A stunning 59.6 carat huge rare pink diamond known as “Pink Star” was sold for $71.2 million at Sotheby’s auction in Hong Kong. This is the most expensive diamond or jewel ever and has set a new world record.

The jewel, known as the Pink Star, is the largest pink diamond ever graded by the Gemological Institute of America. It was estimated to be sold at $60 million pre-auction but the stone having an unusual distinction, the bid surpassed the estimate and attracted a massive $71.2 million worth bid!

What is so special about the gem? Well, the oval mixed-cut diamond is the largest flawless fancily vivid pink diamond ever as per the grading performed by Gemological Institute of America. This literally precious gem was sold at a record breaking price to become the most expensive gem or jewel ever sold. The previous record was set by the Oppenheimer Blue. The Pink Star was mined in Africa in 1999 and was a raw 132.5 carat gem that took two years to shape.

The gem was bought by Chow Tai Fook, a Hong Kong based jewelry retailer. Chow Tai Fook founded in 1929, is the world’s largest jeweler with more than 2000 stores throughout China. They bought the pink utter beauty which is the highest graded gem and its purity ranks the gem among top 2% in the world. Sotheby is known for auctioning “extremely rare” items, proving it all over again. And the pink diamond is so beautiful with its mystically amazing super-shine that it is really worth the grand price tag.