Record Setting Pink Diamond Sold for $83 Million

The Pink Star has the diamond world buzzing. The pristine pink diamond sold for a world-record price of $83 million dollars to an anonymous bidder. While the exact origins of the diamond are unknown, the BBC reports that the diamond came from Africa and was mined by De Beers in 1999 before it had been sold. The mining company has not released any information about the country of origin, but that was of little importance to bidders.

The Largest In Its Class

Pink Star is not an ordinary diamond by any means. This is an exceptionally large diamond that was originally 132.5-carats before it was cut to perfection during a 2 year process. The final result would equate to 59.6-carats with a weight of 11.92 grams. The flawless diamond measures 2.69 by 2.06 centimeters and is classified as a type IIa diamond.

The Public Auction Surpassed Expectations

Sotheby’s in Geneva was the proud auction of choosing for the Pink Star. Initial estimates pegged the selling price of this diamond at $61 million, but those expectations were shattered with the final sale price of $83 million.

The bidding started at $48 million and seemed to lose traction after the $64 million mark was reached. Bidding came to a halt for a few seconds before the crowd was in an uproar as the price continued to rise. Before hitting its final landing price of $83 million, there was a lot of speculation as to how high the diamond would go. While it is a perfect diamond that is the largest ever sold in its class, no one anticipated the final sale price to exceed estimates by over $20 million dollars.

The final bid came from a man who states he was bidding for an anonymous bidder. This is a common practice at auctions of this magnitude, to ensure that the buyer remains unknown. Speculation that the Pink Star was bought as an investment is not far off. Many analysts note that diamonds are always a hot commodity during harsh economic times because their value increases dramatically over time.

Previous Record Shattered

The Graff Pink diamond is well known by diamond dealers, who have been watching the sale carefully. This too was an astonishing pink diamond that held the world record for approximately 3 years. However, while the Graff Pink held the spotlight, it is simply not in the same category as the Pink Star. The Graff Pink is half the size of its counterpart and sold for $46.2 million. While this is definitely a feat, it was simply no match for the Pink Star that awed the auction world.

Will the Pink Star ever be seen again or will it remain in a private collection indefinitely? No one knows for sure, but this is not the first time the diamond has been up for sale. While this may be the first public auction that has featured the diamond, it had previously been purchased at a private auction for an unknown sum.