by Dolapo Adelana
A 59.60-carat diamond named the Pink Star has been sold for a world record fee at a auction for $71.2m (£57m) in Hong Kong.
The large diamond – the largest in its class ever graded by the Gemological Institute of America – was sold to the city’s Chow Tai Fook jewellery chain, AFP reports.
Bidding for the gemstone started at about $56m. The auction lasted for five minutes. It involved three bidders before the winning offer came by phone.
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The sparkling oval-cut rock measures 2.69 by 2.06cm (1.06 by 0.81 inches) and weighs 11.92 grams (0.026 pounds). It was 132.5 carats in the rough when it was mined by De Beers in South Africa in 1999, according to Sotheby’s.
Steinmetz Diamonds cut and polished the stone for over two years and was unveiled to the public in 2003.
At an auction in Geneva in 2013, the stone fetched $83m but the buyer later defaulted.
A 14.62-carat Oppenheimer Blue sold by Christie’s in Geneva held the previous record as it sold at $57.5m last May.
Dolapo is a writer and journalist who works with YNaija. He has interests in Christianity, politics and sports.
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