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

"The "CTF Pink Star", the largest polished diamond of its class, is a legend and full of heritage, something in common with our brand". That deal collapsed because buyer, diamond cutter Isaac Wolf failed to pay, and Sotheby's had to reclaim the stone.

Sotheby's revealed that the diamond was sold to Hong Kong jewelry retailer, Chow Tai Fook. The selling price? Just a measly $71.2 million.

The 59.6 carat diamond breaks the previous world record, which was set by the "Oppenheimer Blue".

Sotheby's says the buyer is Hong Kong jewellery company Chow Tai Fook, which beat out two other telephone bidders.

Sotheby's worldwide chairman for global jewellery David Bennett, who conducted the auction, called it a "historic sale". It's the largest internally flawless diamond of its kind that the Gemological Institute of America said it has ever graded.

In a quirk of auction history, the record price for the Pink Star is some $12 million lower than the $83-million offer Sotheby's adjudicated it for in 2013.

It is not the first time that the rare diamond actually receives a high bid.

The auction house tried its luck again in Asia, where it said it has seen rising demand from wealthy buyers.

It's huge. The fancy vivid pink diamond weighs in at nearly 60 carats.

May 2015: An unnamed buyer made history after purchasing the Sunrise Ruby, a 25.59-carat "pigeon blood" coloured gemstone, for $30m (£19.1m). It went for $57.5 million at Christie's last May in Geneva, where jewel auctions usually take place.

Soon after, Sotheby's tried to auction off the Lesedi La Rona, the world's second biggest diamond, in the Swiss city. He bought it for his seven-year-old daughter, renaming it the "Blue Moon of Josephine" after her.