Thursday 6th March 2014

Sotheby's Buys Back Pink Star After Buyer Defaults on $83M Payment

(March 5, '14, 3:29 Albert Robinson) (IDEX Online News) – Sotheby's has had to buy back a flawless pink diamond weighing almost 60 carats that it sold last November in Geneva after the buyer defaulted on the record $83 million payment.

New York diamond cutter Isaac Wolf has not been able to pay the huge sum for the Pink Star, the firm said.

Sotheby's was forced under its auction contract to buy back the diamond, and it is listed in its "inventory" with a value of $72 million.

“We are currently in discussions with the buyer while also considering other alternatives,” Patrick McClymont, Sotheby’s chief financial officer, said in a conference call with investors.

“In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price.”

"Sotheby's has reserved all of its rights and remedies against the defaulting purchaser," it said in a statement.

The Pink Star was discovered by mining company De Beers in an unnamed African country in 1999.

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