'Pink Star' Diamond Fetches Record $71.2 Million in Hong Kong

Huge and rare, the 59.60 carat 'Pink Star' is the largest polished diamond ever to go under the auction hammer. It sold for a record-breaking price to a telephone bidder at Sotheby's in Hong Kong on Tuesday.

The final price for the fancy pink diamond, the highest grade, was 553 million Hong Kong dollars, or $71.2 million, including the buyer's premium, representing the highest price ever paid at auction for a cut jewel.
Bloomberg reports that the winning bidder was Chow Tai Fook, the Hong Kong-based jewelry retailer.
Oppenheimer Blue was previously the most expensive jewel sold at auction. It went for $57.5 million at Christie's last May in Geneva, where jewel auctions usually take place.
The former record for a pink diamond was $46.16 million, held by the 24.78 carat Graff Pink, sold at Sotheby's in Geneva in 2010.

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