South African diamond expected to pull record R760 million at auction

Sotheby’s will auction off the ‘Pink Star’ diamond, mined in South Africa in 1999, expecting to bring in a record $60 million – over R760 million – for the sale.

According to Reuters, the pink diamond is the largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Geological Institute of America (GIA).

However the stone is still small enough to fit onto a ring, Sotheby’s said.

Sotheby’s said that the diamond was the most valuable polished diamond ever offered at auction, and if it sells for the expected amount will be the most expensive diamond of its kind ever sold.

“The extraordinary size of this 59.60-carat diamond, paired with its richness of colour, surpasses any known pink diamond record in history,” said David Bennett, worldwide Chairman of Sotheby’s Jewellery Division.

The auction will take place in Hong Kong on April 4.

According to Sotheby’s pink diamonds – especially vivid pink ones – are extremely rare.

In 2016 Sotheby’s auctioned off a pear-shaped diamond for $31.5 million (R499 million at the time).

The current world auction record for any Pink Diamond is The Graff Pink 24.78-carat Emerald – cut Fancy Intense Pink Diamond, which sold for $46,158,674 in 2010.

Read: What a R500 million pink diamond from South Africa looks like

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