What you see: The Pink Star, a 59.60-carat oval mixed-cut fancy vivid pink internally flawless diamond. It sold for HK $553 million, or $71.2 million, at Sotheby’s Hong Kong in April 2017–a world auction record for any diamond or jewel. The winning bidder revealed himself as jeweler Chow Tai Fook. In keeping with traditions that allow owners of great diamonds to name the stone, the Pink Star is now known as the CTF Pink Star.
This diamond is described as being “fancy vivid pink.” What does that mean? “Colored diamonds are graded on what’s called a ‘fancy’ color scale,” says Quig Bruning, New York jewelry specialist for Sotheby’s. “Any colored diamond is rare. ‘Fancy’ is the first determinant. [It denotes] not having a lot of color to having a predominance of that color. Once it’s more saturated, it’s ‘fancy intense.’ The highest amount of saturation is ‘fancy vivid.’ That’s how the color scale scales up. ‘Fancy vivid’ means it’s as pink as it could possibly be on the Gemological Institute of America (GIA) scale. It’s the best pink diamond that exists.”
It’s also described as being “internally flawless.” What does that mean? “There are absolutely no inclusions in the diamond. There are no imperfections or fractures inside the stone whatsoever,” he says.
The Pink Star is cut into an oval shape. What does that say about the diamond? “That shape, for whatever reason, is very much desired on the international market,” Bruning says. “Other colored diamonds tend to be modified brilliant cuts, which are square or rectangular. Oval, you tend not to see very often. It doesn’t do the color many favors. When [the jewelers who cut it] were plotting out how the polished stone would look, they must have been thrilled to find they could develop an oval cut.”
Sotheby’s offered the Pink Star in Geneva in November 2013. What happened, and why did you wait four years to offer it again? “It did sell in 2013 [for $83.1 million], and the buyer defaulted on the diamond. At the time, it had a guarantee on it, so it became Sotheby’s inventory,” he says. “Whenever you have a piece like this, you want to wait a little bit before putting it back on the market.”
Have you held the Pink Star? “I handled it in 2013. It’s one of those experiences that make you smile about where you work,” he says. “It has a softness and a beauty to it. It’s odd to say that a $71 million object is charming, but it’s the kind of stone that you hold in your hands and you forget what it’s worth and you lose yourself looking at the diamond.”
How heavy is it? “It certainly has a weight to it, but not so much that it drags your hand down. It suits,” he says.
The photos make the stone look like it’s bubblegum pink. Does the camera capture it accurately? “It does depict the true color. ‘Bubblegum’ is the word I’d use to describe it,” he says, adding, “Not that many vivid pink diamonds come up for auction. A year ago at Geneva, we had a 15-carat vivid pink that just screamed pink. It had extraordinary saturation. Before that, we had the Graff Pink, which had more of a softness. Of those three [pinks], this is the Goldilocks one, right in the middle.”
For about a decade or so, the world auction record for a diamond has passed from one colored diamond to another. Why? “Colored diamonds are very, very rare. It may not seem that way because you see them at auction frequently, but they represent a fraction of the total graded by the GIA,” Bruning says. “When you find a really spectacular colored diamond, you find a lot of people chasing after them.”
Text is copyright Sheila Gibson Stoodley. Image is courtesy of Sotheby’s.