Rare pink diamond sells for record £29m

A rare pink diamond has been sold at auction for a record-breaking £29 million.

British jewellery trader Laurence Graff bid over the phone for the precious stone, which went under the hammer at a Sotheby's event in Geneva.

Weighing 24.78 carats, the gem, known as the 'fancy intense pink' is now the most expensive jewel sold at auction, almost doubling the record set by the 35.56-carat blue Wittelsbach-Graff stone, which changed hands for £15.2 million in 2008, and was also purchased by the wealthy investor.

Mr Graff has reportedly named his new possession the Graff Pink and said his purchase was the most fabulous diamond he had ever seen in his career.

The jewel, currently set as a ring, first appeared on the market 60 years ago when it was bought from the renowned Harry Winston, and had remained in private collections ever since.

In a recent auction of jailed Bernard Madoff's possessions, an anonymous buyer took home the engagement ring the former financier had proposed with for $550,000 (£344,000).