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Sotheby’s set a new world auction record for any diamond or jewel at its spring Hong Kong Magnificent Jewels and Jadeite sale..

The oval, 59.60-carat, internally flawless, fancy vivid pink diamond sold for $71,192,517, which ranks among the most valuable diamonds ever sold, according to Sotheby’s. The purchase was made by Hong Kong-based Chow TaiFook (CTF), one of the world’s largest jewelry retailers. He renamed the stone the CTF Pink Star in honor of the late Dr. Cheng Yu-Tung, father of the current chairman and founder of CTF.

The CTF Pink Star is the largest internally flawless fancy vivid pink diamond ever graded by the Gemological Institute of America (GIA).

The previous auction record for any diamond or gemstone was held by the Oppenheimer Blue, a 14.62-carat fancy vivid blue rectangular-cut diamond, which was sold for $57,541,779 by Christie’s in Geneva in May 2016.

Courtesy of Rapaport