Jewelry Articles

World’s Most Expensive Diamond Ring

April 17, 2018 - Jewelry Articles
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The world’s most expensive diamond ring is none other than the Pink Star. A breathtaking 59.60 carat oval cut diamond set upon a ring, this exquisite diamond captured the world’s attention during both of its record breaking auctions. Keep reading as we examine the Pink Star, how it shook the diamond world and who its lucky owner is today.

 

The world’s most expensive diamond ring

Let’s take a look at the details of the Pink Star diamond:

  • Carat Weight:60 ct.
  • Color Grade: Fancy Vivid Pink
  • Clarity Grade: Internally Flawless
  • Certified: by the GIA (Gemological Institute of America)

 

Origins of the Pink Star

In 1999, the Pink Star was mined by De Beers in Africa as a 132.50 carat rough diamond. Steinmetz Diamonds took two years and a team of 8 to cut and polish the diamond. During this time the team experimented to find the best cutting method which they tested on dozens of models. The diamond was then dubbed the “Steinmetz Pink”, the first of many names that this stunning diamond would take on. The Pink Star debuted in 2003 in Monaco and was worn around the neck of supermodel Helena Christensen. Mike Duff of the Financial Times describes the diamond as the “rarest, finest, most precious stone the world has ever seen.” The Pink Star became part of the Smithsonian Museum of Natural History in their “Splendor of Diamonds” exhibit and was later displayed at the Natural History Museum in London.

 

How much did the world’s most expensive diamond was sold for?

In 2013, the Pink Star was put up for auction by Sotheby’s, one of the world’s oldest auction houses. Auctioneer David Bennett explained, “The pink diamond, I have no hesitation in saying, is a truly amazing royal stone, fit for any royal collection, fit for any museum collection.” The stone was bought by diamond cutter Isaac Wolf for a record breaking $83 million. Wolf renamed the diamond to the “Pink Dream.” However, Wolf and his investors defaulted on their payments and lost ownership of the diamond. The Pink Star then became part of Sotheby’s inventory at the cost of $60 million dollars because the auction house guaranteed this amount to the Pink Star’s original seller. With the diamond in their possession Sotheby’s valued the Pink Star at $73 million. A representative of Sotheby’s stated, “In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price.”

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After years of unsuccessfully trying to sell the Pink Star, Sotheby’s put the diamond up for auction again in Hong Kong. Jewelry expert Tobias Kormind stated that Sotheby’s decision to sell the Pink Diamond in Hong Kong is “writing a new chapter in its story by offering it for sale in Hong Kong, now a global epicenter for the world’s wealthy.” Within five minutes of fierce bidding competition between three prospective buyers over the phone, the Pink Star was sold. Major jeweler Chow Tai Fook bought the Pink Star for $71.2 million, the highest price for any diamond or jewel ever sold at auction. Chow Tai Fook was established in 1929 and is one the world’s largest jewelers, operating over 2,000 stores throughout China. The jeweler company renamed the diamond to “CTF Pink Star,” out of respect for the late founder of Chow Tai Fook and father of the company’s chairman.

A Chow Tai Fook spokesperson said, “The ‘CTF Pink Star’, the largest polish diamond of its class, is a legend and full of heritage, something in common with our brand. We are excited to have this beautiful piece to celebrate along with our 88th anniversary this year.” The number 88 is a significant number in Chinese culture as the word for eight in Chinese is a homonym for “prosper.”

 

What makes this diamond so expensive?

You might be wondering what makes the Pink Star the most expensive diamond ring in the world. For scale, the previous record sale for a pink diamond was $45.6 million for the 24.8 carat Graff Pink in 2010.

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So, why is it so expensive? Pink diamonds are extremely rare, with the vast majority of pink diamonds originating from the Argyle mine in Australia. And just 0.1% of the Argyle Mine’s diamonds are pink. Therefore a 59.60ct pink diamond is an extreme rarity. Furthermore, its fancy vivid pink color grade is the highest color grade a fancy colored stone can have. This diamond is also a Type IIa stone which is a classification given to less than two percent of all gem quality diamonds. Type IIa diamonds are the most valued and are the purest type of diamonds. And to top it all off, there are no imperfections on the diamonds, meaning that the Pink Star has an Internally Flawless clarity grade. In fact, the Pink Star is the largest internally flawless fancy pink diamond that the GIA has ever graded.

 

How to upgrade your diamond ring

If reading about the Pink Star has inspired you to get the diamond ring of your dreams, WP Diamonds can help you get the funds to afford your perfect ring. We are specialist diamond and jewelry buyers with a secure and professional service that can get you paid fast. Sell your diamond ring, luxury watch or other unwanted jewelry with us for competitive and honest prices. Our buying power comes from our international presence and network of industry connections. You can feel confident in our free service which has earned us A+ rating from the BBB and hundreds of positive customer reviews. After you fill out our simple online form we can get you paid in as little as 24 hours through wire or check without any hidden fees.

We also offer a trade-in program where you can receive up to 20% more on your offer in the form of store credit with our local jewelry store partners. Making your dream diamond ring more affordable than ever. Click the button below to get your price quote today.

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Bio: Written by one of our diamond, designer jewelry or luxury watch experts. With over 150 years of combined experience, our experts are able to comment on trends, share industry knowledge and provide diamond, designer jewelry and luxury watch education.

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