Diamonds are a girl’s best friend, so they say. If that’s the case then the rare ‘Pink Star’ diamond would make the best ally of any girl. This rare gem just broke the world record for being the most expensive diamond or jewelry ever sold last Tuesday (April 4, 2017). Previously, the record for being the most expensive polished diamond was held by the“Oppenheimer Blue” which sold for $57.5 million in May 2016 at Christie’s auction house.

The diamond sale in Geneva

The record for the most expensive pink diamond before the Pink Star was held by Graff Pink, a 24.78 carat diamond which sold for $46.16 million in 2010 at Sotheby’s Geneva auction house.

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Before selling the Pink Star, Sotheby’s auctioned off Lesedi La Rona. The uncut diamond is known for the being the world’s second largest diamond. Sotheby’s estimated the Lesedi to sell at around $70 million but no one bought it.

Sotheby's Hong Kong

Hong Kong’s auction house Sotheby’s sold ‘Pink Star’ to #Chow Tai Fook, a Hong Kong jewelry company. According to CNN Money, Henry Chenk Kar-Shun, the jewelry company chairman, placed the bid via phone.

The 59.6 carat diamond was estimated to sell at $60 million dollars. However, it exceeded everyone’s expectations by raking in way more than the estimate at $71.2 million. The Associated Press reported that the ‘Pink Star’ was earlier sold at a previous Sotheby’s auction in their Geneva auction house for $83 million in 2013. However, the sale fell through.

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The buyer, New York jeweler Isaac Wolf, did not push through with the purchase.

Sotheby’s decided to sell Pink Star to another city, Hong Kong. Most of the diamond auction sales are often done in Geneva. Fortunately, the move to bring it to Hong Kong auction did not disappoint. The pink diamond did not just sell, it also broke world records.

Sotheby’s Asia Chairwoman, Patty Wong, lauded the sale. She said that this time they are confident that the sale will push through since the bidders had been vetted before the auction. Also, the winning bidder is a longtime client of the Sotheby’s. The Hong Kong jeweler paid the final price of 553 million Hong Kong dollars (equal to $71.2 million) which included the charge of the auction house.

The oval diamond ‘Pink Star’ is reputed to be the biggest pink diamond that the Gemological Institute of America ever graded. Chow Tai Fook changed the most expensive diamond’s name to CTF Pink Star as a fitting tribute to the company’s founder and to celebrate the company’s 88th anniversary.