A giant pink diamond has become the most expensive jewel ever sold at auction, fetching $71.2 million at Sotheby’s in Hong Kong on Tuesday.

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Clocking in at 59.60 carats, the Pink Star was the largest polished diamond ever to go on the auction block.

The winning bid came from Hong Kong jewelry firm Chow Tai Fook. The company’s chairman, Henry Cheng Kar-Shun, phoned in the bid.

The final price was 553 million Hong Kong dollars, including the buyer’s premium, or auction house charge.

This isn’t the first time the Pink Star has gone up for sale.

In 2013, it sold for a record $83 million at a Sotheby’s auction in Geneva, but the buyer, New York-based diamond cutter Isaac Wolf, defaulted on the deal. Sotheby’s ended up saddled with the expensive stone.

The most important diamond sales usually take place in Geneva.

The Oppenheimer Blue, which previously held the record for the most expensive polished diamond (successfully) sold at auction, fetched $57.5 million at a Christie’s auction in Geneva last May.

Soon after, Sotheby’s tried to auction off the Lesedi La Rona, the world’s second biggest diamond, in the Swiss city. The uncut stone was expected to go for at least $70 million, but failed to find a buyer.

Sotheby’s tried a new city for the Pink Star this time around.

The auction house wrote “a new chapter in its story by offering it for sale in Hong Kong, now a global epicenter for the world’s wealthy,” said Tobias Kormind of 77 Diamonds, an online diamond jewelry seller.

It took nearly two years to cut the Pink Star from a rough diamond. It first appeared in public in 2003 and later became part of an exhibit at the Smithsonian National Museum of Natural History, home of the famous 45.52 carat blue Hope Diamond. It was also displayed at the Natural History Museum in London.

Tuesday’s winning bid surpassed the previous world auction record for a pink diamond — $46.16 million for the 24.78 carat Graff Pink, sold at Sotheby’s in Geneva in 2010.

Chow Tai Fook has renamed its new possession the CTF Pink Star in memory of the company’s founder and to commemorate the brand’s 88th anniversary.*

%Jeweler NYC %NYC Wholesale DiamondsNatural fancy colored diamonds have proven their value and they are here to stay.  NYC Wholesale diamonds has a vast selection of Natural fancy colored diamonds.  Call  (212)719-2214 or Email KS@nycwd.com for your private appointment.

*CNN Money (Hong Kong)

 

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NYC Wholesale Diamond Hoops, See the Difference

As we like to say, “We’ll jump through hoops for our customers, and we make them, too”%Jeweler NYC %NYC Wholesale Diamonds

Diamond Hoops make a great gift for any occasion and we make them in all sizes, carat weights and colors!  One special feature that makes our diamond hoops a step above the rest is the hinged snap backs we use on all of our hoops.  The post snaps into the hinge to lock into place and is only released when the lever is pushed.  These secure backs add peace of mind, no added weight to the earring, and a seamless visual flow.%Jeweler NYC %NYC Wholesale Diamonds%Jeweler NYC %NYC Wholesale Diamonds

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The Importance of a Diamond’s Cut%Jeweler NYC %NYC Wholesale Diamonds

