A 59.60-carat diamond sold for $71.2 million at a Hong Kong auction in April 2017, establishing a new record as the most expensive jewel ever auctioned. Known as the Pink Star, this stone boasts a fancy vivid pink color and an internally flawless grade—a rare combination of size, hue, and perfection without equal in the market.
The diamond’s origins trace back to 1999, when De Beers discovered a 132.5-carat rough stone in Africa. Over two years, it was transformed through cutting and polishing, retaining nearly 60 carats of its original weight. Its Type IIa classification indicates a chemically pure structure, free of boron, which enhances its rarity. Before its final sale, the diamond was briefly called the Steinmetz Pink, named after the company that initially acquired it.
The Pink Star’s extraordinary price reflects its near-impossible natural occurrence. Tom Moses, executive vice president of the Gemological Institute of America (GIA), described it as a “total freak of nature.” Vivid pink diamonds exceeding 20 carats are exceptionally rare, and the Argyle mine, once the world’s leading source, ceased operations in 2020 after decades of production. Even during its peak, only 0.1% of Argyle’s annual output consisted of pink diamonds, and most were small in size.
Pink diamonds form under extreme heat and pressure, altering their crystal structure to produce their distinctive hue. Historical accounts date their appeal to the 1640s, when French merchant Jean-Baptiste Tavernier documented a 200-carat pink rough in India’s Golconda region. Subsequent discoveries emerged from South Africa and Brazil, but Argyle became the dominant supplier in modern times until its closure.
The Pink Star’s journey to its record-breaking sale was marked by unexpected turns. In 2013, it sold for $83 million at a Geneva auction to Isaac Wolf, a New York diamond cutter, who later failed to complete the payment. Sotheby’s, which held a $60 million guarantee, ultimately retained ownership, a development that amplified the diamond’s notoriety. When it resurfaced in 2017, three competing bidders emerged, with Chow Tai Fook, a Hong Kong luxury retailer, securing victory at $71.2 million. The company later rebranded it as the CTF Pink Star in honor of its founder.
Since then, the Pink Star has set a standard for rarity in the diamond market. In 2022, the Williamson Pink Star, an 11.15-carat vivid pink diamond, achieved $57.7 million, establishing a new per-carat record. The following year, the Eternal Pink, a 10.57-carat purplish pink stone, drew global attention at Sotheby’s New York, further demonstrating the market’s strong demand for such exceptional gems. The Argyle mine’s closure has sharpened this trend, as dwindling supply drives collectors toward unique investments.
Recent Record-Breaking Pink Diamond Sales Reflect Market Trends
This transaction marked a new benchmark for pink diamonds, emphasizing their growing value in the auction market.
Its exceptional saturation and rarity positioned it among the most sought-after pink diamonds in recent history.
