Sotheby's: Pink diamond sale should set new record

[November 10, 2010]  GENEVA (AP) -- Sotheby's says it expects a rare pink diamond to set a new world record price next week for a jewel sold at auction.

The auction house estimates the "fancy intense pink" 24.78-carat gem will sell for $27-38 million.

The previous record price was set by rival auctioneers Christie's when they sold the blue 35.56-carat Wittelsbach-Graff Diamond for $24.3 million in 2008.

The head of Sotheby's jewelry division, David Bennett, told reporters in Geneva on Wednesday that the pink diamond had been "very, very well viewed" by potential buyers ahead of the Nov. 16 sale.

It was last sold by New York jeweler Harry Winston and has a classic emerald cut with gently rounded corners.

Sotheby's declined to identify the current owner.

[Associated Press]

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.