The Pink Star, a rare and flawless diamond, sold for a record-breaking $71m (£57m) in Hong Kong yesterday.
The 59.60 karat oval-shaped stone was auctioned at Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale.
Bidding started at $56 million (£45m) for the diamond which was found by De Beers at a mine in Africa in 1999.
According to the BBC, the rare-stone was bought by jewellery retailer Chow Tai Fook Jewellery in Hong Kong just five minutes after the bidding began.
The stone is considered to be the Largest Internally Flawless Fancy Vivid Pink diamond ever graded by the Gemological Institute of America.
The rare-find was previously sold for $83m in Geneva in 2013 but the buyer later backed out.
“It’s the largest pink diamond ever found in the history of humankind. It’s an incredible colour to it,” Alexander Breckner, head of diamonds at jewellers 77 Diamonds, told the BBC.
“And the sheer size of the stone already makes it so rare and so beautiful.”
The record was previously held by the Oppenheimer Blue, which sold for $50m in May last year.
Coloured gemstones are more popular than ever as Millennials shun the traditional diamond in favour of rubies, sapphires and emeralds, due to ethical, financial and creative tastes.