White diamond fetches record $27.3 million at Hong Kong auction

[Lu Bu]

White diamond fetches record $27.3 million at Hong Kong auction

Published October 07, 2013
Associated Press

Sept. 19, 2013 - FILE - A 118.28-carat white diamond is at Sotheby's auction house in Hong Kong. The white diamond the size of a small egg has sold for $27.3 million. A phone bidder bought the rock from Africa at the Oct. 7 sale. (AP)

HONG KONG – A white diamond the size of a small egg has sold for $27.3 million dollars at a Hong Kong auction.

A phone bidder bought the 118 carat rock from Africa at the Monday night sale.

The price edged out the previous price record for a white diamond of $26.7 million set at Christie's in Geneva in May.

The auction's other highlight was a 7.6 carat vivid blue diamond that fetched $16.1 million.

Both gems sold for less than their estimates.

Sotheby's and other auction houses are holding their twice yearly sale of art and collectibles in Hong Kong.

The city has become one of the world's biggest auction hubs thanks to rising numbers of wealthy collectors from mainland China and other Asian countries.