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Hong Kong tycoon buys daughter $48 mn diamond

The 16.08-carat diamond, set in a platinum and gold ring, was purchased by a private collector from Hong Kong and renamed “The Blue Moon of Josephine”. He was locked in a telephone bidding war for eight minutes for “Blue Moon” before the hammer went down, with the precious jewel staying within its pre-sale estimate of $35-55 million.

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That jewel, the 12.03-carat “Blue Moon”, described by specialists as ideal, is being sold on Wednesday and could bring in a record $55m.

In nearly 250 years of auction history, only three pure vivid pink diamonds of over ten carats have appeared for sale, the auction house said prior to the sale. It was also bought by an Asian buyer who baptised that stone Sweet Josephine, leading to speculation it was bought by the same person.

“Partly because of their great rarity, but equally because of their beauty”, said David Bennett, head of Sotheby’s worldwide jewellery division. A Very Fine Sapphire and Diamond Ring more than doubled its presale high estimate, finally selling for CHF 3.2 million ($3.2 million). I’ve by no means seen a extra lovely stone – its form, color and purity. “It’s a magical stone”, Mr Bennett said.

A 29.6 carat blue diamond has been discovered at a South African mine by Petra Diamonds.

“I’m also pleased to say that tonight’s sale takes our total in Geneva for this year to an unprecedented 300 million dollars, following our record-breaking sale in May”.

Nearly all diamonds have tiny traces of non-crystallised carbon – the element from which they are formed. “It now takes its place among the world’s greatest diamonds”.

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It was expected that the jewel would fetch between $35m (£23m) and $55m (£36m) and its final price surpasses the $46m (£30.2m) record set by a stone named “The Graff Pink” five years ago.

'Exceptional' diamonds to hit auction block