This record-breaking pink diamond ring just sold for about $60 million

Written by Zoe Sottile, CNN

A beautiful pink diamond has sold for nearly $60 million, more than double its expected price.

Sotheby’s auction house sold the massive stone Friday for 453.2 million Hong Kong dollars or about 58 million dollars. The stone was expected to sell for about $21 million. The 11.15-carat pink diamond, also known as the “Williamson Pink Star,” is one of the purest, pinkest diamonds ever to come up for auction, according to a Sotheby’s press release.

“The discovery of a gem-grade pink diamond of any size is an extremely rare event — something that, with the recent closure of the Argyle mine, seemed highly unlikely until recently,” said Wenhao Yu, president of Jewelery and Watches. at Sotheby’s Asia, in the release. “Driven by limited supply and increasing demand, prices for large, top-quality pink diamonds over 5 carats have risen exponentially over the past decade, setting the stage for the appearance of this unique stone.”

The pastel-colored diamond was named in honor of two other pink diamonds, the CTF Pink Star, which sold for $71.2 million in 2017, and the “Williamson” diamond, a pink diamond gifted to Queen Elizabeth II.

This undated photo released by Sotheby's shows The Williamson Pink Star.  The pink diamond was auctioned in Hong Kong on Friday, October 7, 2022, for $49.9 million, setting a world record for the highest price per carat for a diamond sold at auction.

This undated photo released by Sotheby’s shows The Williamson Pink Star. The pink diamond was auctioned in Hong Kong on Friday, October 7, 2022, for $49.9 million, setting a world record for the highest price per carat for a diamond sold at auction. Credit: Sotheby’s/AP

The Williamson Pink Star is cushion-cut from a 32-carat rough diamond mined at the Williamson mine in Tanzania, Sotheby’s says.

The stone is unique because of both its size and its color. Pink diamonds are some of the rarest varieties, according to Sotheby’s, and this stone stands out mainly for its purity and clarity.

Hong Kong was the diamond’s last stop after a tour of Dubai, Singapore and Taipei.

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