The Pink Star diamond became the most valuable jewel to be sold fetching $71.2m (£57.3m) at Sotheby’s in Hong Kong.
According to a report by the BBC, the bidding battle lasted five minutes with the successful new owner identified as Hong Kong jewellery retailer, Chow Tai Fook Jewellery.
In 2013 the gemstone was sold for $83m (£66.7m) but the winning bidder defaulted and Sotheby’s was forced to retain the diamond in 2014.
Tobias Kormind managing director for 77 Diamonds said: “The Pink Star has returned to rock the diamond world - and for all the right reasons. It is pure diamond perfection.
“The stone is absolutely unique and incredibly rare, being the largest Vivid Pink Internally Flawless diamond ever graded by the GIA (Gemmological Institute of America).
The supply demand equation for diamonds right now means diamonds are very much here to stay. Numbers of high net worth individuals are growing while the supply of rare diamonds is diminishing, even despite the recent opening of the De Beers Gaucho Kue diamond mine in Canada.”
The Oppenheimer Blue, previously held the highest record price for any diamond at auction. The jewel was sold at Christie’s in Geneva in May 2016 fetching $57.5m (£46.2m).