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The Pink Dream Diamond

By 06.09 September 20th, 2018 No Comments

The Pink Dream Diamond, originally known as the Pink Star Diamond, was found in South Africa in one of the De Beers mines in 1999. Its original rough weight was 132.5 carats. The rarity of pink diamonds affords their being highly sought after gems by diamond investors and all three top diamond prices worldwide are for pink diamonds.

This stone was cut by the Steinmetz Company and became known as the Steinmetz Pink after 50 practice models were cut over a period of two years. It was displayed in Monaco in 2003, and then sold in 2007 and renamed the Pink Star. The Type IIa 59.60 carat, vivid pink IF oval shaped diamond, was sold at a Sotheby’s auction in 2013.

The initial auction price was $48 million, the pre-sale estimate was $61 million, and its eventual price was $83.02 million (including commission fees), a world record for any auction gem sale, surpassing its original estimated selling price. Its new owners renamed the stone the Pink Dream.

The winning bidder, who outbid three other bidders, was Isaac Wolf, a New York diamond cutter who was representing an anonymous investment consortium. However, the payment did not materialise, despite Wolf’s bidding being above board. Wolf managed to back out of the sale and Sotheby’s bought back the diamond for $60 million, the price that Sotheby’s had guaranteed the original seller. Wolf’s comment was “I saw a great opportunity that I don’t think anybody in the industry realised and I took advantage of it”.

 

This magnificent unique diamond of incredible size and colour was valued at $72 million and remained in the Sotheby’s inventory. Wolf’s consortium believed that, based on current prices for fancy vivid pink diamonds of similar quality, the value is $150 million.

 

The Pink Dream/ aka Pink Star was then sold at an auction in Hong Kong for $71.2 million to Chow Tai Fook Industries on 03 April 2017.

 

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