 NYC Wholesale Diamonds believes that the quality of a diamond’s cut is one of, if not the most, important factors when selecting a diamond.  It seems as if the general public is also reflecting the same opinion.  Rapaport is reporting large price differentials between excellent and average cut fancy shape diamonds.  Shortages of finely cut, large fancy shapes, specifically Pears and Ovals, with large Radiant cut diamonds seeing the biggest increase in demand. 
‘Ideal Cut’ is a term used by diamond professionals to mean a diamond cut to proportions that were originally established in the 1919 doctoral dissertation of diamond cutter Marcel Tolkowsky.  We often think of a diamond’s cut as shape (round, cushion, princess, emerald…), but a diamond’s cut grade is really about how well a diamond’s facets interact with light.
Cut measures workmanship, rather than a diamond’s inherent qualities. The way a stone is cut enhances sparkle, brilliance, and luminosity.  The GIA’s best cut rating is excellent. This is an extremely desirable and rare distinction only awarded to diamonds that perfectly reflect light. The vast majority of diamonds are actually less than good cuts by GIA standards. This is far from ideal, and there will be a lack of brilliance no matter how large, white, or clean your diamond. It’s appearance in the absence of intense, direct light actually will be dull and lifeless.
Cut determines the sparkle, fire and brilliance of a diamond.
Knowledge on what determines if a diamond is an Ideal Cut, is the key to diamond buying success. The one thing you should not trade off on is the quality of the cut. Even a nice color stone, if not well-cut, will be dull and lifeless. For example, a middle color such as J or K, that has an excellent cut, will pop and shine with all the sparkle that makes diamonds so desirable!
Here, at NYC Wholesale Diamonds, we will spend time educating you on the cut of every diamond we present. GIA grades diamond cut as Excellent, Very Good, Good, Fair, and Poor. Where it gets complicated, is that GIA only grades cut on round diamonds. All other shapes take more explanation as Polish, Symmetry, Depth and Table percentages come into play, as useful guidelines.

NYCWD has a variety of diamonds, all with Excellent Cut Gradings.  Contact us at (212)719-2214 or Email KS@nycwd.com to set up an appointment time to view

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Congratulations to an amazing and gracious couple, Jennifer and Gene, on their beautiful Maui wedding!

%Jeweler NYC %NYC Wholesale DiamondsIt has been such an honor to work with such an amazing couple from proposal to wedding!  NYCWD wishes you a lifetime of love and happiness!

%Jeweler NYC %NYC Wholesale DiamondsHere is the 5 Star Review Jennifer left for us on Wedding Wire

“Look no further this is the only place to buy diamonds or diamonds settings. The entire staff is very professional and extremely knowledgeable. No question goes unanswered! Our entire shopping experience was conducted via the internet and an occasional phone conversation and when the engagement ring and wedding bands arrived we were beyond ecstatic. The pictures and information we were given were a true representation of what we received. Keith truly went over and above making certain our very special memory would be just that SUPER SPECIAL!! “

~Jennifer

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We are blessed to have play our small part in the happiness of so many wonderful people that place their trust in us here at NYC Wholesale Diamonds. Here is our latest Google Review from May 2nd, thank you so very much for the kind words!

“After countless weeks navigating my way through the Diamond District to meet with various Jewelers (even had two separate deposits out on stones) for an engagement ring, I contacted Keith Saxe to set up an appointment. Prior to our 1st ..After countless weeks navigating my way through the Diamond District to meet with various Jewelers (even had two separate deposits out on stones) for an engagement ring, I contacted Keith Saxe to set up an appointment. Prior to our 1st meeting, I had done extensive research educating myself about Diamonds…beyond the 4C’s. Upon arriving at Keith’s street office, he gave me a little background about himself, showed me 4 stones within my price-point and took this time to explain intricate details about each stone.
In an instance I made a decision. I later questioned my willingness to move forward with Keith after just one meeting. I went home and performed every search possible about Keith, even bravely contacted a few of his past customers via Facebook to inquire about his character and their experiences—Just needed to ensure I was making the right decision. Without compromise, Keith and his Team created an heirloom piece and my partner was blown away. Her engagement ring reflected the unique elegance and brilliance as promised.

Not only is Keith very knowledgeable, but he’s honest, patient and remarkably easy to work with. It was a tremendous joy to work with Keith. He has become our premier Jeweler of Choice! Hands down, the best experience ever!”

~ T. Smith, NJ

Contact NYC Wholesale Diamonds to set up your appointment for a consultation to build your perfect ring!

(212)719-2214 or Email KS@nycwd.com

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This month NYCWD is highlighting some of our most unique, rare and beautiful stones.

All of our stones are GIA Certified

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Call NYC Wholesale Diamonds (212) 719-2214 or Email KS@nycwd.com

 to Inquire or View any of our stones

Click here to see our full Diamond Inventory

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