'Pink Star' Diamond Sold at Auction for $83 Million (World Record)

A giant pink diamond, aptly called the 'Pink Star', was sold for about $83 million (76.3 million Swiss francs), including commission fees. It was sold at an auction on Wednesday in Geneva. The price set the world record in gemstone sales.

The diamond is shaped like an egg and mounted on one ring. It weighs 59.60 carats. The man who bought the diamond actually represented an anonymous buyer whose name was not disclosed at the event.

Sotheby's David Bennett applauded the buyer-representative declaring that it was the world record for buying any diamond ever bid. He also informed that the final price included commission fees or the 'buyer's premium.' The diamond was the star at the semi-annual jewellery sale in Geneva, the Huffington Post reported. The Pink Star was heavily guarded in the hotel showroom.

Mr Bennett also informed that the pre-sale estimate of the Pink Star was $61 million. He said that the final price had well surpassed the estimate. Even though $83 million is a huge price, the pink diamond is priceless; Mr Bennett said.

The previous world record was held by another pink diamond, the 'Graff Pink'. It was a 24.78 carat pink diamond purchased by Laurence Graff. Mr Graff, a jeweller based in London, is known as The King of Diamonds. It was sold for $45.75 (45.44 million Swiss francs) in 2010.

When the Graff was sold in 2010, it was thought that the world record was going to stay untouched for a really long time, Mr Bennett said. He seemed pleasantly surprised at the extraordinary price the pink diamond fetched.

The Pink Star was mined in Africa by De Beers in 1999. On the other hand, the exact geographic location of where the diamond was mined is yet to be known. The diamond was previously sold in 2007 by an anonymous seller, according to a spokeswoman at Sotheby's. The original uncut diamond was 132.5 carat, according to eCanadaNow.