Bid for the stone, which cut past an interval of two years and was discovered by De Beers in a mine in Africa in 1999, started at $56m. "I know there was a lot of talk about the economy in China not being as positive as it was a few years ago", but the results from its jewelry auction Tuesday, which included almost 200 other lots, were very strong, she said. David Bennett, worldwide chairman of Sotheby's jewelry division, said: "The extraordinary size of this 59.60-carat diamond, paired with its richness of color, surpasses any known pink diamond recorded in history". That sale collapsed because the buyer, diamond-cutter Isaac Wolf, never paid, and Sotheby's had to reclaim the stone.
Sotheby's decided the time was right to bring the diamond back to the market because of rising demand from wealthy Asian buyers.
The Pink Star, weighing 59.60 carats, is the largest polished diamond ever to go on the auction block.
At an auction in Geneva in 2013, the stone fetched $83m but the buyer later defaulted.
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Chow Tai Fook, founded in 1929, is the world's largest jeweller, operating more than 2,000 jewellry and watch stores throughout China.
This isn't the first time the Pink Star has gone up for sale.
The flawless vivid pink diamond described as "one of the world's great natural treasures" has also become the highest-priced item ever sold at an auction in Asia. In 2016 they bought a $17-million green diamond at an auction run by Sotheby competitor Christie's.
Pink Star is worth it, says the Gemological Institute of America.