‘Pink Star’ diamond dazzles at Sotheby’s auction, selling for record $71m

A diamond sale worthy of the pink pages.

The ‘Pink Star’ diamond has sold for a record $71.2m in Hong Kong , auction house Sotheby’s said on Tuesday, smashing its estimate of $60m.

The 59.6 carat gemstone, described as “one of the world’s great natural treasures” is the largest internally flawless, fancy vivid pink diamond ever graded by the Gemalogical Institute of America.

The buyer was Hong Kong conglomerate Chow Tai Fook Enterprises, Sotheby’s said on Twitter, which has a chain of jewellery stores .

The price includes a buyer’s premium, the auction house said, but not sales taxes. The $71.2m figure is a record for a gemstone sold at auction.

The rough diamond was discovered in South Africa by De Beers in 1999.

The sales price for the single stone is equal to more than a third of De Beers first quarter diamond cycle sales of $1.9bn.

Chow Tai Fook has bought major stones in the past, purchasing the 507 carat Cullinan Heritage rough diamond for $35.3m in 2010, a record for a rough diamond, according to the company’s website.