Rare ‘Pink Star’ Diamond Becomes Priciest Diamond Ever Sold at $71.2M

The Pink Star diamond, the most valuable cut diamond ever offered at auction, is displayed by a model at a Sotheby's auction room in Hong Kong, Wednesday, March 29, 2017. It is the largest internally flawless fancy vivid pink diamond ever graded by the GIA. The diamond estimated in excess …
AP Photo/Vincent Yu

A 59.6 carat pink diamond broke the world record for the priciest diamond ever sold.

The diamond, known as the “Pink Star,” sold for $71.2 million at Sotheby’s auction house in Hong Kong, the Associated Press reported.

The oval, mixed cut diamond surpassed Sotheby’s pre-sale estimate of $60 million.

The gem was sold for $83 million at another Sotheby’s auction in Geneva, but the buyer defaulted and the purchase never went through.

The jewel is the largest pink diamond ever graded by the Gemological Institute of America.

“We’re very happy,” said Sotheby’s Asia Chairwoman Patti Wong.

Wong identified the winning bidder as Hong Kong jewelry firm Chow Tai Fook. The company’s chairman, Henry Cheng Kar-Shun, placed the winning bid over the phone, CNN Money reported.

Wong said the company is not worried about a default this time because the auction house vetted the bidders, who also just so happen to have longstanding relationships with Sotheby’s.

The last gem to hold the record of most expensive jewel ever sold was the “Oppenheimer Blue,” which sold for $57.5 million at Christie’s auction house in Geneva in May 2016, NBC News reported.