Huge pink diamond sells for record $71 million, most ever for jewel

A Hellenistic marble torso of Aphrodite estimate $64,430-$90,202 and a fossil walrus skull 20,000-8,000 BC estimate $19,400-$25,800

The Pink Star diamond, the most valuable cut diamond ever offered at auction is displayed by a model at Sotheby's auction rooms in Hong Kong, Wednesday, March 29, 2017.

Geneva is typically the location for the most important diamond auctions, but Sotheby's made a decision to try selling the 59.6 carat Pink Star diamond in Hong Kong after a 2013 Geneva auction bidder defaulted on an $83 million bid and Sotheby's ended up with the expensive stone for the last four years.

The stunning 59.60-carat diamond was sold to jewelry retailer Chow Tai Fook, who phoned in his bid to Sotheby's in Hong Kong, the Telegraph reported.

"Pink Star", which was mined in Africa by De Beers in 1999 as a raw 132.5 carat gem and cut over two years, is the most expensive diamond ever sold at an auction.

The billionaire dealer Laurence Graff and the prolific diamond collector Joseph Lau are expected to be among potential buyers. "The market for the world's finest diamonds and gem stones remains buoyant and Sotheby's Hong Kong is honored to present at auction the Pink Star this spring following these world records".

The Pink Star is the largest polished diamond to go for auction. That sale collapsed because the buyer, diamond-cutter Isaac Wolf, never paid, and Sotheby's had to reclaim the stone. In 2013, Sotheby's sold it for $83.2 million to a bidder in Geneva.

The 59.60-carat diamond, worth more than $60 million, will be auctioned off at Sotheby's "Magnificent Jewels and Jadeite Spring Sale" in Hong Kong. In 2010, they purchased a 507 carat rough diamond for $35 million. The stone has an an unusual distinction: it has attracted even higher bids in the past. It went for $57.5 million past year.

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