Sotheby's Geneva set a world auction record for any diamond and any jewel today when it sold an exceptionally rare and magnificent Fancy Intense Pink Emerald-cut Diamond. Weighing in at 24.78 Carats, the ring sold for for $46,158,674, well above the pre-sale estimate of $27 million to $38 million.
Four bidders competed for the gem, which is considered to be one of the most important and beautiful stones ever to come up for auction. The stone came to the market from a private collection, and has not appeared on the open market since it was purchased some 60 years ago from Mr. Harry Winston(who's namesake company won the Luxist Awards' Readers Choice Award for best jewelry line).
The diamond was bought by Patti Wong, Sotheby's Chairman in Asia, bidding on behalf of Laurence Graff, the British billionaire jeweler to the stars (and a Luxist Awards nominee for best jewelry line). Shortly after the sale, Laurence Graff named the diamond "The Graff Pink" and made the following statement: "It is the most fabulous diamond I've seen in the history of my career and I'm delighted to have bought it."