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The 'potentially flawless' stone, immediately named The Graff Pink after a contest involving four bidders on November 16, almost doubled the previous record, the £14.6m achieved by the 17th century Wittelsbach blue diamond at Christie's in December 2008 - a 35.56-carat stone that also went to Graff and (to the displeasure of purists) has subsequently been re-cut.

Estimated at SFr 27-38m, the round-cornered rectangular step-cut diamond weighing 24.78 carats was set between shield-shaped diamond shoulders, in platinum, as a ring.

The stone - a Type IIa pink diamond - is very rare in nature. Most often have relatively few inclusions and are noted for their mostly homogenous colour.