Diamond Hall of Fame:
The CTF Pink Star Diamond
The Pink Star Diamond shattered every price record when Sotheby’s sold it for a staggering $71.2 million in April 2017 at a Hong Kong auction. It’s the single most expensive diamond or jewel sold at auction.
At 59.60 carats (about the size of a strawberry), the fancy vivid pink internally flawless diamond has none comparable in size and quality. So how can you assess a price for something that is essentially priceless?
Meet the Expert
- Jill Newman is a jewelry authority, editor, and storyteller with over 25 years of experience, having reported from diamond mines in Africa, cutting workshops in India and Belgium, and ateliers around the world.
- She serves as Editor-at-Large for the Natural Diamond Council, with additional bylines in The New York Times, Town & Country, Elle Décor, and Robb Report.
Industry experts say it commands top dollar because we won’t see another like it in quality and size—or even close. “A vivid pink diamond this size is a total freak of nature,” declared Tom Moses, executive vice president of the Gemological Institute of America (GIA). “There are very few important pink diamonds over 20 carats. It is less likely that we will see more important sizable pinks. As the mines age, the deeper the hole, historically, the yield seems to be lower and lower.”
How Rare are Vivid Pink Diamonds?
Consider the statistics: For the past 30 years, the Argyle mine in Western Australia was the world’s main source of pink diamonds (supplying about 80 percent of pink diamonds), and out of the mine’s 20 million carat annual output, only 0.1% are classified as pink diamonds. What’s more, only a handful of those stones were over a few carats in size. That mine was depleted and closed in 2020. Now the supply of pink diamonds is even more sporadic and rare.
The History Behind the CTF Pink Star Diamond
The Pink Star was uncovered by De Beers in Africa in 1999. Over a two-year period, the original 132.5 carat rough diamond was meticulously cut and polished and transformed into a flawless vivid pink diamond, type IIa. That means it’s essentially perfect.
It was originally named the Steinmetz Pink after the diamond company that purchased it. Such a rare and beautiful jewel, it was on display at the Smithsonian Museum of Natural History in Washington DC.
Like many historic, named diamonds, the Pink Star also has an interesting and volatile history. When Steinmetz offered the diamond at a Sotheby’s Geneva sale in 2013, it sold for $83 million. The buyer, New York diamond cutter Isaac Wolf, defaulted on the payment. Since Sotheby’s had a guarantee of $60 million on the diamond, it was forced to acquire the pricey pink diamond. Lucky for the auction house, the stone’s rare beauty and size made it famous—and desirable.
When Sotheby’s offered it in April 2017, there was a bidding war among three players. The victor: Hong Kong jeweler Chow Tai Fook, who named it the CTF Pink after the company’s initials and founder.
Pink Diamonds Have Captivated Collectors for Centuries
The allure of pink diamonds has captured people’s attention for centuries. They were first documented by the French merchant and adventurer Jean-Baptiste Tavernier, who, in the 1640s recorded seeing a very large pink rough diamond weighing over 200 carats while traveling in India’s Kingdom of Golconda. That region was known for discovering the world’s most exceptional and famous diamonds.
Over the subsequent centuries, pink diamonds remained scarce. They were occasionally uncovered in South Africa and Brazil, and in modern times came largely from the Argyle mine. Pink diamonds get their color from intense heat and pressure during the stone’s formation in the earth, which distorts the crystal lattice and results in the pink hue.
Record-Breaking Sales: The Pink Star Diamond and Its Peers
The Pink Star broke every record in terms of size, quality and price. The closest top-quality pink diamonds sold at auction don’t even come near it. The Winston Pink Legacy, an 18.96 carat vivid pink, sold for $50.7 million at Christie’s in November 2018. Until that sale, the Graff Pink held the record as the most expensive pink at auction: Laurence Graff dropped a record breaking $46.1 million for the 24.78 carat fancy intense pink diamond at Sotheby’s in November 2010.
The other top-priced pinks include the Princie Diamond, a 34.65 carat fancy intense pink diamond (note, it is not rated as vivid), which Christie’s sold for $39.3 million in April 2013. The Pink Promise, a 14.93 carat fancy vivid pink diamond, fetched $32.5 million at Christie’s Hong Kong in November 2017.
In 2022, the Williamson Pink Star—an 11.15 carat fancy vivid pink—sold for $57.7 million at Sotheby’s Hong Kong, setting a new world record price per carat for any diamond or gemstone.
Auction prices are driven by market supply and demand. Over the past decade, the price of pink natural diamonds—and colored diamonds in general—has skyrocketed for several reasons. First, more people are aware of fancy-colored diamonds and understand their rarity. Second, there is greater global wealth and a growing number of collectors seeking unique luxury goods and diversified investments. With the Argyle mine now closed, supply is more limited than ever, making top-quality pinks even more coveted by collectors and investors.
Why the Pink Star Diamond Will Always Be Legendary
The CTF Pink Star is a diamond that will go down in the history books, not just because of its record price, but it’s mesmerizingly beautiful. Its vivid hue, flawless clarity, and extraordinary size make it one of nature’s greatest masterpieces. More than just a gemstone, it’s a symbol of rarity, craftsmanship, and the enduring allure of natural diamonds.
