$37 million: Rare pink diamond breaks auction record

'The Sakura' sold at aution for a massive $37 million (Source: Christie's/Getty)

It’s pink, it’s massive and it just sold at auction for $37 million ($US29.28 million) to an anonymous buyer.

‘The Sakura’ set a new auction record when it became the largest purple pink flawless diamond ever to be sold at the Christie’s Magnificent Jewels auction.

At 15.8 carats, the ring will surely make a statement for the lucky buyer.

Vivek Sek, chair of the Department of Jewellery for Christie's Asia Pacific, said the exciting sale has marked an important chapter in jewellery auction history.

“The strong sell-through rates and exceptional prices achieved for top quality coloured diamonds and gemstones reflect a robust market demand,” he said.

“We look forward to extending this strong buying momentum to our upcoming live auction in New York on 8 June.”

And, it wasn’t the only pink diamond that went under the hammer at the auction with ‘The Sweet Heart’, a vivid pink heart shaped diamond ring, selling for $8.3 million (US$6.5 million).

While smaller than The Sakura, The Sweet Heart is still a whopping 4.19 carats, meaning it sold for $1.9 million (US$1.5 million) per carat.

Pink diamonds are extremely rare, and though no one is entirely sure what causes the pink hues, many believe it has to do with the enormous amount of pressure put on the gem during formation.

Australia is responsible for 90 per cent of the world’s supply of pink diamonds which are mined from the Kimberley region of Western Australia.

The demand for pink diamonds has grown significantly with pop culture icons like Jennifer Lopez and Mariah Carey receiving pink diamond engagement rings at some time or another.

Jennifer Lopez wears the pink diamond engagement ring given to her by Ben Affleck (Source: Getty/Photo by Vera Anderson/WireImage) (Vera Anderson via Getty Images)

And, who could forget rapper Lil Uzi Vert who earlier this year made headlines around the world when he revealed a $30.9 million (US$25 million) pink diamond inserted directly into his forehead.

Lil Uzi Vert shows off the $30 million pink diamond he had pierced into his forehead (Source: Instagram @liluzivert)

The rapper showcased his new look on Instagram with the caption ‘Beauty is pain’ and revealed he had spent many years paying off the diamond before having it inserted.

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