Pink diamond auctioned for record £57.2m in Hong Kong

The oval-shaped, 59.60-carat diamond failed to sell in November 2013.

NY diamond cutter Isaac Wolf agreed to pay $83 million in 2013, but that deal later fell apart after the buyer defaulted.

The previous record holder for a cut diamond at auction was the "Oppenheimer Blue".

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It was 132.5 carats in the rough when it was mined by De Beers in South Africa in 1999, according to Sotheby's.

The Pink Star, weighing 59.60 carats, is the largest polished diamond ever to go on the auction block. The diamond's actual value - its "hammer price", in auctioneering lingo - was $63 million, and the remaining $8.2 million was the buyer's premium to cover auction house expenses.

The auction is a world record for the price that this diamond has been sold as never a gem has been sold at so much high price.

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Chow Tai Fook, founded in 1929, is the world's largest jeweler, operating more than 2,000 jewelry and watch stores throughout China. To that end, they purchased Boston diamond seller Hearts on Fire for $150 million in 2014. The Pink Star has been renamed "The CTF Pink" in memory of the late Dr. Cheng Yu-Tung, father of the current chairman and founder of Chow Tai Fook, and commemorates the esteemed brand's 88 anniversary.

The auction house was then forced to buy the diamond itself because had guaranteed a $60 million sale price.

The fancy pink color of the stone makes it the highest grade diamond, and its purity and flawless cut put it in the top 2 percent of all diamonds in the world, Fortune said.

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The diamond was first unveiled to the public in May 2003 as the "Steinmetz Pink", and was modeled by Danish model Helena Christensen at a dedicated event thrown to coincide with the Monaco Grand Prix.

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