The Pink Star Becomes the Most Expensive Ever
The Pink Star diamond (now known as the CTF Pink) is one of the most entrancing diamonds out there. Not only because of its intrinsic beauty but also for the amount of money that was paid for it.
The story behind the diamond is as remarkable as the price. Before we begin explaining how awesome this diamond is, it's important to explain 'internally flawless' and 'fancy vivid' as these two came together to create history for the CTF Pink.
What Does internally Flawless mean?
A diamond is put under 10x magnification to identify any inclusions or blemishes. A diamond which receives an internally flawless rating is rare because less than 3% of jewellery is given this rating. Being internally flawless means that there were no inclusions present in the diamond, only blemishes.
You can read more about this in our article "The 4 Cs of The Diamond World - Clarity" here.
What Does Fancy Vivid Mean?
Contrary to normal diamonds, coloured diamonds are also graded on the depth of their colour on a 4-point scale. Starting as Fancy light, it leads to Fancy Vivid of which is extremely rare.
Trivia - It's the biggest fancy vivid pink diamond that's ever been graded as “flawless” or “internally flawless” by the GIA.
King of Diamonds
The diamond was discovered by De Beers in an African mine in 1999 as a rough 132.5-carat diamond. It took 2-years of artisan-like finesse to cut the rough diamond into its current oval shape.
Trivia - The diamond contains 59.6 carats.
During the process of its grading by the GIA (Gemological Institute of America), it was rated as internally flawless and given a colour grading of fancy vivid - making it one of a kind.
Selling for a massive $71.2m (57.3m), it became the most expensive diamond in the world. It beat the previous record set by the Oppenheimer Blue Diamond which sold in 2016 at auction in Geneva.
Trivia - The record for the most expensive diamond was broken in 2013 at an auction in Geneva when the Pink Star had sold for $83m but the buyer defaulted and thus, the diamond was reclaimed by the auction house.
Bidding started at $56m with an estimate of $60m (£48.3m). It reached its record amount in 5 minutes which equated to $1.2m per Carat!
This meant the final price almost doubled the previous record for a pink diamond which sold for $46.2m. The 24.7 carat Graff Pink sold at auction in 2010 and held the record for seven years.
What sets these two diamonds apart is the CTF Pink's colour rating and also size.
The Pink Star diamond was purchased by a highly-regarded Hong Kong jeweller, Chow Tai Fook who renamed the diamond to the CTF Pink. This was in honour of their founder Dr Cheng Yu-Tung and their 88th anniversary.
The combination of its size and colour enabled this diamond to shatter records and make history in its own right. Due to the rarity of coloured diamonds, are we ever going to see a worthy contender? If so, then we look forward to writing about it!
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We created a series which explored the nature in which diamonds are graded and defined. We focused on the four key areas of Cut, Clarity, Colour and Carat.
These guides highlight important information you need to know on the subject of diamonds.