The Pink Star, a 59.60-carat pink diamond, fetched a record-breaking $71.2m (£57m) in a Hong Kong auction yesterday, the highest price for any diamond or jewel sold at auction in Asia, according to Sotheby's.
The winning bid was placed by Henry Cheng Kar-Shun, chairman of Chow Tai Fook, the jeweller which acquired the diamond, after a five-minute telephone bidding war.
Sotheby's called the Pink Star, which has been renamed the CTF Pink, the largest internally flawless fancy vivid pink diamond.
The gem previously failed to sell in November 2013 after a bidder claimed it for $83m but then couldn't pay out.
David Bennett, worldwide chairman of Sotheby’s jewellery division, said: "I am delighted that this magnificently beautiful diamond has been rightfully crowned the most valuable gemstone ever sold at auction. The price has more than doubled the record for a fancy vivid pink diamond that we set just last year in Geneva."
Sotheby's president and chief executive Tad Smith added: "It is fitting that the owner of the most prestigious jeweller in greater China should today break the record for the most valuable item ever sold in Asia as well as the most valuable diamond ever sold at auction."