BREAKING NEWS

Pink diamond expected to set record price for jewel sale

By ASSOCIATED PRESS

NOVEMBER 10, 2010 20:17

GENEVA — Sotheby's announced on Wednesday that it expects a rare pink diamond to set a new world record price next week for a jewel sold at auction.

The auction house estimated that the "fancy intense pink" 24.78 carat gem will sell for $27-38 million.

The previous record price was set by rival auctioneers Christie's when they sold the blue 35.56-carat Wittelsbach-Graff Diamond for $24.3 million in 2008.

The head of Sotheby's jewelry division, David Bennett, told reporters in Geneva on Wednesday that the pink diamond had been "very, very well viewed" by potential buyers ahead of the Nov. 16 sale.

It was last sold by New York jeweler Harry Winston and has a classic emerald cut with gently rounded corners.

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