Sotheby’s Brings the Pink Star, Valued at $60 Million, for its November Auction

Pink Star, a huge and rare pink diamond is all set to be the star of an auction being conducted by Sotheby’s jewelry division in Geneva on November 13. The trend is very clear and the international jewelry market is performing very strongly. Buyers and collectors are chasing exceptional and rare pieces and are willing to pay top dollars for it. The Pink Star weighing 59.60 carats is the most valuable diamond ever offered at an auction. Cut in an oval shape the top grade stone has a vivid pink shade. The estimated value of the rare diamond is $60 million and if it finds a buyer in the auction it will be a record price for any gemstone at any auction.

The Current Record Stands in the Name of Graff pink at $45.75

David Bennett, chairman of Sotheby’s jewelry division in Europe and the Middle East displayed the stone at a Geneva luxury hotel amid tight security. He was upbeat about the auction as according to him the top end in all categories in auction prices are very strong. The current record for the most expensive gemstone at an auction is held by the Graff Pink which was acquired by Laurence Graff in 2010 for $45.75. It is a 24.78 carat fancy intense pink diamond. The Pink Star, in comparison is a 59.60 carat stone which was cut and polished from a 132.5 carat rough diamond mined by De Beers somewhere in Africa in 1999.

Pink Star Mounted on a Ring

The Stone Mounted on a Ring First Sold in 2007

Sotheby’s does not have the information about the exact geographic origin of the stone but it was mounted on a ring and first sold in 2007. Sotheby’s refused to disclose the name of the current owner who remains anonymous. Eric Valdieu, a jewel expert remembers seeing the “Pink Star” displayed at the Smithsonian Institution in Washington in 2003. There are very few collectors in the world who can afford to bid for the valuable stone. However, the auction houses are going all out to bring rare pieces under the hammer. Christies are also organizing an auction on November 12 which will feature three jewels from the collection of Bolivian tycoon Simon Itturi Patino. Also known as The King of Tin, his family had extraordinary things, objects which dealers and private collectors will find very interesting and will witness some aggressive bidding.

Via: torontosun, reuters

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