auction Tuesday in Hong Kong, placing a new environment record for any diamond or jewel, according to the auction dwelling.

The oval combined-slash diamond smashed the $60 million pre-sale estimate established by Sotheby’s when it went on the block.

The sale comes three a long time immediately after the gem was bought at an even better price at yet another Sotheby’s auction in Geneva. That offer afterwards fell aside immediately after the customer defaulted.

The gem is the largest flawless extravagant vivid pink diamond ever graded by the Gemological Institute of The united states.

A few telephone bidders competed for the stone all through five tense minutes of bidding. The group in the packed auction room applauded when it was bought for a hammer price of $63 million , not such as the buyer’s quality.

Sotheby’s Asia Chairwoman Patti Wong mentioned the successful bidder was Hong Kong jeweler Chow Tai Fook

“We’re quite content,” Wong mentioned. “I know there was a lot of discuss about the economic climate in China not remaining as good as it was a several a long time ago,” but the benefits from its jewelry auction Tuesday, which bundled virtually 200 other plenty, were being quite sturdy, she mentioned.

Wong mentioned the firm is not concerned about yet another default for the reason that the bidders were being vetted and have longstanding interactions with Sotheby’s.

“We’re quite, quite assured that all three bidders had the monetary functionality, and of study course the customer definitely had the monetary functionality,” she mentioned.

Until eventually now, the most highly-priced diamond ever bought at auction was the “Oppenheimer Blue,” which fetched 56.eight million Swiss francs (then $57.6 million) last May. The former environment auction record for a pink diamond was $46.two million for the 24.seventy eight carat “Graff Pink” in 2010.

Sotheby’s determined the time was correct to deliver the diamond back again to the market place for the reason that of mounting demand from customers from wealthy Asian purchasers.

“The Asian ingredient in the jewelry market place is really critical and from what I’ve been listening to from users of the trade I’ve been chatting to, in the last 6 months they have grow to be far more and far more critical,” mentioned David Bennett, chairman of the auction house’s jewelry division.

The “Pink Star” was mined in Africa by De Beers in 1999 as a uncooked 132.five carat gem and slash around a two-year interval. In November 2013 it was auctioned for a record $eighty three million to New York diamond cutter Isaac Wolf, who failed to spend.

The auction dwelling was then compelled to acquire the diamond by itself for the reason that had guaranteed a $60 million sale price. Very last year it bought an unspecified stake in the diamond, valued at $72 million on its equilibrium sheet, to two corporations, diamond professional Diacore and New York jeweler Mellen Inc.

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