The 59.6-carat diamond known as the 'Pink Star' was sold for $71.2 million at an international auction in Hong Kong, setting a new record. This diamond was discovered in 1999 by De Beers, the world's largest diamond mining company, in a mine in South Africa. According to Reuters, the auction lasted only five minutes with three bidders, and a Hong Kong jeweler acquired the 'Pink Star.' The 'Pink Star' is the largest diamond of its kind ever recorded. This diamond was sold in November 2013 for $83 million, but the buyer was unable to pay the amount. Patti Wong, an executive at Sotheby's, which held the auction, expressed happiness over the sale, stating on Tuesday to Reuters: 'All three bidders have a long and excellent relationship with this institution, and all three bidders, especially the buyer, have the financial capacity to purchase this diamond.' Before the Pink Star, the record for jewelry sales belonged to a diamond known as the 'Oppenheimer Blue,' which sold for $50 million last May. Previously, the highest amount paid for a pink diamond was $46 million. Lawrence Graff, a 76-year-old British billionaire, acquired this 24-carat diamond in 2010.
The Pink Star Diamond Breaks Sales Record
The Pink Star diamond was sold for $71.2 million at an auction in Hong Kong, breaking previous sales records for diamonds. The sale involved three bidders, with a Hong Kong jeweler purchasing the diamond. This event highlights the ongoing high demand for rare gemstones in the luxury market.
👥 Key Players
📰 What Happened
The Pink Star diamond was sold for $71.2 million at an auction in Hong Kong, breaking previous sales records for diamonds. The auction was brief and involved three bidders, culminating in the purchase by a Hong Kong jeweler.
- The Pink Star is the largest pink diamond ever recorded.
- The diamond previously sold for $83 million in 2013, but the buyer could not complete the purchase.
💡 Why It Matters
📚 Background
The Pink Star diamond is a rare gemstone that has garnered significant attention due to its size and color, reflecting the high value placed on unique luxury items. The luxury market has seen fluctuating trends, with record sales indicating strong demand.
🏷️ Entities Mentioned
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