A 59.60-Carat Diamond Will Be Going On Sale

Jewellery

March 31, 2017 | BY AFP

The diamond is predicted to fetch a record price in Hong Kong.

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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). But Sotheby's was been forced to buy back the flawless diamond after a previous buyer defaulted on what was then a record sale in 2013.

That sale in Geneva saw a New York-based diamond cutter secure the stone for US$83 million.

Sotheby's is confident the "Pink Star" will again sell for a record price on April 4, somewhere above US$60 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," its deputy chairman for Asia Quek Chin Yeow told AFP Wednesday.

The sparkling oval-cut rock measures 2.69 by 2.06 centimetres and weighs 11.92 grams.

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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 US$48 million in Geneva by Hong Kong property tycoon Joseph Lau in 2015, a day after he had spent US$28.5 million on a rare 16.08-carat pink diamond.

Quek said there was still much interest in the "Pink Star" since the abortive sale in 2013.

"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,"

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

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