$60 Million Pink Diamond to be Auctioned in Geneva

In November, a 59.60-carat pink diamond will be put up for auction, it is expected to sell for more than $60 million. The oval-cut stone, is said to be "the largest internally flawless fancy vivid pink diamond ever graded by the Gemological Institute of America. The said diamond is set to be sold in Geneva on November 13th 2013, by Sotheby's Auction House." a Sotheby's spokeswoman said.

The diamond was entered by an unidentified seller and has been named the “Pink Star” . The “Pink Star” was mined by De Beers in Africa and was cut and polished by Steinmetz Diamonds before going on exhibit in Monaco back in 2003.

This is not the first pink diamond sale. The sale of the “Pink Star” will follow an October sale of a white and blue diamond which has an estimated worth value of $19 million each.

“This is a good time to sell important stones at auctions,” Otto Jakob said. Jakob is a Karlsruhe-based jewelry dealer. “Wealthy people with a lot of cash fear their money is endangered. They’re putting it into goods.”

“Over the last five years buyers in Asia have built up stocks of diamonds,” said Jakob who attends the exhibit at the annual TEFAF fair in the city of Maastricht. “That has reduced the number on the market and prices have increased a lot. There’s a lot of demand for the highest quality colored stones.”

Pink diamonds are known as Type II stones, where they get their colour from a process named as plastic deformation. Pressure alternates and creates structural anomalies during the crystal growth.

Celebrities have been known to express their love through diamonds. Take Hollywood actor Ben Affleck who gave actress Jennifer Lopez a 6.1-carat pink diamond engagement ring back in 2002.

The “Pink Star” is more than twice the size of another diamond, the “Graff Pink”, which sold for a record $45.6 million at Sotheby’s in Geneva.

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