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The diamond industry is exploding about the newest world record for top auction price for any gem this week after the pink star got sold at Sotheby’s in Hong Kong. The Hong Kong-based jewelry retailer Chow Tai Fook made the highest bid that pushed the blue diamond named “The Oppenheimer” of its throne.

Hong Kong 59.6 Carat Pink Star Diamond
The Pink Star got its intense pink color from a process known as plastic deformation. During this deformation process, the pressure around the diamond changes creating structural anomalies in crystals. The Gemological Institute of America has graded the diamond internally flawless and fancy pink. This color given is the highest grade that can be given to a colored diamond and the purity of this diamond its crystals ranks among the top 2% in the world.

Before the auction, the pink diamond was estimated to be worth more than $60 million USD. Yet the diamond fetched for about $71 million, surpassing everyone’s expectations. The diamond attracted even higher bids in the past as in 2013 it had a bit of $83 million. Only back than the sale collapsed because the buyer, diamond-cutter Isaac Wolf, never paid and Sotheby’s needed to reclaim the oval shaped gem.

The last five minutes of the bidding on the Pink Star was between three phone bidders from which one was Chow Thai Fook. Who now named the Pink Star to be “CTF Pink Star”. The now called CTF Pink Star has been cut by Steinmetz Diamonds, who spent two years cutting and polishing the gemstone after it got mined by De Beers in Botswana.

Sotheby’s is relieved with the sale as it gives back some respite after it failed to sell items of last year. Among those failed items there was the biggest rough diamond found in more than 100 years and one of Shirley Temple her blue diamond rings.

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