Pink Diamond Sold for a Record $46.2 Million

A 24.8-carat pink diamond was sold in an auction for a $46.2 million on Tuesday, the most money ever paid for a jewel, auction house Sotheby's said in a statement.

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London jeweler Laurence Graff bought the diamond and renamed it "The Graff Pink." Sotheby's had previously estimated that the stone would sell for between $27 million and $38 million.

The jewel was on the market for the first time in 60 years, and had been previously owned by Harry Winston.

The previous record price paid for a jewel at an auction was the $24.3 million fetched by the 35.6-carat Wittelsbach Diamond sold in late 2008, Sotheby's said.