Rare Pink Diamond Sells For Record $57.7 Million At Hong Kong Auction

A rare pink diamond has sold in Hong Kong for nearly $58 million, setting a record for price per carat paid at auction for any diamond or gemstone, according to Sotheby's.

A rare pink diamond sold in Hong Kong for $58 million, setting a record for the carat price paid at auction for any diamond or gemstone, according to Sotheby's.

On Friday, Sotheby's added that the 11.15-carat Williamson Pink Star stone fetched HK$453.2 million ($57.7 million), the second highest auction price of any gem.

The winning bid, submitted by an undisclosed buyer from Boca Raton, Florida, was more than double the estimated selling price of $21 million.

The stone was the second largest pink diamond ever sold at auction. Pink diamonds are the rarest and most sought-after gemstone in the world market.

The world record for a pink diamond was set in 2017,

When a stone known as CTF Pink Star was sold in Hong Kong for $71.2 million.

Wenhao Yu, head of Sotheby's Asia jewelry and watches division, said Friday's sale "not only testifies to the resilient demand for quality diamonds in Asia, but also testifies to the growing awareness of the significant rarity of pink diamonds."

The Williamson Pink Star is named after two other pink diamonds: the CTF Pink Star and the Williamson Stone, a 23.6-carat diamond given as a wedding gift to Queen Elizabeth II in 1947.

Tobias Kormend, managing director of UK jewelry retailer 77 Diamonds, said the "amazing" sale proved soaring.

High quality diamonds can fetch great prices in a fragile economy.

"Hard assets like world-class diamonds have a history of performing well even in times of instability," he said.

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