On April 4, Sotheby’s Hong Kong will auction the Pink Star—a 59.6 ct. internally flawless fancy vivid pink oval that for a moment held the record as the world’s most valuable gem.

In November 2013, dealer Isaac Wolf bid $83 million for the diamond at Sotheby’s Geneva on behalf of a consortium. That price set an all-time record for a diamond sold at auction.

But it was not to be. The sale was canceled shortly thereafter, for reasons that still aren’t clear, and Sotheby’s announced that it was taking the stone into inventory, with a valuation of $72 million. Later, Mellen and Diacore—which cut the original 132.5 ct. rough—became partners in the stone.

For the upcoming sale, Sotheby’s seeks $60 million. While that’s below the auction house’s inventory valuation, it would again set a record price for a diamond at auction. The current title is held by the Oppenheimer Blue, which sold for $57.5 million in May 2016. The 12 ct. fancy vivid blue internally flawless Blue Moon sold for $48.5 million in November 2015 and still holds the per-carat record price: $4.1 million.

For all the drama surrounding it, no one doubts the Pink Star is an extraordinary gem. Once known as the Steinmetz Pink, it is the largest internally flawless fancy vivid pink the GIA has ever graded.

“I am delighted to be bringing this magnificent stone back to the market,” said David Bennett, worldwide chairman of Sotheby’s jewelry division, in a statement. “The extraordinary size of this 59.6 ct. diamond, paired with its richness of color, surpasses any known pink diamond recorded in history.”

(Photo courtesy of Sotheby’s)

Rob Bates

JCK News Director