"Pink Star" diamond sells for record $71.2 mln in bidding war

HONG KONG, April 4 (Reuters) - A 59.60-carat pink diamond

sold for a record $71.2 million in Hong Kong on Tuesday to local

jewellers Chow Tai Fook after a five-minute bidding

war between three phone bidders.

The "Pink Star", the largest Internally Flawless Fancy Vivid

Pink diamond ever graded by the Gemological Institute of America

according to Sotheby's, set "a new record for any diamond or

jewel at auction", the auction house tweeted.

The diamond failed to sell in November 2013. The gem fetched

a record $83 million but the buyer could not pay.

However, Patti Wong, chairman of Sotheby's Asia, said the

Tuesday's three bidders had been vetted for this sale.

"All three bidders...have a long standing relationship with

the company and we were very, very confident that all three

bidders had the financial capability and of course the buyer

definitely had the financial capability," she said.

"We're not worried at all."

(Reporting by Pak Yiu; Editing by Louise Ireland)