Sotheby's takes back huge diamond after default --- NEW YORK (AP) - 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 set auction history in November when he agreed to pay more than $83 million for the diamond, outbidding three others. -- 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. It described the internally flawless pink diamond as "one of the most remarkable gems ever to appear at auction." -- But the company's chief financial officer, Patrick McClymont, told investors in a conference call Thursday that the buyer had defaulted and Sotheby's has added the diamond back to its inventory at a value of $72 million. -- Sotheby's said it is currently in talks with the buyer, while considering other alternatives. -- "In the meantime, we are quite comfortable with our valuation and see real value in owning the diamond at this price," McClymont said. - More, msn, at: http://money.msn.com/business-news/article.aspx?feed=AP&date=20140228&id=17396022