The Pink Star, a 59.6-carat, flawless, fancy, vivid pink diamond, shattered the world record for the highest price ever paid for any gem at auction. The selling price of $71.2 million at Sotheby's Magnificent Jewels and Jadeite sale in Hong Kong easily surpassed the $57.5 million achieved in May of 2016 by the previous record-holder, the 14.62-carat Oppenheimer Blue diamond.
It was this marvelous auction that captured most of the headlines around the globe, not by the value of the diamond itself but rather by the legacy of the Pink Star. As one of the most astonishing marvels both in nature and in human craftsmanship, there has been an undeniable allure to the Pink Star for decades now for diamond collectors and gem enthusiasts alike.
A Record-Breaking Auction History
The Pink Star was hardly a stranger to Sotheby's auction block. Back in November 2013, the extraordinary diamond made headlines around the world as it fetched an astounding $83 million in Geneva, setting a new benchmark at the time. However, the sale quickly turned controversial when the buyer defaulted on the payment, forcing Sotheby's to cover the minimum guaranteed price of $60 million and take ownership of the gem.
The tumultuous Journey of the Pink Star diamond to become the most expensive diamond ever sold has carved a remarkable chapter in its long-drawn history. In 2016, the auction house revealed that two firms — Diacore and Mellen Inc. — had purchased an interest in the Pink Star, with Sotheby's as the third partner. This multifarious partnership accounts for the value and prestige of the Pink Star diamond, as it once lay in possession of some of the renowned industry leaders with deep roots in the global diamond trade.
The Successful 2017 Auction and the New Owner
The newest owner of the Pink Star is Hong Kong-based luxury jewelry retailer Chow Tai Fook, which outbid two other contenders in an intense, five-minute contest. Chow Tai Fook, a prominent China-based, privately-owned conglomerate with 2000 chain of stores across the country, outbid two other determined contenders to claim this historic win. The acquisition of this prestigious diamond further solidified Chow Tai Fook's position as one of the world's most eminent luxury jewelry retailers. In 2016, the company purchased the Aurora Green diamond for $16.8 million at Christie's Hong Kong.
The 5.03-carat vivid green Aurora Green set a record for the highest price paid per carat for a green diamond and, no less, stood testimony to just how adventurous Chow Tai Fook is about acquiring the world's rarest gemstones.
The Story Behind the Pink Star's Creation
From a rough diamond to one of the most influential auctioned masterpieces, the Journey of the Pink Star diamond is a remarkable tale of skill, precision, and perseverance.
Diacore (formerly known as Steinmetz Diamond Group), a world-renowned diamond manufacturer, was responsible for taking the original 132.5-carat rough diamond and fashioning it into an oval mixed-cut masterpiece — a process that would take two years.
The original rough diamond was unearthed by De Beers in Botswana in 1999, one of the richest sources of high-quality diamonds. The gem was unveiled to the public as the Steinmetz Pink in 2003. It was sold four years later to an undisclosed buyer.
From a rough, imperfect diamond to a flawless Pink Star, it is indeed a celebration of Diacore's utmost skill in cutting and polishing a diamond. Its oval cut was designed to enhance the brilliance and color of the stone; the size and clarity of such a pink diamond are rare indeed. Such careful craftsmanship added further worth to the Pink Star as one of the most important diamonds in the world.
The Science Behind Pink Diamonds
It is believed that pink diamonds owe their color to the effects of intense pressure and heat while they are still deep within the earth. These factors cause distortions in the diamond's crystal lattice that influence the way the gem absorbs green light, thus reflecting a pink hue.
This crystal lattice distortion affects the light absorption pattern, leading the diamond to reflect pink tones rather than green. This contributes to the rarity of pink diamonds, but the mystery behind their formation is why they are seen as extremely intriguing among scientists worldwide. Of all the world's diamonds, only a small percentage have this level of intense pink color, and Pink Star would, therefore, be the largest known flawless pink diamond in the world.
The sources of pink diamonds evidence their scarcity. Indeed, most of the world's pink diamonds originated from the Argyle Mine in Western Australia. This mine recently closed in 2020, and when it closed, pink diamonds became even more valuable because the supply grew even scarcer.
The Final Auction Price and Its Implications
Sotheby's pre-sale estimate had been set at $60 million, a sum that still would have earned the world record. The final sale price exceeded the estimate by nearly 19%.
The sale of Pink Star broke records, but perhaps more notably, it marked history as one of the most celebrated gems ever sold at an auction. Its value is, of course, monetary, but it also symbolizes the very epitome of nature's craftsmanship blended with human ingenuity. The sale also underscored the growing importance of the Asian market, particularly China, in the luxury jewelry industry.
The Legacy of the Pink Star
The history of the Pink Star-from Botswana's roughest diamond to a Sotheby's auction-is clearly a tale of extraordinary craftsmanship and skill combined with the strengths of business acumen and timeless diamond allure. Amidst the most significant diamonds ever discovered, the Pink Star remains to capture the imaginations of gem enthusiasts and collectors across the globe. Its record-breaking sale in 2017 to one of Asia's most respectable jewelry retailers marks a new chapter in the illustrious history of this diamond.
The Pink Star is not just an acquisition but also a reflection of the rising influence of Asians in the global luxury market. As time continues to leave its tag and hindrance, surely, diamonds like the Pink Star will be even more precious for generations to cherish.
For the time being, this Pink Star is a testimony to the rarity, beauty, and enduring value of nature's stones in an increasingly conspicuous world of true exceptions.