Giant Pink DiamondOne of the most valuable diamonds ever placed on auction will make a return appearance at Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale on April 4.

“The Pink Star” diamond at 59.60 carats is the Largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Gemological Institute of America. Its estimate is more than $60 million.

The oval-cut diamond sold for a remarkable $83 million at Sotheby’s Geneva in November 2013, a figure that remains the highest ever for a diamond to this day. However, it wasn’t long after the sale that rumors started to float that the consortium of buyers, led by diamond cutter Isaac Wolf, reneged on the purchase. In February 2014, Sotheby’s confirmed the rumors in its annual report, saying the diamond is now part of its inventory valued at approximately $72 million. The auction house reportedly had to buy back the diamond for $60 million because it had guaranteed that price to the original seller of the diamond.

The Pink Star is graded as Type IIa, which is rare for any pink diamond, much less one of this size and color. It originated from a 132.5-carat rough mined by De Beers in 1999 and was cut and polished over a period of two years. The Pink Star is more than twice the size of the Graff Pink—a 24.78-carat fancy intense pink diamond that established a world auction record for any pink diamond sold at auction. It sold for $46.2 million, at Sotheby’s Geneva in 2010.

Anthony DeMarco is founder of the Jewelry News Network. Please join me on the Jewelry News Network Facebook PageTwitter @JewelryNewsNet and Instagram @JewelryNewsNetwork.