Sotheby’s has announced it will re-sell the Pink Star on 4 April in Hong Kong. Estimated by Sotheby’s to sell for $60m, the Pink Star is the most valuable diamond to be offered at auction. Sotheby’s originally brought it to auction in 2014 and although it looked like it had fetched $83m, the stone failed to sell because the buyer could not pay for it.
Gold Book spoke to Tobias Kormind, the managing director of 77Diamonds.com, Europe’s leading online diamond jeweller whose clients include Forbes Rich List members. Kormind believes both the timing – and the diamond – are perfect.
Q: Will this be second time lucky for Sotheby’s with the Pink Star?
“I’m confident this diamond will prove irresistible for the world’s leading diamond collectors and may sell for over $100m which would far surpass the conservative $60m valuation by Sotheby’s. I have viewed the Pink Star, and it’s exceptional, perfect in every way.”
Q: How does this reflect on the state of the diamond market?
“It is a brave move by Sotheby’s to bring the Pink Star back to the market so soon. It is also a bold decision because in the last 12 months two other major diamonds offered by Sotheby’s did not sell – the Lesedi la Rona, a 1109 carat rough diamond, the second largest rough diamond to be discovered in over a century and which went on the block at Sotheby’s London in June 2016, was estimated to sell for $70m but did not sell at all and in April 2016 the Shirley Temple, a polished blue diamond with Hollywood credentials thought to be worth $35m also didn’t sell, prompting gasps of shock in the Sotheby’s New York salesroom. But ultimately, the sale of the Pink Star is extremely timely against a backdrop of the global economy improving including emerging markets, luxury demand returning in China and leading Western economies now trading at near record highs thanks to the Trump effect.”
Record breaking diamonds
- The 24.78 carat fancy intensive Graff Pink, which sold for $46.2m in 2010, which holds the record for a pink diamond at auction
- The 118.28 carat D Flawless white diamond sold at Sotheby’s Hong Kong in 2013 which sold for $30.6m – the most expensive white diamond sold at auction
- The Oppenheimer Blue, a 14.62 carat blue diamond sold at Christie’s Geneva in May 2016 for $57.6m – the most expensive diamond ever sold at auction
- The Blue Moon of Josephine, a 12.03 carat blue diamond which sold at Christie’s Geneva in Nov 2015, for $48.4m – the highest price per carat ever paid for a diamond at auction, $4.1m