Diamonds are considered to be the most expensive jewels in the world, and its heft price tag in the market is often justified by its rarity, its size, and its durability compared to other gemstones. While all diamonds are expensive and rarer, there are just some that are more expensive and rarer than the others, and these rare diamonds are truly one of a kind. There have been many diamonds that were deemed to be the most expensive diamond in the world, but there has been one specific piece of gemstone that has retained the title for several years, and that gem is nicknamed “The Pink Star.” How did the diamond get its name? And why did it become so pricy in the market? These questions will be answered as we take a look at the history of the most expensive diamond in the world.
Where Was the Pink Star Discovered?
The Pink Star diamond was discovered by De Beers, a mining and diamond trading group that was founded in 1888 by mining magnate and politician Cecil John Rodes. De Beers mined the Pink Star in 1999, during one the mining missions in South Africa, and its rough form weight at 132.5 carat. Its gigantic size compared to other diamonds wasn’t the only impressive aspect of the Pink Star, as the piece of gemstone also boasts a stunning pink color that is considered rare by many diamond enthusiasts. In fact, it is the largest known diamond that is rated to have the Vivid Pink color.
Transforming the Rough Diamond to the Pink Star
After mining the rough diamond, De Beers then sold it to Steinmetz Diamonds, a company belonging to the Beny Steinmetz Group that prioritizes real estate and diamond mining. Because of the rarity of the diamond, Steinmetz Diamond had a difficult time planning how to cut the diamond into a more pleasing and attractive shape.
Overall, it took the company 20 months of work to cut the pink diamond, and the project was worked on by more than eight polishers. For rare diamonds, a polisher would usually take about seven to eight hours to work on a diamond that is one-carat in size. However, since Steinmetz Diamonds insisted that the Pink Start should be cut with utmost care, it took the polishers more than one year to carefully cut and polish pieces of the diamond into a desirable shape.
The final product that the company created was shaped to a “mixed oval brilliant” and weighed at 59.60 carats, which is more than half of the size of the rough diamond. Shaving the diamond to a smaller size is regarded to be necessary, as the size is perfect for showing the clarity and the brilliant color of the gemstone.
The First Name of the Pink Star
Interestingly, the Pink Star was not actually known by its current name when it was first unveiled, as Steinmetz Diamonds first named the vivid pink diamond as “The Steinmetz Pink” in honor of the company’s owner and founder, Beny Steinmetz. The Steinmetz Pink was unveiled on May 2003, in a public ceremony held in Monaco. The ceremony was part of the exhibition created by the Smithsonian Institution called “The Splendor of Diamonds,” which also showcased other rare diamonds, such as “The Alnatt Diamond,” “The Ocean Dream,” “The Millennium Star,” “The Pumpkin Diamond,” and “The Heart of Eternity Diamond.”
First Sale of the Pink Star and “The Pink Dream”
The first person that bought the Pink Star from Steinmetz was an anonymous buyer, who purchased the diamond for an undisclosed sum in 2007. That anonymous buyer would then call the diamond by its current name, the Pink Star, and send the diamond to the auction company Sotheby’s, who would later auction it on November 2013 in Geneva.
In the 2013 auction, the winning bid for the Pink Star was by renowned diamond cutter Isaac Wolf, who bought it for more than $83 million. Wolf would later rename the diamond as “The Pink Dream,” but before he could even come into possession of the diamond, Sotheby’s returned it to their inventory after Wolf was unable to settle the amount the he bid.
The CTF Pink Star
The last auction for the Pink Star was held on April 4, 2017, where it was sold by Dr. Henry Cheng, the current chairman of the Chow Tai Fook Group, for more than $71 million. In honor of the conglomerate’s name and the chairman’s late father, Dr. Cheng Yu-Tung, the Pink Star’s name was changed to the CTF Pink Star.
As of 2021, the Pink Star still holds the record for being the most expensive diamond in the world. Some diamond experts are considering the record of the Pink Star to last for several more years, as there wouldn’t be any diamond that will be rarer than the vivid pink gemstone.