Pink Diamond auctioned in Hong Kong for nearly $58 million

According to Sotheby’s, a rare pink diamond sold in Hong Kong for roughly $58 million, establishing a record for price per carat paid at auction for any diamond or gemstone.

Sotheby’s said that the 11.15-carat Williamson Pink Star sold for HK$453.2 million ($57.7 million), the second-highest price paid at auction for any diamond.

The winning bid, submitted by an unidentified bidder from Boca Raton, Florida, was more than double the expected sale price of $21 million.

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It was the second-largest pink diamond ever offered at auction. Pink diamonds are the most valuable and rarest precious jewels on the global market.

In 2017, a pink diamond known as the CTF Pink Star was sold in Hong Kong for $71.2 million, setting a new world record.

Wenhao Yu, chairman of jewelry and watches at Sotheby’s Asia, stated that Friday’s auction “not only demonstrates the enduring demand for high-quality diamonds in Asia but also a heightened understanding of the extreme rarity of pink diamonds.”

The Williamson Pink Star was named after the record-setting CTF Pink Star and the Williamson Stone, a 23.6-carat diamond given to Queen Elizabeth II as a wedding gift in 1947.

Tobias Kormind, managing director of UK jewellery company 77 Diamonds, remarked that the “amazing” transaction demonstrated that high-quality diamonds could still command premium prices despite the uncertain economy.

“Historically, hard assets such as diamonds of world-class quality have performed well even during periods of turmoil,” he added.