Rare pink diamond ‘to fetch $38m’

A rare 24.78-carat pink diamond is expected to sell for as much as $38 million (£23.8 million) when it goes up for auction in Geneva next month.

Sotheby's will be offering the Fancy Intense Pink Diamond as part of its Magnificent Jewels event on November 16th and David Bennett, chairman of Europe and the Middle East at the firm's International Jewellery Department said the stone is "one of the most desirable" he has ever seen during his 35-year career at the auction house.

"What makes it so immensely rare is the combination of its exceptional colour and purity with the classic emerald-cut," he explained, adding the cut is "highly sought-after" when found in coloured gems.

The diamond, which is part of a private collection, has not appeared for sale for almost 60 years, when it was sold by jeweller Harry Winston.

Also going under the hammer in the near future is the Bulgari Blue Diamond, which is expected to change hands for over $12 million at a Christie's event in New York later this month.

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