In the world of high jewellery, few pieces have captured global attention quite like The Pink Star. More than an engagement ring, this extraordinary creation is considered one of the most valuable diamond rings ever sold. When it was auctioned for a record-breaking USD $71.2 million in 2017, it became the most expensive diamond ever purchased at auction and cemented its place in jewellery history.
From Rough Stone to Global Sensation
The story of The Pink Star began in 1999 when diamond mining company De Beers discovered a remarkable 132.5-carat rough pink diamond in South Africa. Even in its uncut form, experts recognised that the stone was exceptionally rare.
Unlike traditional white diamonds, pink diamonds derive their colour from unique distortions within the crystal structure that occur during their formation deep beneath the Earth’s surface. Because these geological conditions are extraordinarily uncommon, pink diamonds represent only a tiny fraction of all diamonds mined worldwide.
After its discovery, specialists spent nearly two years studying the rough stone before beginning the cutting process. Master cutters then dedicated more than 20 months to transforming the crystal into a polished gemstone. The result was breathtaking. The finished diamond weighed 59.60 carats and received the coveted Fancy Vivid Pink grading from the Gemological Institute of America, the highest colour classification available for pink diamonds.
At the time, it was the largest internally flawless Fancy Vivid Pink diamond ever graded by the organisation. The diamond was initially unveiled in Monaco in 2003 under the name Steinmetz Pink. It quickly became one of the most celebrated gemstones in existence and toured internationally at museums and exhibitions before eventually being renamed The Pink Star.
Why Pink Diamonds are so Valuable
The Pink Star’s extraordinary value comes down to one simple factor: rarity. While white diamonds are found in mines across several countries, gem-quality pink diamonds are exceptionally scarce. For decades, the majority of the world’s supply came from the now-closed Argyle Mine in Western Australia, which produced more than 90 per cent of global pink diamonds. Even within that limited supply, only a tiny proportion possessed the colour intensity, clarity, and size required to achieve world-record prices.
The Pink Star stands apart because it combines several qualities that rarely exist together. It possesses exceptional colour saturation, remarkable clarity, flawless polishing, and an immense carat weight. Most pink diamonds larger than a few carats contain visible inclusions or imperfections. Achieving nearly 60 carats while maintaining flawless quality is almost unheard of.
Luxury collectors often compare coloured diamonds to fine art. Just as a masterpiece painting cannot be replicated, gemstones such as The Pink Star are effectively irreplaceable. Their value is driven not only by beauty but also by their scarcity and historical significance. This has contributed to a growing trend among high-net-worth individuals who view rare coloured diamonds as long-term investment assets alongside artworks, vintage watches, and classic cars.
The Record-Breaking Auction
The Pink Star achieved global headlines in April 2017 when it was offered for sale by Soteby’s in Hong Kong. Collectors from around the world closely watched the auction, anticipating a fierce bidding battle. Expectations were high due to the diamond’s reputation and rarity.
When the final hammer fell, the gemstone sold for approximately USD $71.2 million, establishing a new world record for any diamond sold at auction. The successful buyer was Hong Kong jewellery company Chow Tai Fook Jewellery Group, one of Asia’s largest luxury jewellers. Following the purchase, the company renamed the gem the CTF Pink Star in honour of its founder.
The sale highlighted the growing influence of Asian luxury consumers within the global jewellery market. Increasing wealth across the region had created strong demand for rare gemstones, helping drive record prices for exceptional pieces. Industry experts viewed the transaction as a defining moment for the coloured diamond market. It demonstrated that truly extraordinary gemstones could command values comparable to the world’s most important artworks.
A Lasting Legacy in High Jewellery
Nearly a decade after its record-breaking sale, The Pink Star remains one of the most famous diamond rings ever created. Its influence extends far beyond its auction price. The gemstone reinforced the desirability of coloured diamonds, inspired new generations of collectors, and demonstrated the enduring appeal of exceptional natural treasures.
For jewellery houses, it represents the ultimate standard of rarity and craftsmanship. For investors, it showcases the potential value of museum-quality gemstones. For the public, it remains a fascinating example of nature’s ability to create something truly extraordinary.
In a luxury market constantly searching for the next record-breaking jewel, The Pink Star continues to stand alone. Its combination of size, colour, clarity, and history makes it one of the most remarkable diamonds ever discovered. More than a ring, The Pink Star is a symbol of rarity itself. Its journey from a rough crystal deep within the Earth to a USD $71 million masterpiece has secured its place as one of the greatest achievements in the history of high jewellery.
Written By: Mia Quisumbing
Published On: 10th June 2026