A pink diamond the size of a plum was auctioned in Geneva last week for $83 million, a world record for a gemstone.

The 'Pink Star' was sold to Isaac Wolf, a New York diamond cutter, who was going to rename the stone "The Pink Dream." According to NY Daily News:

The auction was conducted in Swiss francs, starting at 48 million and working its way upwards million-by-million.

There was a long silence as the price reached 67 million Swiss francs, before the in-room bidder came back with the winning 68 million.

The final Swiss franc price, including Sotheby's premium, was 76.32 million -- the equivalent of $83.2 million.

The some 150 people in the auction room erupted into applause as the theme tune from the "Pink Panther" was played in a tongue-in-cheek gesture and staffed handed out glasses of pink champagne.

At 59.60-carats, the 'Pink Star' is the largest in its class to ever be graded by the Gemological Institute of America (GIA). The sparkling oval-cut rock measures 2.69 by 2.06 centimeters (1.06 by 0.81 inches), and weighs 11.92 grams (0.026 pounds). It also falls into a rare subgroup with the purest diamond crystals and extraordinary optical transparency.



Images via AP/AFP