White oval diamond sells for $30.6 million

A flawless diamond has set the record for the most money paid for a white diamond at auction. The oval 118.28-carat gem sold for $30.6 million at a Hong Kong auction after a six-minute battle between two phone bidders.

The stone

Weighing 299 carats in the rough, this African diamond ranked as the largest and most significant gem to receive a diamond grading by the Gemological Institute of America. The stone had also undergone inspection by the Kimberley Process, a joint initiative designed to prevent conflict diamonds from entering the mainstream market. Sotheby's estimated the gem's value at $28 to $35 million, putting the actual action price near the low end of the spectrum.

Other gems

Another honorable mention at the auction in Hong Kong was a blue diamond estimated at $19 million. The 7.6-carat flawless round failed to sell. The vivid blue diamond and oval white were among 330 lots that brought in a total of $95 million, which was $15 million under the expected gross of the night.

World auction stage

China has recently become a major player on the fine jewelry auction scene.

"Hong Kong has in the last few years pulled itself up alongside Geneva and New York as one of the three major selling centers at auction," Quek Chin Yeow, deputy chairman of Sotheby's Asia and an international diamond expert, told Bloomberg.

China's economy has recently taken a slide and Yeow noted that the auction results did not stem from that issue. China's wealthy are too insulated to feel the effects of the economy's fluctuation.

Records

The current world record for a diamond sold at auction - not specifically a white diamond - was set in London in 2010. Jeweler Laurence Graff handed over $46 million for a 24.8-carat fancy intense pink diamond. This record is expected to be broken in November when the Pink Star - a 59.60-carat pink diamond - will be sold. Sotheby's estimates it to fetch $60 million in Geneva.