Large 59.6 carat pink diamond sells for a record US$71m

The 59.6-carat fancy vivid pink diamond has sold for US$71.2 million ($94 million), the highest price for any diamond item sold at auction in Asia.

The internally flawless diamond, originally named the Pink Star, was sold to Hong Kong jeweller Chow Tai Fook and renamed the ‘CTF Pink Star’ in honour of the company chairman and founder’s late father Dr Cheng Yu-Tung.

Its price is more than double the previous record for a fancy vivid pink diamond sold.

The gem was mined by De Beers in 1999 and is the largest internally flawless fancy vivid pink diamond the Gemological Institute of America (GIA) has ever graded. It is part of a rare subgroup of pink diamonds known as Type IIa, chemically the purest of all diamond crystals.

The CTF Pink Star was also purchased in commemoration of Chow Tai Fook’s 88th anniversary.

Sotheby’s president and CEO Tad Smith said, “It is fitting that the owner of the most prestigious jeweller in Greater China should today break the record for the most valuable item ever sold in Asia as well as the most valuable diamond ever sold at auction.”

The previous record held for the most expensive fancy vivid pink diamond sold was for the ‘The Unique Pink’ – a 15.38-carat pear shaped gem. It was sold in Geneva in May last year for US$30 million ($39 million).

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.