Sotheby’s says an enormous diamond known as The Pink Star is back in its possession after the buyer couldn’t pay for the jewel and defaulted.

New York-based diamond cutter Isaac Wolf outbid 3 rivals to pay $83 million for the flawless pink diamond in an auction guaranteed by Sotheby’s.

But on Thursday, the auction house said it has reversed the related commission revenue on the sale as a result of the buyer’s default and has recorded the pink diamond in its inventory at a value of about $72 million.

“We are currently in discussions with the buyer, while also considering other alternatives,” Patrick McClymont, Sotheby’s CFO said. “In the meantime, we are quite comfortable with our valuation, and see real value in owning the diamond at this price.”

Sotheby’s said the price fetched in Geneva for the 59.60-carat pink diamond was the highest ever paid for a gemstone at auction.

Sotheby’s still holds the world record price for a diamond sale, even after the default. In November 2010 the auction house sold another pink diamond – the 24.78-carat “Graff Pink” – for $46m in another auction in Geneva.