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Sotheby’s Shares Ownership of ‘$72M’ Pink Diamond
Jun 7, 2016 5:16 AM
By Rapaport News
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RAPAPORT... Sotheby’s teamed up with two other firms to collectively own
the Pink Star diamond, which has been valued at $72 million.
In November 2013, the oval mixed cut, 59.60-carat, fancy
vivid pink, internally flawless stone was sold to diamond cutter Isaac Wolf for
a world
auction record of $83.2 million in Geneva. The gem was returned to Sotheby’s
after Wolf defaulted.
“Diacore
and Mellen Inc. have acquired an ownership interest in one of the world’s
natural treasures: the remarkable Pink Star diamond,” Sotheby’s said in a statement. “The
three parties have formally partnered to achieve the value of the 59.60-carat
stone, which Sotheby’s holds in its inventory.”
No other details, including financial, were disclosed.
However, a Sotheby’s annual report published in February 2014 shows the diamond
was recorded in the company’s inventory at about $72 million. It remains the
largest internally flawless, fancy vivid pink diamond ever graded by the
Gemological Institute of America, Sotheby's said.
Diacore purchased the original 132.50-carat rough and took two years to cut and polish
it, the statement added.
Diacore is a diamond manufacturer headquartered in
Johannesburg, South Africa. Mellen Inc. is a family-run private jeweler based
in New York.
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Tags:
Auctions, colored diamonds, Diacore, geneva, Mellen, Mellen Inc., Pink diamonds, pink star, Rapaport News, Sotheby’s
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