Economy

Pink Star Fetches $71.2 Million, Setting New Record for Jewel at Auction

Pink Star Fetches $71.2 Million, Setting New Record for Jewel at Auction

It surpassed the $60 million pre-sale estimate when Hong Kong jewelry retailer Chow Tai Fook won the auction. The diamond sold at a hammer price of $63 million, which does not include the buyer's premium. "The price that was made before was not valid", she said, adding they were "very happy" with the result.

A pink diamond which looks larger than a Charms Blow Pop, pulling in a record $71.2 million at auction in Hong Kong to a jeweler there.

The group has a large network of stores in China plus outlets in Hong Kong, Macau, Malaysia, Singapore and Taiwan, but is relatively unknown in the West. However, it remains relatively unknown in the West.

Anti-religious views in Jakubowski manifesto prompts police action
The registered owner of the vehicle involved in the fire is Jakubowski whose last listed residence is in Janesville. This undated photo provided by the Rock County Sheriff's Office in Janesville, Wis ., shows Joseph Jakubowski.

The fancy pink color of the stone makes it the highest grade diamond, and its purity and flawless cut put it in the top 2 percent of all diamonds in the world, Fortune said.

Pink Star took nearly two years to get cut and polished and the purity of the crystals makes it among the top two per cent in the entire world. It was then meticulously cut by Steinmetz Diamonds over a period of almost two years.

The previous world auction record for a pink diamond is the 24.78 carat Graff Pink, which sold at Sotheby's Geneva in November 2010 for $46.16 million.

Syrian town hit by chemical attack targeted in airstrikes
More than 320,000 people have been killed in Syria since the conflict erupted in March 2011 with anti-government demonstrations. The US missile strikes on the Syrian airbase drew support from many nations, including United Kingdom, Canada and Australia.

The sparkling "Pink Star" measures just 2.69 by 2.06 centimeters.

It was actually sold for an even higher price back in 2013 in Geneva, but diamond cutter Isaac Wolf defaulted on his bid of $83 million. That deal later fell apart.

The auction house chose to bring the diamond back to the market as demand rises from wealthy Asian buyers.

Some Rain Tuesday, Warm Week Overall
Cooler air will start moving in Wednesday night and as high pressure digs in Thursday, we are breezy with highs back to around 60. Our weather looks dry and seasonably mild through the end of the week and heading into the start of Easter weekend.

Patti Wong isn't concerned about a repeat of the situation, however, saying "We're very, very confident that all three bidders had the financial capability, and of course the buyer definitely had the financial capability". That is the most for any jewel, according to Sotheby's.


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