gamesindustryblog.com
gamesindustryblog.com May 27, 2017


Pink diamond sells for a world record $71.2M

05 April 2017, 02:04 | Ignacio Smith

Chinese jewelry behemoth Chow Tai Fook Jewellery was revealed as the buyer of the almost 60-carat stone, edging out two other bidders over the phone.

Bid for the stone, which cut past an interval of two years and was discovered by De Beers in a mine in Africa in 1999, started at $56m.

The gem was sold in November 2013 at an even higher price of US$83mln at another Sotheby's auction in Geneva.

There is no fear of a default this time, said Wong.

Wong said the company is not anxious about another default because the bidders were vetted and have longstanding relationships with Sotheby's.

"Of course, the buyer definitely has the financial capability", Wong told reporters, adding all three bidders were vetted and had a longstanding relationship with the auction house.

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The starting price was some $51.6 mln and the auction lasted for six minutes. The stone was then worn by Danish model Helena Christensen around her neck to exhibit to the public for the first time in Monaco in 2003.

Chow Tai Fook, founded in 1929, is the world's largest jeweller, operating more than 2,000 jewellry and watch stores throughout China. They also wish to expand into United States markets as well.

The incredible was that this diamond was sold after 5 minutes of the bidding.

A giant pink diamond is expected to break records at a Sotheby's auction in Hong Kong on Tuesday. In 2016 they bought a $17-million green diamond at an auction run by Sotheby competitor Christie's.

It's the biggest pink diamond ever known and on Tuesday it was sold by Sotheby's in Hong Kong for $71.2 million, making it the most expensive diamond or gemstone ever auctioned.

It exceeded its $60 million estimate but was under the $83.2 million it sold for in 2014, although ultimately the winning bidder from that sale defaulted on payment.



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