Arare, fancy, bright pink diamonds have set a new world record of the highest price per carat for diamonds sold at auction.
The 11.15-carat Williamson Pink Star sold for $49.9 million at an auction in Hong Kong on Friday. This jewel was bought by an unknown buyer.
Certified as "intrinsically flawless" and "fancy vivid" – the highest grade of coloured diamond available – the piece sold by Sotheby's is named after another pink stone gifted to the late Queen Elizabeth II.
The gemstone, which emerged from a rough 32-carat diamond at the Williamson Diamond Mine in Tanzania, was on display in Sotheby's Dubai in September, where experts predicted it would sell for over $21 million.
The final asking price received in Hong Kong was more than double those estimates – the total selling price of the diamond was shy, including only $50m, or $57.73m auction fee.
Wenho Yu, Sotheby's president of jewellery and watches in Asia, said: "The discovery of gemstone-quality pink diamonds of any size is an extremely rare phenomenon.
Driven by limited supply and rising demand, prices of large pink diamonds with more than 5 carats of high quality have risen sharply over the past decade, setting the scene surprisingly.
Only two fancy bright pink diamonds are known to be bigger than this, and only one of them has ever appeared at auction.
The CTF Pink Star, an oval-shaped fancy vivid pink stone weighing 59.60 carats, was sold at auction for $71.2m in April 2017, setting a world record for "most expensive diamonds".