Rare Pink Diamond Sets Auction Price Record"JEWERLY NEWS"

What does the most expensive diamond in the world cost you? Ask billionaire, Laurence Graff, who now owns the most valuable piece of jewelry in the world.

Diamond connoisseurs expected a potentially flawless 24.78-carat pink diamond to break price records when it went under the hammer at Sotheby's Geneva auction, but they had no idea it would fetch such a soaring sum.

The gem, which is among the top two percent in terms of quality, was purchased by British billionaire, Laurence Graff, for a whopping $46.16 million - far surpassing early estimates in the high $20 million range.

"This is the highest price ever bid for a jewel at auction," said David Bennett, the head of Sotheby's jewelry division in Europe and the Middle East.

Mr. Graff, who grew up in the East End of London and left school at 14, said he had bought the gem for his own collection, immediately naming it "The Graff Pink".

"It is the most fabulous diamond I've seen in the history of my career and I'm delighted to have bought it," Graff said after the sale.

Previously, the title of world record for a jewel sold at auction belonged to the 17^th century "Wittelsbach" blue 35.56-carat diamond, which Graff purchased from Christie's in 2008 for $24,311,190.

Diamonds clearly aren't just a girls' best friend these days.