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Articles from (PAID ONLY) DIAMONDS LOOSE - FANCY COLOR (138 Articles)

The record-breaking sale of the Pink Star was cancelled
The record-breaking sale of the Pink Star was cancelled
 










Record-breaking pink diamond sale cancelled

The record-breaking auction sale of the “Pink Star”, believed to be the largest known fancy pink diamond, has fallen through after its buyer defaulted on payment.

New York-based diamond cutter Isaac Wolf bid US$83 million (AU$92.7 m) for the stone, which he renamed the “Pink Dream”, at a Sotheby’s auction in Geneva last November. 

Diamond cutter, Isaac Wolf
Diamond cutter, Isaac Wolf
The Pink Star diamond ring seamingly sold for US$83 million
The Pink Star diamond ring seamingly sold for US$83 million
The auction reportedly took a mere five minutes and, at the time, recorded the highest price ever paid at auction for a diamond or jewellery item.

In a post-earnings conference call held by Sotheby’s, it was revealed that the company had reversed the related commission revenue and recorded the pink diamond in its inventory at a value of approximately US$72 million (AU$80.4 m), the equivalent of the corresponding purchase price in Swiss francs. 

During the call, the auction house’s chief financial officer, Patrick McClymont, commented: “We are currently pursuing a resolution with the defaulting buyer while also considering other alternatives. In the meantime, we are quite comfortable with our valuation and see real value in owning it [the diamond] at this price.”

MORE IMAGES OF THE PINK STAR



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Sunday, 22 July, 2018 05:38am
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