59-Carat Pink Diamond May Fetch $60 Million at Sotheby’s

By Erika Winters

On November 13, 2013, Sotheby’s will be auctioning the Pink Star, a 59.6-carat pink diamond, at its Magnificent Jewels auction in Geneva. According to Sotheby’s, the Pink Star is the most valuable diamond ever to be offered at auction and the largest internally-flawless, fancy-vivid pink diamond that the Gemological Institute of America (GIA) has ever graded.

The diamond, which is expected to fetch more than $60 million at Sotheby’s, is exceptional for its size, color grade, and type. The gem has been graded “fancy vivid pink” by GIA, the highest grade a pink diamond can garner. The Pink Star is also a rare Type IIa diamond, a subgroup that represents less than 2% of all diamonds mined worldwide. Type IIa diamonds are known for their superior optical transparency and chemical purity.

“The occurrence of pink diamonds in nature is extremely rare in any size,” said Tom Moses, senior vice‐president of the Gemological Institute of America. “It’s our experience that
large polished pink diamonds – over ten carats – very rarely occur with an intense colour. The GIA Laboratory has been issuing grading reports for fifty years and this is the largest
pink diamond with this depth of colour (vivid pink) that we have ever characterised.”

The pink diamond originated from a 132.5-carat rough diamond that was mined by De Beers in Africa in 1999. The diamond was cut and polished by Steinmetz Diamonds and named the Steinmetz Pink in 2003. The stone was later sold and renamed the Pink Star.

The pink diamond is over twice the size of the Graff Pink, a 24.78-carat fancy intense pink diamond that set a world auction record by selling for $46.2 million at Sotheby’s Geneva in 2010.

“I have had the privilege of examining some of the greatest gemstones in the world over the past 35 years, and I can say, without hesitation, that the Pink Star diamond is of immense importance. Its exceptional richness of colour – graded as ‘vivid pink’ by the Gemological Institute of America – combined with its extraordinary size, are characteristics that surpass those of any known pink diamond in State, Royal, or private collections,” said David Bennett, chairman of Sotheby’s jewelry department in Europe and the Middle East.

The Pink Star will embark on a worldwide tour, traveling to cities including Hong Kong, New York, London, and Zurich, before returning to Geneva for the auction.

The 59.6-carat Pink Star diamond is expected to fetch over $60 million at Sotheby’s Geneva. Watch Sotheby’s video below to see more of this rare diamond. Video requires flash.