The Pink Star diamond sold at auction for a record breaking $71M

A rare 59.6 carat, Pink Star diamond sold this morning at Sotheby’s Hong Kong auction house for a record breaking $71.2 million.

It’s thought to be the largest flawless fancy pink diamond the Gemological Institute of America has ever graded, and it set a record price for any gemstone sold at auction.

The previous record holder was the Oppenheimer Blue diamond, which sold for $58 million in May 2016 to a private collector. A 812.77-carat rough diamond fetched $63 million at auction in May 2016.

This wasn’t the first time Sotheby’s sold the Pink Star diamond. In 2013, diamond cutter Isaac Wolf bought it for $83.2 million, but he defaulted on the payment. Two diamond companies took partial ownership of the diamond, which was stored at Sotheby’s in the meantime.

After the sale, Sotheby’s announced that the buyer was Hong Kong-based jewelry retailer Chow Tai Fook.

Polite applause followed the bang of hammer, reports Forbes.