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The stone was the largest flawless fancy pink diamond that the GIA had ever graded

$89 million for pink diamond

9.7 k views | Posted November 18, 2013 | By Emily Mobbs • Former Editor

The “Pink Star” – believed to be the largest known fancy pink diamond – has secured its place in the world auction record books for the highest price paid for a diamond or jewellery item.

The Orange set an international auction record for the highest price paid for a fancy vivid orange diamond

Weighing almost 60 carats, the oval-cut stone mounted on a ring sold for US$83 million (AU$89 m) at a Sotheby’s auction in Geneva last week. The diamond has been renamed the “Pink Dream” by winning bidder Isaac Wolf, a diamond cutter from New York.

Multiple media sources reported that the auction took a mere five minutes, with four bidders competing for the diamond.

According to the Gemological Institute of America (GIA), the stone was the largest flawless or internally flawless, fancy vivid pink diamond that it had ever graded.

The previous world auction record for a diamond or gemstone was held by the Graff Pink diamond, which sold at a previous Sotheby’s auction in Geneva for about US$50 million (AU$53.3 m).

The auction house’s latest Magnificent Jewels sale made a total US$199.5 million (AU$213 m) — the highest jewellery auction in history.

Successful month for jewellery and watch auctions
Just one day prior to the Sotheby’s auction, Christie’s sold an almond-shaped diamond dubbed “The Orange” for US$35.5 million (AU$38m). The price set an international auction record for a fancy vivid orange diamond as well as price per carat (US$2.3 million) for any coloured diamond.

International head of Christie's jewellery department, François Curiel, said: “In the sale on Tuesday, it [The Orange] soared far above all previous records for any orange diamond ever sold at auction, placing The Orange amongst the greatest pinks and blues, which are traditionally the most appreciated coloured diamonds.”

Learn about: World famous diamonds

If recent results from Christie’s Important Watches auction are anything to go by, it would appear that watches are also highly sought after at the moment.

The three-session sale totalled almost $US44 million ($AU47 m), setting an auction record for a watch series. The auction house also sold 100 per cent, by lot and value, at its Rolex Daytona Lesson One sale. The single-themed auction comprised 50 Rolex Daytona watches of varying value and importance.