The Pink Star Diamond: A Journey from Steinmetz to Sotheby’s Record-Breaking Sale
The Pink Star Diamond, a gemstone beyond comparison, is the epitome of brilliance, beauty and rarity. Weighing in at an impressive 59.60 carats, this oval mixed-cut diamond measures 2.69 cm by 2.06 cm and has a depth of 1.36 cm. Although its size is significant, it’s not the only aspect that sets this diamond apart. It possesses a clarity grade of Internally Flawless (IF), meaning it has no internal inclusions visible under 10x magnification, a trait that contributes greatly to its overall value.
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The Pink Star’s color rating as Fancy Vivid Pink
Another defining feature of the Pink Star is its captivating colour. Classified as Fancy Vivid Pink by the Gemological Institute of America (GIA), the most prestigious gemstone grading organization in the world, the Pink Star Diamond’s color is of the highest intensity available for pink diamonds. To put that into perspective, less than 2% of all pink diamonds receive this rating. The striking hue of the Pink Star, combined with its extraordinary size, make it a truly rare and extraordinary gem.
Discovery and Origin of the Pink Star Diamond
The mining of the Pink Star by De Beers in South Africa
The discovery of the Pink Star Diamond adds another layer of fascination to its extraordinary allure. The diamond was first unearthed in 1999 by mining titan De Beers in South Africa’s famous Cullinan Mine, a location renowned for its yield of high-quality gems. This renowned mine is also credited with the discovery of several other notable gems, including the Cullinan Diamond, the largest rough gem-quality diamond ever found.
The initial weight of the diamond in its rough form
In its raw form, the Pink Star Diamond was a truly awe-inspiring sight. Originally weighing a staggering 132.5 carats in its rough state, this gem was an astonishing discovery in the world of diamonds. The process of transforming this diamond from a rough gem into the beautifully cut and polished Pink Star is a story that adds to its distinctive charm and prestige.
The Steinmetz Group and the Pink Star Diamond
The role of the Beny Steinmetz Group in shaping the Pink Star
Transforming the Pink Star Diamond from a rough stone into a dazzling gem was entrusted to the knowledgeable and skilled artisans of the Beny Steinmetz Group. Regarded as one of the world’s leading diamantaires, the Steinmetz Group was tasked with the immense responsibility of extracting the full potential of this exceptional diamond.
The 20-month process of cutting and polishing the Pink Star diamond
The cutting and polishing phase is often the most critical in a diamond’s journey from mine to market, and in the case of the Pink Star Diamond, it was no different. The process took an astonishing 20 months of meticulous work. The Steinmetz Group A team of expert craftsmen worked diligently to cut and polish the diamond, ensuring every facet was perfect.
Unveiling of the Pink Star in Monaco by the Steinmetz Group
After months of painstaking work, the Pink Star Diamond was finally ready to be unveiled to the world. This event took place in Monaco in 2003, where the Steinmetz Group proudly showcased the results of their expertise: A stunning, 59.60 carat diamond, now known as the Pink Star. This reveal marked a significant milestone in the diamond’s fascinating journey, and set the stage for its arrival on the global diamond market.
The Rarity and Value of the Pink Star Diamond
The Pink Star as the largest known diamond rated Vivid Pink
The Pink Star Diamond stands as an unrivaled treasure among gemstones. It is the largest known diamond to have ever been rated as Fancy Vivid Pink by the GIA, an accolade that adds to its impressive pedigree and cements its status as an extraordinarily rare gemstone.
The Pink Star’s significance in the diamond industry
The Pink Star has made its mark in the diamond industry not just for its size and color, but also for its impeccable clarity. Being Internally Flawless, it is free of inclusions visible under 10x magnification. This combination of size, color, and clarity is scarcely seen, making the Pink Star Diamond a significant fixture within the industry.
The value of pink diamonds in the gemstone market
Pink diamonds hold a special place in the gemstone market, revered for their beauty, rarity, and value. They represent less than 0.1% of the total global diamond production, further amplifying their desirability. Given the Pink Star’s exceptional hue, size, and quality, its value is immeasurable, solidifying its status as one of the most exquisite pink diamonds ever discovered.
The Record-Breaking Sale of the Pink Star Diamond
The 2013 Sotheby’s auction and the Pink Star’s world record-breaking sale
In 2013, the Pink Star Diamond was placed on the auction block at Sotheby’s in Geneva, where it made headlines by breaking the world record for the highest price ever achieved by a diamond or gemstone at auction. The bidding was competitive and intense, reflecting the rare nature of the Pink Star.
The failed purchase by Isaac Wolf and the Pink Star’s return to Sotheby’s
The diamond was initially purchased by New York-based diamond cutter Isaac Wolf for a staggering $83 million. However, Wolf defaulted on the payment and Sotheby’s, having guaranteed a minimum price for the Pink Star, had to buy it back, adding the gem to its inventory for a value of $72 million.
The 2017 sale of the Pink Star at the Hong Kong auction
Fast forward to 2017, when the Pink Star once again graced the auction block, this time at Sotheby’s Hong Kong auction. It was purchased by Chow Tai Fook Enterprises for an earth-shattering $71.2 million, breaking its own previous record for the most expensive diamond ever sold at auction. This sale firmly positioned the Pink Star Diamond as a gem of unparalleled worth and desirability.
Ownership and Name Changes of the Pink Star Diamond
The Pink Star’s various names: The Steinmetz Pink, The Pink Star, The Pink Dream
The Pink Star Diamond has seen numerous name changes throughout its fascinating journey. Originally known as the Steinmetz Pink, it was named after the Steinmetz Group who were instrumental in its cutting and polishing process. Later, it was renamed the Pink Star Diamond in a nod to its stellar quality and extraordinary value. After the diamond’s unsuccessful sale in 2013, buyer Issac Wolf briefly renamed it ‘The Pink Dream’. However, the name didn’t stick, and it reverted back to being known as the Pink Star.
