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Monday, June 6, 2016

Two Firms Invest In 59-Carat ‘Pink Star’ Diamond

Sotheby’s is partnering with two firms for a rare, valuable diamond it has held in inventory for nearly two years.

“Diacore and Mellen Inc. have acquired an ownership interest in one of the world’s natural treasures: the remarkable Pink Star diamond,” the auction house said in a brief statement distributed to just a few people, including me. “The three parties have formally partnered to achieve the value of the 59.60-carat stone, which Sotheby’s holds in its inventory.”

The financial details were not disclosed as well as information on what will happen to the oval-cut diamond. However, the auction house previously estimated the value of the diamond at $72 million.

It remains the largest internally flawless, fancy vivid pink diamond ever graded by the Gemological Institute of America.

Diacore is a multi-national company that specializes in the manufacturing of large, fancy coloured and rare stones. In the same statement the company said it was the original owner of the 132.50-carat rough diamond that created the Pink Star.

“From the moment it was unearthed as a rough diamond, we have always believed in the singular importance and value of the Pink Star,” said Nir Livnat, chairman of Diacore.

Mellen Inc. is a third generation, family-run private jeweler based in New York.

You may remember the diamond was sold for a world record price of $83 million in the November, 2013, Sotheby’s Geneva Magnificent Jewels sale. In an unusual move for such a high-stakes sale, the buyer revealed himself, diamond cutter Isaac Wolf, who said he was representing a group of investors.

In February, 2014, Sotheby’s announced in its annual report that Wolf and his investors defaulted on the sale. The auction house paid the diamond’s seller $60 million, which was the guaranteed price. The diamond remains in Sotheby’s inventory valued at approximately $72 million.

“Such stones have been and always will be the very definition of rarity, with the Pink Star sitting at the pinnacle of this privileged list,” said David Bennett, Worldwide Chairman of Sotheby’s Jewellery Division.

Currently, the world’s most valuable diamond is the 14.62-carat “Oppenheimer Blue,” which sold for more than $57.5 million at Christie’s Geneva Magnificent Jewels sale, held May 18. 

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