A ring that graced the block at SOTHEBY’S GENEVA earlier this week has shattered the record for any jewel previously sold at auction, twinkling past its presale estimate of $27 – $38 million to fetch a flashy $46 million.

The gem was snatched up by London jewelry dealer Laurence Graff, who offered his closing bid over the phone with SOTHEBY’S ASIA chair Patti Wong bidding on his behalf.

Put up for sale by a private collector, the ring features a dazzling 24.78 carat emerald cut diamond of a fancy intense pink hue, which is the actual classification given its colour by THE GEMOLOGICAL INSTITUTE OF AMERICA. The auction raised a total of $105 million, exceeding presale expectations of $67 – $97 million.

When bidding on the stunning lot closed, SOTHEBY’S international jewelry department chair Dave Bennett immediately announced the world record to an eruption of applause, Sky News reported.

Of the gem, last seen on the market 60 years ago when it was purchased from famed jeweler HARRY WINSTON, Mr. Graff stated: “It is the most fabulous diamond I’ve seen in the history of my career.”

And Mr. Bennett agreed: “It was simply one of the most desirable diamonds I have seen during my 35 year career at Sotheby’s.”

The jewel – an exceedingly rare specimen, as there is a noted scarcity of pink diamonds of more than 20 carats – has been proudly named the GRAFF PINK by its new owner.

In paying the astronomical sum, Mr. Graff broke his own previous record for a gem at auction, which he set in December 2008 when he paid $24 million for the 35.56 carat grayish blue WITTELSBACH DIAMOND at CHRISTIE’S LONDON.

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