The current ownership of the Pink Star by Chow Tai Fook Enterprises
In the latest chapter of its storied journey, the Pink Star Diamond is now under the ownership of Hong Kong conglomerate, Chow Tai Fook Enterprises. The company’s chairman, Dr. Henry Cheng, won the diamond at the 2017 Sotheby’s auction in Hong Kong. Post-acquisition, the diamond was renamed yet again, this time after the late father of the company’s chairman, becoming the ‘CTF Pink Star’ in honour of Cheng Yu-tung.
Exhibition and Display of the Pink Star Diamond
The Pink Star in the Smithsonian’s “The Splendor of Diamonds” exhibit
The Pink Star Diamond’s mesmerizing beauty and rarity have made it a sought-after centerpiece in various exhibitions. In 2003, it was one of the main attractions in the Smithsonian’s “The Splendor of Diamonds” exhibition. It shared the spotlight with other notable diamonds such as the De Beers Millennium Star and the Heart of Eternity, captivating visitors with its extraordinary vivid pink hue and immense size.
Other notable exhibitions featuring the Pink Star Diamond
Aside from the Smithsonian, the Pink Star Diamond has been showcased in numerous other exhibitions worldwide, often serving as the highlight of the event. Its prominence in these exhibitions cements its status as a truly significant gem in the world of diamonds, continually drawing admirers from across the globe. As part of its exhibition journey, the Pink Star has also made appearances in various Sotheby’s previews, allowing potential buyers and diamond enthusiasts to marvel at its exquisite beauty.
The Pink Star Diamond versus Other Famous Pink Diamonds
Comparison of the Pink Star Diamond with the De Beers Millennium Star
The De Beers Millennium Star, another legendary gem, weighs an impressive 203.04 carats and possesses a D flawless grade. Although it surpasses the Pink Star in size and clarity, it lacks the unique appeal of color. Classified as a colorless diamond, the De Beers Millennium Star doesn’t possess the striking Fancy Vivid Pink hue that sets the Pink Star apart in the world of colored diamonds.
Comparison of the Pink Star Diamond with the Graff Pink
The Graff Pink, another renowned pink diamond, weighs in at 24.78 carats, significantly smaller than the Pink Star. It also holds the color rating of Fancy Intense Pink, a grade below the Pink Star’s Fancy Vivid Pink. The Graff Pink’s auction price in 2010 was $46.2 million, a figure that was far surpassed by the record-breaking sale of the Pink Star in 2017. The comparison serves to highlight the unparalleled value and rarity of the Pink Star Diamond.
The Pink Star Diamond as an Investment
The Pink Star’s potential as an investment and its value over time
The Pink Star Diamond represents not just a breathtaking gem, but also a potentially lucrative investment. Colored diamonds have been known to increase in value over time, and with pink diamonds being among the rarest, their value is expected to increase even more exponentially. The Pink Star, being the largest Fancy Vivid Pink diamond, indeed carries a high potential for appreciation in value, making it a noteworthy gemstone investment.
The Pink Star’s position in the Diamond Hall of Fame
The Pink Star Diamond’s intrinsic value, combined with its rare color and size, has placed it securely in the Diamond Hall of Fame. Its record-breaking sales, coupled with its unique characteristics, have established it as a gemstone of significant worth. Whether as a dazzling accessory or as an investment, the Pink Star Diamond is a testament to the enduring appeal of uniquely colored diamonds.
Conclusion: The Cultural Impact of the Pink Star Diamond
The Pink Star Diamond’s influence on the diamond industry
The Pink Star Diamond has undeniably left a significant mark on the diamond industry. Its discovery, transformation, and eventual record-breaking sales have made headlines around the world, influencing perceptions of value and rarity in the gemstone market. Its prominence has also showcased the craftsmanship and skills involved in cutting and polishing diamonds, thus raising awareness about the art and science behind turning a rough stone into a masterpiece.
The ongoing legacy of the Pink Star in the world of gemstones
The journey of the Pink Star Diamond, from its origin in the mines of South Africa to its current status as one of the most valuable gemstones in the world, continues to spark fascination and admiration. Its legacy is not just in its financial value, but also in the mesmerizing beauty it represents. As it continues to captivate the world, the Pink Star Diamond’s story serves as a testament to the timeless allure and enduring value of diamonds.
Frequently Asked Questions (FAQs)
What are the unique characteristics of the Pink Star Diamond?
The Pink Star Diamond is a vibrant, Fancy Vivid Pink diamond. It is the largest known diamond to be given this rating, which sets it apart in the diamond industry.
How did the Pink Star Diamond get its stunning shape and finish?
The Pink Star Diamond was shaped and polished by the Beny Steinmetz Group, a process that took over a year and a half. It was then unveiled in Monaco.
How did the Pink Star Diamond make auction history?
The Pink Star Diamond set a world record at a 2013 Sotheby’s auction. Although the initial sale to Isaac Wolf was unsuccessful, the diamond was finally sold in 2017 at a Hong Kong auction.
Has the Pink Star Diamond changed names or hands throughout its history?
Yes, the Pink Star Diamond has had several names, including The Steinmetz Pink and The Pink Dream. It is currently owned by Chow Tai Fook Enterprises.
How does the Pink Star Diamond compare to other notable pink diamonds?
The Pink Star Diamond stands out even among other famous pink diamonds like the De Beers Millennium Star and the Graff Pink due to its size, color rating, and value.
