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article imageRare pink diamond brings record price at auction

By Lynn Curwin     Nov 16, 2010 in Business
Geneva - A rare pink diamond sold at auction for a record $46.16 million (£29 million) on Tuesday, setting a record for the sale of a single jewel.
The 24.78-carat gem was sold at a Sotheby’s auction in Geneva, and was purchased by British diamond trader Laurence Graff, who is now calling it "The Graff Pink."
“It is the most fabulous diamond I’ve seen in the history of my career and I’m delighted to have bought it,” Graff said in a press release from Sotheby’s.
The jewel sold for more than expected and David Bennett, the head of Sotheby's jewellery division, said that this demonstrated that “truly extraordinary objects will being truly extraordinary prices.”
He said the diamond was one of the most desirable ones he had seen during his 35-year career with the auction house.
The stone came from a private collection, and had not appeared on the open market since it was purchased from Harry Winston about 60 years ago. Graff bid on it by telephone.
The previous auction record was set when a blue 35.56 carat diamond sold for around $24 million (£15.2m) in 2008. Graff purchased it and had it recut.
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