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

Perfect pink diamond sold for more than $20M

November 30, 2010 12:00:00 AM PST
A rare perfect pink diamond was auctioned off with a record bid in Hong Kong. After a five-person bidding war, the 14.23 carat ring went to an anonymous buyer for a whopping $23.3 million.

Jewelry experts explained that the diamond is called, "perfect pink" because of its intense color.

They said most pink diamonds exhibit a color modifier of purple, orange or grey, but this one has no trace of a secondary color.

According to the auction house, only 18 diamonds over 10 carats showing a distinct pure pink color have ever appeared for sale in their house.