A $71.2Million Worth Rare Pink Diamond

The world of auctions is no stranger to big sales and record-breaking prices. From fine art to vintage cars, collectors, and enthusiasts eagerly await the chance to bid on rare and exceptional items. But in 2017, a single item made headlines around the world for its unprecedented sale price and exceptional beauty. This item was not a painting or a classic car, but a diamond - the Pink Star. Well yeah, it's a diamond and would go for millions. But not just for a few million dollars. This 59.60-carat diamond, also known as the Steinmetz Pink, is one of the largest and most flawless pink diamonds ever found, and its sale at auction was for a staggering $71.2 million which set a new world record for the highest price ever paid for a diamond even up until now. The Pink Star's sale not only shook the auction industry but also highlighted the growing demand for rare and exceptional gems, particularly colored diamonds.

The sale of the Pink Star was a momentous occasion in the auction industry, with bidders from around the world vying for the chance to own this rare and beautiful gem. The final bid came from Dr. Henry Cheng Kar-Shun, chairman of the jeweler Chow Tai Fook after a tense bidding war that ended in applause and cheers from the audience.

Origin and Way to Becoming a 'Pink Star'

The Pink Star's journey began in 1999 when it was discovered in the Premier Mine in South Africa. The mine, which has produced some of the world's most famous diamonds, is known for its high-quality gems and exceptional size.

The Pink Star was initially a 132.5-carat rough pink diamond bought by the Steinmetz Diamond Group, a leading diamond company that specializes in the cutting and polishing of large and rare gems. The process took over 20 months to complete and not just 1 but 8 polishers, during which time the diamond was transformed into the breathtaking 59.60-carat Pink Star. The diamond was then exhibited around the world, including at the Smithsonian Institution in Washington, D.C., and the Natural History Museum in London, where it drew crowds and captivated audiences with its exceptional beauty and size. The diamond was sold by Steinmetz in 2007 to an anonymous buyer, which would then be entrusted to the diamond company Sotheby's for it to be sold at an auction.

At first, the Pink Star was sold at an auction in 2013 for a record-breaking price of $83 million, but the sale was later canceled after the buyer defaulted on payment. The diamond was then reacquired by its previous owner, the Sotheby's who decided to put it up for auction once again in 2017. The second auction in 2017 was when the diamond had been sold for a record-breaking price.

The Pink 'Star'

The Pink Star's unusual name is derived from the diamond's unique cut, which resembles a star within the stone. The Steinmetz Diamond Group, the company responsible for cutting and polishing the Pink Star, created a "Mixed Oval Brilliant" cut that combined elements of both an oval and a brilliant cut. The cut features a step-cut crown and a brilliant-cut pavilion, which together create a dazzling array of facets that allow the diamond to reflect light uniquely and beautifully. When viewed from above, the arrangement of facets in the crown gives the diamond a distinct star-shaped pattern, which is why it was named the Pink Star.

According to the Gemological Institute of America (GIA), the color pink in diamonds is caused by the presence of a rare and natural distortion in the crystal lattice of the diamond. This distortion is thought to be caused by pressure during the diamond's formation process, which causes the crystal to absorb light differently and create the pink color. The intensity of the pink color can vary depending on the degree of distortion, and diamonds with more intense and vivid pink hues are considered to be more valuable.

The Price of Rarity

Pink diamonds are indeed extremely rare, with only a minuscule fraction (0.0001%) of diamonds in the world being classified as pink. The Pink Star weighs 59.60 carats, which is an exceptional size for a pink diamond, and its color is a vivid and highly desirable pink hue. Additionally, the Pink Star is the largest internally flawless pink diamond ever graded by the Gemological Institute of America (GIA), which further adds to its rarity and value. Well, with inflation rising faster than a hot air balloon, the Pink Star's value is only going up.