White Diamond Fetches Record $30.6 Mn at Hong Kong Auction

At a Hong Kong auction, a 118.28-carat white diamond broke a world record when it fetched more than $30 million.

The sparkling translucent stone was sold to a phone bidder at the Sotheby's auction for HK$238.68 million ($30.6 million) following bidding that lasted for more than six minutes.

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Sotheby's showed off a 59.6-carat pink diamond that will be auctioned in the Swiss city of Geneva at a record asking price of $60 million (49 million euros) in November.

The egg-shaped stone has been described as the finest of its kind ever to appear at auction. Earlier estimates valued it at $28-$35 million.

The stone, dubbed the "Magnificent Oval Diamond", was discovered in a deep mine in an undisclosed southern African country in 2011.

As a rough stone before being cut, it weighed 299 carats.

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The stone, described by Sotheby's as "the largest D colour flawless diamond", has been given the highest quality rating awarded by the Gemological Institute of America.

"D colour" diamonds are rare and colourless and fetch premium prices.

Giant White Diamond In Hong Kong Could Fetch $35mn
Auction house Sotheby's said that a 118.28-carat white diamond, set to break records, is to go under the hammer in Hong Kong in October.

The sale beat the record set at a diamond auction last year, when a 101.73-carat diamond was sold for $26.7 million.

Hong Kong has become a centre for jewellery auctions thanks to growing wealth in China and other parts of the region.

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October will see the auction of a rare round blue diamond in Hong Kong

Source-AFP