• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

Rare diamond breaks record with $46M sale

A rare pink diamond broke the world record for the price of a jewel sold at auction when it went for $46 million.

November 16, 2010 12:00:00 AM PST
A rare pink diamond has broken the world record for the price of a jewel sold at auction.A London gemstone dealer paid more than $46 million Tuesday for the nearly 25-carat diamond at an auction in Switzerland.

Laurence Graff named the "fancy intense pink" diamond "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 statement.

It was formerly owned by the late New York jeweler Harry Winston.

Four bidders competed for the pink diamond, which was last sold 60 years ago by Winston.

Tuesday's selling price easily tops the previous record of $24 million paid for a 35-carat diamond.

The Associated Press contributed to this report.