A rare diamond has sold at auction for $83 million (£52 million), setting a new world record price tag for a gemstone.
The diamond – which is known as the Pink Star – was sold to Isaac Wolf, who announced he intends to rename it the Pink Dream. It cost him 68 million Swiss francs.
Announcing the sale, Sotheby's David Bennett said: "Ladies and gentlemen, 68 million is the world record bid for a diamond ever and it's right here."
The auctioneer revealed that the diamond was mined by De Beers in Africa in 1999 and he described it as "extraordinarily rare".
He said: "Very, very few of these stones have ever appeared at auction."
Experts spent two years preparing the diamond to be sold, with the Pink Star recorded at 59.60 carat at its final state.
The record sale of the gemstone beats the previous milestone of the $46.2 million that was paid for the Graff Pink diamond three years ago. That stone was half the size of the Pink Star.
Investors purchase gemstones such as rare diamonds as they are deemed as one of the safest bets around in terms of increasing in value.
Find out about commodities trading and learn CFD strategies at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.