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CATCH A RISING PINK STAR

Sotheby’s once again made history with its auctioning of the one of a kind 59.60-carat diamond, “Pink Star” which fetched a record $83 million. The auction took place at the upscale Beau Rivage Hotel in Lake Geneva, Switzerland. Once the hammer fell, the familiar theme from the “Pink Panther” movie was played as pink champagne was handed out to the 150 in attendance at

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the auction. Bidding lasted for approximately 5 minutes and in the end, although not personally in attendance, New York diamond cutter, Isaac Wolf was the new proud owner of the rare pink hued gem. Sotheby’s has indicated that Isaac Wolf is intending to change the name of his newly acquired gem from “Pink Star” to “The Pink

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Dream”.

Pink DiamondThe plum sized diamond measures 1.06 by 0.81 inches and weighs 0.026 pounds. It is the largest in its class ever graded by the Gemological Institute of America. The diamond’s impeccable clarity and color earned it a Type lIa grade, rare for a pink diamond. The origin of the stone is a bit of a mystery, but it is known that the “Pink Star” gem was mined by De Beers in Africa in 1999, and it took Steinmetz Diamonds two years to cut it to form from a 132.5-carat rough diamond. It was first introduced to the public in 2003 as “Steinmetz Pink”. It was later renamed after it was sold to an undisclosed buyer for an undisclosed sum.

A day earlier, rival auction house Christie’s made history auctioning off an almond-shaped diamond, “The Orange” for a record (in its class) $35.5 million.

To appreciate the relevance of the Pink Star sale, the previous record price for a diamond was $46.2 million. London jeweler, Lawrence Graff purchased that diamond at a Sotheby’s auction in 2010.

 

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