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The Perfect Pink diamond has changed hands for £14.86 million - a new record for an Asian auction.

A rare pink diamond has sold for $23.2 million (£14.86 million) at an auction in Hong Kong.

The stone, also known as the Perfect Pink, was bought by an anonymous bidder at the event, which was held by Christie's auction house.

Its valuable price tag makes it the most expensive jewel ever sold at auction in Asia, with Burmese rubies, Kashmir sapphire and jadeite also receiving high bids from buyers.

Vickie Sek, director of the jewellery and jadeite department of the auctioneer's Asian branch, said: "The strength of the jewellery market was once again demonstrated in Hong Kong with a record $78.9 million auction, making it the highest total ever for a jewellery auction in Asia."

She added that the Perfect Pink has become the most expensive jewel ever sold in Asia.

Earlier this month, the Fancy Intense Pink diamond broke all auction records after fetching £29 million – it was purchased by British jewellery trader Laurence Graff.

An intense pink diamond going under the hammer for the first time in around 60 years has been described as one of the most-sought after precious stones by a leading auctioneer.

Speaking to Reuters, chairman of the jewellery department in Europe and the Middle East for Sotheby's David Bennett said the 24.78-carat gem is "one of the most desirable diamonds ever to come to auction".

"Its beauty has haunted me since the very first time I set eyes on it some years ago," he added.

The diamond is going on display at Sotheby's showroom in London this week ahead of its sale next month in Geneva, where it is estimated to sell for as much as $38 million (£24.1 million) – a record-breaking price.

Sotheby's auctions in the city have a strong track record for diamond sales, having achieved the four highest prices ever realised for white diamonds, with the Star of the Season fetching $16.5 million in 1995.

Growing numbers of investors are looking to purchase rare diamonds as a hedge against economic uncertainty, according to one auctioneer.

Rare diamonds are growing in popularity among investors who want to protect themselves against the volatile financial markets, it has been suggested.

Speaking to Reuters, head of the jewellery department at Christie's in New York Rahul Kadakia noted prices for diamonds and coloured precious stones have risen 20 per cent in the last year as a result.

An event being held by the auction house that will see more than 450 items of jewellery go under the hammer is expected to raise at least $40 million (£25.1 million) this week and Mr Kadakia explained "a lot of people" are choosing to invest their money in gems.

"Investors and clients who enjoy jewellery have started purchasing important diamonds and gems as a hedge against what's going on in the stock market," he remarked.

Among the items going up for sale at the event on October 20th is the Bulgari Blue, which, according to the auction house, is the "largest triangular-shaped Fancy Vivid Blue diamond ever offered at auction".

An octagonal step cut diamond that sold for considerably more than its estimate was one of the highlights of a recent New York auction.

Demand for diamond jewellery was high at an auction that took place in New York recently.

Among the biggest sellers at Leslie Hindman Auctioneers' Fine Jewellery and Timepieces auction was an octagonal step cut diamond set in platinum and weighing around 15.2 carats, which was bought for $158,600 (£101,790) – far exceeding the upper estimate of $50,000.

Also popular was a pair of platinum and diamond snowflake earrings, which sold for $36,600, while irradiated green and yellow diamonds fetched $56,120 and $43,920 respectively.

Commenting, gemologist Alexander Eblen noted "record bidding" on fine diamonds took place at the event.

"The sale's most contested lots drew as many as 18 telephone bidders," he observed.

President and auctioneer at the firm Leslie Hindman noted many buyers are investors who are looking to use their money to make "reliable material [purchases]".

Famous diamond jewellery is set to go under the hammer in New York later this month in the form of a necklace once owned by Princess Diana.