TORONTO, March 21, 2017 /PRNewswire/ - Paragon International Wealth Management Inc. expects an upcoming April diamond auction to be a landmark event as the most valuable polished diamond in history is set to make an appearance.
The diamond auction will take place on April 4th at the Sotheby's Hong Kong Magnificent Jewels and Jadeite sale, where "The Pink Star", a 59.60 carat diamond that is estimated to fetch $60 million, will be presented.
The Pink Star was initially mined by De Beers in 1999 in Botswana. 132.5 carats as a rough diamond, The Pink Star was cut and polished over a period of two years into a remarkably large, oval-cut diamond.
The Pink Star is graded as a Type IIa, a rarity for any pink diamond, and is the largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Gemological Institute of America.
This will not be the first time The Pink Star has seen the auction floor. In November 2013, The Pink Star was sold 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.
Sotheby's confirmed the sale's failure in its 2014 annual report and has since held the diamond in inventory at a value of $72 million.
"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 will be the most valuable polished diamond ever offered at auction, replacing the 24.78 carat "Graff Pink" diamond, which is half the size of The Pink Star and sold for $46.2 million in 2010.
Sotheby's will be placing The Pink Star on display from March 29 to April 3 at the Hong Kong Convention and Exhibition Centre prior to the diamond auction.
ABOUT PARAGON INTERNATIONAL WEALTH MANAGEMENT INC.
Paragon International Wealth Management is a leader in the acquisition and management of fancy colored diamonds. In recent years, fancy colored diamonds have shown higher profit margins compared to other hard asset investment vehicles. Paragon International Wealth Management is committed to offering its clients unparalleled advice and guidance in assembling a successful hard asset investment portfolio.
SOURCE Paragon International Wealth Management Inc.