'Pink Star' diamond expected to fetch $60 mil at auction

October 3, 2013 (HONG KONG)

It's expected to fetch more than $60 million when Sotheby's put it up for auction next month.

The auction house said that the 59.6-carat oval cut pink diamond, called "the Pink Star", is the rarest and most valuable of its kind.

This is the first time the diamond has appeared for auction.

"It is simply the most important, and the most expensive, and the highest estimate we have ever put on a diamond or any piece of jewelry," said Patti Wong, Chairman of Sotheby's Asia.

The Pink Star will next be showcased in the Middle East, before returning to Geneva for an auction scheduled for November 13.

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