The Pink Star diamond

The "Pink Star" diamond

The "Pink Star" diamond was sold at an auction last week.  It was sold for $73.99 million.  This oval shaped diamond was 59.60 carats.  David Bennett, a chairman of Sotheby's jewellery in Europe brought down the hammer in a Geneva hotel after an intense five-minute bidding race between four contenders.  The winner was a bearded man who was in his sixties, who declined to identify himself, claimed that he was representing another individual.  The man who bought the diamond said it was for an anonymous person whom he would not mention to reporters.  The final sale of the entire ring and "buyer's premium," or commission fees was $83.02 million.  The "Pink Star" was cut and polished from a 132.5 carat rough diamond mined somewhere in Africa in 1999.  In 2010, a diamond called "Graff Pink," a 24.78 carat fancy intense pink diamond was sold at an auction for $45.75 million.  The"Pink Star" sold for almost double that amount.   It's crazy that someone is willing to spend that amount of money on a piece of jewelry.  We hear about our economy being in a whole and struggling with trying to pay off debt, yet you hear about people spending money on pointless things instead of donating to help those in need.  People need to spend their money on things that are necessary instead of things they want.

People say this diamond has significant beauty and the in the past only royal people would own diamonds such as this one.  In today's society, if you can afford it why not buy it.  People are so worked up with dying young that they feel the need to spend their money as soon as they have it in hand and if the do save up they spend it on brand new cars, jewelry, houses, ect.