Pink Star diamond has sold for $83 million at a Sotheby’s auction in Geneva – a record price for a gemstone.

The diamond measures 2.69 cm by 2.06 cm (1.06 inches by 0.81 inches) and is set on a ring.

The Pink Star was sold to Isaac Wolf, a well known New York diamond cutter who has renamed it the Pink Dream.

The winning bid surpasses the $46.2 million paid for the Graff Pink diamond three years ago, which was half the size of the Pink Star.

The $83 million includes Sotheby’s commission.

Pink Star diamond has sold for $83 million at a Sotheby’s auction in Geneva

The winning bid was for 68 million Swiss francs ($74 million) and reports say there was a long silence between that offer and the previous telephone bid of 67 million Swiss francs.

“Ladies and gentlemen, 68 million is the world record bid for a diamond ever bid and it’s right here,” Sotheby’s David Bennett said as he brought down the hammer.

Sotheby’s played the theme tune from the “Pink Panther” movie after the winning bid was confirmed.

According to the auctioneer, the Pink Star was mined by De Beers in Africa in 1999, but it did not say which country.

It took two years to cut and polish the diamond, which was 132.5 carat in its rough state.

In its finished condition the Pink Star is 59.60 carat, more than double the size of the next biggest diamond in its class.

A carat is a weight measurement used for gemstones and is 0.2g (0.00705 ounces).

Sotheby’s has sold almost $200 million worth of jewellery in its current auction, a record for a single auction according to the company.

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