59.60 carat flawless Oval cut ‘Pink Star’ diamond on sale

Sotheby's plans to auction "The Pink Star," a 59.60-carat pink diamond, estimated to sell for over $60 million. David Bennett of Sotheby's praises its rarity and vivid color. Colored diamonds fetch high prices globally, with the current record at £31 million. Oval cut diamond rings are popular for their brilliance and finger-lengthening effect. Despite flaws, colored diamonds remain valuable. They offer liquidity and low storage costs, making them desirable investments compared to artwork. Diamond grading ensures stability in value.

[Photo: Dennis Van Tine/CFP]

Sotheby has revealed plans to sell a gorgeous pink oval cut diamond that has been given the name “The Pink Star”. Above, a model displays ‘The Pink Star’, a 59.60-carat oval cut pink diamond, during a press preview at Sotheby’s in New York, NY, USA on 1st November 2013. It is the most valuable diamond ever to be offered at auction. Initial reports suggest this diamond is estimated to be sold in excess of 60 million USD (approximately £37 million). It is set to be auctioned at Sotheby’s Geneva in New York on the 13th November 2013.

David Bennett, the chairman of Sotheby’s jewellery division in Europe and the Middle East, said, “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 color – graded as ‘vivid pink’ by the Gemological Institute of America (GIA) – combined with its extraordinary size, are characteristics that surpass those of any known pink diamond in state, royal or private collections. It is difficult to exaggerate the rarity of vivid pink diamonds weighing only five carats, so this 59.60-carat stone is simply off any scale and passes, I believe, into the ranks of the earth’s greatest natural treasures.”

Coloured diamonds are fetching some of the highest prices per carat in London, Moscow, New York and Hong Kong, where the world’s wealthiest resides. They are amongst the most valuable and sought-after collectibles in the world. The current record for the highest price paid for coloured diamond at an auction stands at 45.4 million Swiss francs (£31 million). London jeweller Laurence Graff was the highest bidder, winning a 24.78-carat fancy intense pink stone at Sotheby’s Geneva in November 2010. That is close to £1.25 million per carat. The ‘Pink Star’ is more than double the size of this and is poised to fetch a lot more total price.

Oval cut diamond rings are the fastest growing cut compared to other fancy cut solitaire diamond rings collection. Oval shape diamond rings offer exceptional brilliance and they also have the ability to lengthen the look of the fingers. Click here to view our collection of Oval cut Solitaire Diamond Rings (although you won’t ‘The Pink Star’ on sale there).

[Photo: REUTERS/Tyrone Siu]

The irony of coloured diamonds is they are flawed. They derive their colour from structural imperfections or impurities. It is colourless diamond which are technically “pure” and dominate the diamond market at the consumer level.

Diamonds possess relative liquidity, low storage costs, and ease of movement between foreign tax jurisdictions. Sure, high transaction costs at auction remain, but compared with artwork, there is no contest. And unlike fickle fashions in art, diamond grading abides by objective measures that rarely fluctuate.