Agence France-PresseMarch 4, 2014 11:03
Auction house Sotheby's said Tuesday it has been forced to buy back a flawless, near-60 carat pink diamond it sold last November after the buyer defaulted on the record $83-million (60-million-euro) payment.
New York diamond cutter Isaac Wolf had outbid rivals for the gemstone, called the "Pink Star", in the Geneva auction conducted by the company.
But, "as a result subsequent buyer default," Sotheby's was forced under its auction contract to buy back the diamond, which is 59.60 carats. It listed its "inventory" value as $72 million.