Inside the sale of the ‘Pink Star’

November 28th, 2013 by Noam Flint

Plenty of headlines have been devoted to “The Pink Star.” The massive pink diamond commanded attention in the months leading up to its sale and display, with much of the spotlight focused on the sheer size and unique, flawless quality of the stone. Now, jewelry lovers from all over the world likely want to know more about the final sale of this diamond, especially since an auction of this magnitude may not come around again for years.

The Pink Star Flawless Vivid Pink Diamond by SothebysIsaac Wolf’s ‘Pink Dream’ – 59.6 carat Flawless Vivid Pink Diamond (Photo Sotheby’s)

Inside the sale

Believed to be the largest fancy pink diamond ever sold, The Pink Star weighed in at 59.60 carats and a featured a fancy vivid pink hue. The colored diamond was the main event at the Sotheby’s auction in Geneva Nov. 13 and sold for $83 million. According to Jeweller Magazine, that price tag set a record for the highest amount ever paid for a color diamond. In fact, it is the most expensive diamond of any kind to ever be sold.

“Ladies and gentlemen, the world record bid for a diamond, and it’s right here,” said David Bennett, chairman of Sotheby’s international jewelry division, as he finalized the sale, according to The Daily Mail. “… Frankly when I sold the Graff three years ago, I thought it would be a record for a very long time. Tonight’s price is really quite extraordinary.”

The bidding process closed with some fitting background music: the theme to “The Pink Panther” film. That movie centers around a fictional pink diamond with a distinctive flaw – something not present on this real-life stunning gem.

About the buyer

The Pink Star was purchased by a big name in the diamond industry. Isaac Wolf, a diamond cutter from New York, placed the final bid. One of the first things Wolf did upon securing ownership was change the stone’s nickname – he now calls it the “Pink Dream.”

Wolf competed with three other prospective buyers during the bidding process, according to Bloomberg. The entire event only took about five minutes total, and once the gavel pounded on the podium to mark the final price, the entire room broke out into cheers and applause.

Although Wolf hasn’t announced any plans for the Pink Dream, he does have several options. Not only can the stunning gem be displayed or loaned out to big names for special events, but he can also add his own flair to the piece. Currently it is a pink diamond ring, but it is possible Wolf decided to take it out of the setting to change things up.