Jewelry Loans Boca Raton

Diamond cutter Issac Wolf won the 59.6 carat “Pink Star” diamond for $83.2 million at a Sotheby’s auction. Then he re-named it the “Pink Dream”. Most who buy something of this magnitude elect to keep themselves anonymous. Bus Issac Wolf insisted he be known. He then went on YouTube to explain why he purchased the diamond. He did everything properly, except pay for the diamond. He should have gotten jewelry loans Boca Raton.

According to a report on CNBC, Sotheby’s had to buy back the stone for $60 million because it guaranteed the seller of the diamond that price. But they are comfortable owning it at that price and think it could be worth much more. In fact, the CEO of Sotheby’s Patrick McClymont is still in talks with Wolf about buying the diamond for the original price. He said, “We are currently in discussions with the buyer while also considering other alternatives. In the meantime, we are comfortable with our valuation and see real value in owning the diamond at this price.”

In Wolf’s YouTube video he explains that the diamond could be worth around $150 million in the open market. He also goes on to say that it isn’t like he bought the diamond with money he had in his piggy bank. Rather there were a group of investors who helped him buy it hoping to cash in on a big return.

The diamond itself is rated fancy vivid pink. It is one of the most rare stones in the world. It is twice the size of the second largest fancy vivid pink diamond ever brought to auction. It is the largest known fancy vivid pink diamond in the world.

The Pink Star was first mined in 1999 in South Africa by De Beers. It started as a 132.5 carat rough diamond before it was cut down.

by, Seth Marcus at Boca Raton Pawn