Displaying items by tag: gemological institute of america

The ‘Pink Star,’ a 59.60-carat oval cut fancy vivid pink diamond, was sold during Sotheby’s Magnificent Jewels sale in Geneva for a record $83 million on November 13. The gem, which is the largest internally flawless diamond that has ever been graded by the Gemological Institute of America, carried an estimate of $60 million. Sotheby’s said that the buyer was Isaac Wolf, a New York-based diamond cutter who is planning to rename the gem “The Pink Dream.”

When the stone first arrived at Sotheby’s, David Bennett, the Chairman of the auction house’s Jewelry Division in Europe and the Middle East, said, “I have had the privilege of examining some of the greatest gemstones in the world over the past 35 years, and I can say, without hesitation, that ‘The Pink Star’ is of immense importance.” The gem’s vibrant hue combined with its extraordinary size makes it the most exceptional pink diamond known to exist in State, Royal and private collections. The Pink Star belongs to a rare subgroup called “Type IIa,” which includes less than two percent of all gems.  

The diamond was cut from a rough stone weighing 132.5 carats, which was mined in Africa in 1999 by De Beers. It was later cut, polished and transformed into its current form by Steinmetz Diamonds. The Pink Star has been exhibited at the Smithsonian Institution as well as the Natural History Museum in London.

An exceptional and rare orange diamond, the largest known gem of its kind, sold for a record $31.5 million on November 12 at Christie’s in Geneva. The gemstone, which was found in South Africa and weighs in at 14.82 carats, was deemed “fancy vivid,” the top rating for colored diamonds, by the Gemological Institute of America.

Very few pure orange diamonds, or “fire diamonds,” have appeared at auction, with the largest never more than six carats. David Warren, Christie’s international jewelry director, said “To have one that’s over 14 carats is exceptional.” The gem was expected to achieve between $17 million and $20 million.

Sales will continue this week at Sotheby’s when the auction house offers “The Pink Star,” a flawless 59.60-carat vivid pink diamond in Geneva. The stone carries an estimate of $60 million.

Pedro Luis Enriquez who goes by the nickname “El Loco” or “the Madman” has pleaded guilty to stealing $15 million worth of jewelry and watches from Provident Jewelry in Jupiter, Florida.

Investigators believe that three people were involved in the heist that took place on January 22, 2011 although Enriquez, 41, was the only suspect who has been apprehended. The thieves used a jackhammer-style tool and a high-pressure cutting torch to open a vault surrounded by 10 inches of reinforced concrete. Inside the vault, police found an open bottle of wine and a small flashlight, which contained DNA matching Enriquez’s.

Miami-Dade County Police have recovered 170 of the 1,6000 pieces of jewelry, loose stones and watches that were stolen; four arrests have been made in connection to the trafficking of the stolen goods.

Investigators received their first break in the case three weeks after the robbery when one of the stolen loose stones turned up at the Gemological Institute of America in New York. Police tracked the stone to a pawnshop in Miami and were able to recover another 100 stones.

Enriquez, who will serve 15 years in prison, has not volunteered any information about the heist or his accomplices.