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Sotheby's HK Auction to Feature 'Pink Star'

Sotheby's has since held the diamond in inventory with a valuation of $72 million since a previous buyer defaulted.

The 'Pink Star', a 59.60-carat diamond that is estimated to sell for $60 million, will be the highlight of Sotheby's Hong Kong Magnificent Jewels and Jadeite sale.

The Pink Star will be on display from March 29 to April 3 at the Hong Kong Convention and Exhibition Centre, with the diamond auction taking place on April 4.

The Pink Star was sold in November 2013 for $83.2 million at the Geneva diamond auction to New York-based buyer, Isaac Wolf. However, the sale fell through after Wolf and his investors defaulted on payment.

"At a time of unprecedented demand for the finest in colored diamonds, I am delighted to be bringing this magnificent stone back to the market," David Bennett, worldwide chairman of Sotheby's Jewellery Division, said in a statement.

The Pink Star was mined by De Beers in 1999 in Botswana. Originally weighing 132.5 carats, it was cut and polished over a period of two years into a large, oval-cut diamond.

Sotheby's said the Pink Star is a Type IIa and is the largest Internally Flawless Fancy Vivid Pink diamond ever graded by the GIA.

The 24.78-carat 'Graff Pink' diamond is half the size of The Pink Star and sold for $46.2 million in 2010.

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