(Newsroom America) -- Sotheby's in Hong Kong has set a new world auction record for any diamond or jewel when The Pink Star, a 59.60-carat oval fancy vivid pink and internally flawless diamond, sold for $71.2 million.
The buyer was Hong Kong jeweler Chow Tai Fook, with the winning telephone bid placed by their Chairman, Dr. Henry Cheng Kar-Shun, who has renamed the stone The CTF Pink.
"It is fitting that the owner of the most prestigious jeweler in Greater China should today break the record for the most valuable item ever sold in Asia as well as the most valuable diamond ever sold at auction - now appropriately named The CTF Pink - said Sotheby's President and CEO Tad Smith.
The CTF Pink joins a number of outstanding stones in the collection of Chow Tai Fook including the Aurora Green, a 5.03-carat vivid green diamond acquired in 2016 for $16.8 million, a new auction record for a green diamond, and the Cullinan Heritage, an exceptionally rare 507-carat rough diamond acquired for $35.3 million in 2010 that was cut and polished over three years to create "A Heritage in Bloom", a unique masterpiece of diamond jewelry.
The Pink Star has been renamed 'The CTF Pink' in memory of the late Dr. Cheng Yu-Tung, father of the current chairman and founder of Chow Tai Fook, and commemorates the esteemed brand's 88th anniversary.