A very large, rare pink diamond is expected to sell for more than $60 million at a Sotheby’s auction this November.

It’s known as the “Pink Star,” and weighs 59.60 carats. If it reaches the expected price, it will set the record for most expensive gemstone at auction. The current record is held by the “Graff Pink,” a fancy intense pink diamond weighing in at 24.78 carats and was sold for $45.75 million in 2010.

The “Pink Star” was cut and polished from a 132.5 carat rough diamond mined by De Beers in an unknown region in Africa in 1999. It was first sold in 2007 mounted on a ring, though the owner remains anonymous. It will go on auction Nov. 13 in Geneva.

The day before, Nov. 12, Sotheby’s rival Christie’s is offering three jewels from Bolivia tycoon Simon Itturi Patino’s collection. The pieces include a 1930 emerald and diamond necklace by Cartier, estimated at $7-$10 million, and other rare gems.

The buyers of these rare stones generally come from international fortunes in Latin America, Asia or the Middle East.

Courtesy of Reuters

http://www.reuters.com/article/2013/09/25/auction-diamond-idUSL5N0HL1T620130925