The Dream of the Pink Star Diamond’s Value Continues
June 8th, 2016 by Noam Flint
The last that the world heard about the Pink Star diamond, a 59.60 carat Fancy Vivid Pink internally flawless diamond, it was sold at Sotheby’s in November 2013 for $83.2 million dollars to a man named Isaac Wolf on behalf of a consortium.
The Pink Star Diamond
Internally Flawless 59.60 carat Fancy Vivid Pink Diamond
When Wolf defaulted on the payment, Sotheby’s took back the diamond ostensibly in wait for another buyer to approach them privately to acquire the diamond instead. The diamond was officially valued at $72 million for this purpose.
The Pink Star Diamond is Sold (again)
Sotheby’s has now officially released a statement that together with two partners, Diacore and Mellen Inc. they have acquired the diamond for $72 million. Diacore is a diamond manufacturer specializing in rare fancy colored stones, are headquartered in Johannesburg, South Africa and Mellen Inc. is a third generation private, family-run jeweler based in New York.
Diacore were the original polishers of the diamond as they had bought it in its 132.50 carat rough state and polished it over 2 years to its current appearance. Now, the three companies have joined together to buy the diamond, although the exact financial details have not been disclosed to the public.
The Biggest but not the Priciest
The Pink Star remains the largest vivid pink internally flawless diamond to ever be graded by the GIA. However, since it was not ultimately sold at auction, it is not considered the most expensive diamond to ever sell at auction despite its $72 million price tag.
That honor currently stands with the “Oppenheimer Blue”, the 14.62 carat Fancy Vivid Blue diamond that sold on May 18 for $57.5 million in Christie’s Geneva, beating out the previous record holder, the “Blue Moon of Josephine”, a 12.03 carat Fancy Vivid Blue diamond which sold on November 2015 for $48.5 million.
‘Pink Star Diamond’ – 59.6 carat Flawless Vivid Pink Diamond (Photo Sotheby’s)
It remains to be seen what will happen with the Pink Star now that it has been bought by its 3 partners. The most interesting aspect to note about this story is the auction house’s utter faith in the stone, which is a testament to their belief in the rising value of pink diamonds and fancy color diamonds in general, but especially ones of notable characteristics like the Pink Star.
There is no doubt that they would not have done this for just any stone, but this diamond is clearly one worth putting up some money. We follow the Pink Star’s journey with curiosity as its next steps remain to be revealed.