Man at His Best

Big pink thing for her? Step right this way, sir

You too can bid on the Pink Star for your tai tai

BY Editors | Mar 30, 2017 | Culture

A plum-sized pink diamond is expected to break the world record for a gemstone early next month when it goes under the hammer in Hong Kong, Sotheby's auction house said Wednesday.

The 59.60-carat "Pink Star" is the largest in its class ever graded by the Gemological Institute of America (GIA).

The Pink Star was discovered in a mine in Africa by De Beers in 1999.

The auction house Sotheby's was forced to buy back the flawless diamond after a previous buyer defaulted on what was then a record sale in 2013, to a New York-based diamond cutter for USD83 million.

Sotheby's is confident the "Pink Star" will again sell for a record price on April 4, somewhere above USD60 million.

"I think when it's sold, it will be the new world record price anywhere in the world for a jewel at auction, and I think that's quite remarkable," said Sotheby’s deputy chairman for Asia Quek Chin Yeow.

The sparkling oval-cut rock measures 1.06 by 0.81 inches and weighs 11.92 grams (0.026 pounds).

Quek said Hong Kong is the right place for the sale, with Asian buyers breaking records in other categories for diamond sales in the past few years.

A 12.03-carat "Blue Moon of Josephine" was bought for the then-record price of USD48 million in Geneva by Hong Kong property tycoon Joseph Lau in 2015, a day after he had spent USD28.5 million on a rare 16.08-carat pink diamond. 

Will there be a buyer this time?

Quek: "Four years is a good time period since the last time it sold in Geneva... there are a lot of new billionaires on the market."

Source: AFP