Going beyond just pink diamonds, the gem that previously was the most expensive jewel ever sold at auction was the Oppenheimer Blue diamond.
The diamond failed to sell in November 2013. In November 2013 it was auctioned for a record US$83 million to NY diamond cutter Isaac Wolf.
The jeweller made the HK$553 million winning bid for the Pink Star, ending a five-minute contest that included three phone bidders, Sotheby's said Tuesday.
It took almost two years to cut the Pink Star from a rough diamond.
The 59.60-carat diamond, worth more than $60 million, will be auctioned off at Sotheby's "Magnificent Jewels and Jadeite Spring Sale" in Hong Kong. The stone was cut and polished over two years by Steinmetz Diamonds and unveiled to the public in 2003 under the title of the "Steinmetz Pink".
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Prior to the sale, David Bennett, worldwide chairman of Sotheby's Jewelry Division, had this to say about the rare bauble; "The extraordinary size of this 59.60-carat diamond, paired with its richness of colour, surpasses any known pink diamond recorded in history".
Sotheby's was forced to buy the diamond from the seller because it had guaranteed a US$60mln sale price.
The Pink Star diamond, the most valuable cut diamond ever offered at auction, displayed on a model's hand.
And the sheer size of the stone already makes it so rare and so handsome.
The most important diamond sales usually take place in Geneva.
Sold at Sotheby's Geneva in 2010, for US$46.2 million, the Graff Pink marked an auction record for any diamond or gemstone at the time.