Steinmetz Diamonds, owned by Israeli billionaire Beny Steinmetz, spent two years cutting and polishing the stone, which was mined by De Beers in Botswana. The stone was then worn by Danish model Helena Christensen around her neck to exhibit it to the public for the first time in Monaco in 2003.
Pink diamonds get their color from a process known as plastic deformation, whereby pressure changes create structural anomalies in the crystals.
Sotheby’s didn’t change its practices for accepting bids in this auction as buyer defaults are “extremely rare,” said Catherine Allen, a spokeswoman.
This article was provided by Bloomberg News.