Rare pink diamond to fetch $76 million

This rare diamond, known as The Pink Star, is about to go under the hammer. Picture: Anthony Wallace

A RARE plum-sized pink diamond is expected to break the world record for a gemstone it goes under the hammer in Hong Kong on Tuesday.

The 59.60-carat “Pink Star” is the largest in its class ever graded by the Gemological Institute of America (GIA).

But Sotheby’s was been forced to buy back the flawless diamond after a previous buyer defaulted on what was then a record sale in 2013.

That sale in Geneva saw a New York-based diamond cutter secure the stone for $US83 million.

Sotheby’s is confident the “Pink Star” will again sell for a record price on April 4, somewhere above $75.6 million ($US60 million).

“I think when it’s sold, it will be the new world record price anywhere in the world for a jewel at auction, and I think that’s quite remarkable,” Sotheby’s deputy chairman for Asia Quek Chin Yeow said.

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