Wednesday, November 13, 2013

Pink Star diamond fetches record $83m at auction


The moment the Pink Star diamond was sold for a record breaking price

A diamond known as the Pink Star has sold for $83m at Sotheby's auction in Geneva - a record price for a gemstone. The diamond measures 2.69cm by 2.06cm (1.06 inches by 0.81 inches) and is set on a ring.

The Pink Star was sold to Isaac Wolf, a well known New York diamond cutter who has renamed it the Pink Dream. The winning bid surpasses the $46.2m paid for the Graff Pink diamond three years ago, which was half the size of the Pink Star.

Sotheby's played the theme tune the "Pink Panther" after the winning bid was confirmed. According to the auctioneer, the Pink Star was mined by De Beers in Africa in 1999, but it did not say which country.
"It's really extraordinarily rare," said Mr Bennett.
"Very, very few of these stones have ever appeared at auction."

It took two years to cut and polish the diamond, which was 132.5 carat in its rough state. In its finished condition the Pink Star is 59.60 carat, more than double the size of the next biggest diamond in its class. Sotheby's sold almost $200m worth of jewellery at its current auction, a record for a single auction according to the company.

The Geneva jewellery season is always a glamorous affair. Classic pieces once owned by Gina Lollobrigida or Wallis Simpson have been sold there. Whatever the economic climate there never seems to be a shortage of cash for beautiful gemstones.

 This auction was no exception; but the build up to the sale of the Pink Star was especially dramatic.
This is not just any old big expensive diamond, but one of the rarest stones in the world. Most pink diamonds are less than five carats, the Pink Star is almost 60. It sold for 83 million dollars after just five minutes. Geez Louise, when you get right down to it, it's still just a flippin piece of rock. And anyone or any corporation who would pay 83 million for it has way too much money and can't think of anything better to do with it. I know of eleven million Filipinos who could use a little help.

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