Pink Star Diamond Ring
Credit: Tyrone Siu

The 59.60-carat diamond ring, known as “Pink Star“, fetched $83 million during a Sotheby’s auction at the Beau Rivage Hotel in Lake Geneva on Wednesday, November 13, 2013.

Pink Star, the largest in its class ever graded by the Gemological Institute of America (GIA), reportedly set a world record auction price for a gemstone in just five minutes. Only four contenders participated in the bidding of the plum-sized diamond ring.

Sotheby’s confirmed that the winning bid for Pink Star was from New York diamond cutter, Isaac Wolf.

According to reports, Wolf is planning to change the name of the diamond ring to “The Pink Dream“.

Sotheby’s Chairman, David Bennett, said that “coloured diamonds have finally come of age. They are amongst the rarest of all stones, and they are finally reaching levels where the price is matching the rarity.”