A ring with a pink diamond the size of a chickpea was auctioned off for a record HK$83.5 million ($10.8 million) in Hong Kong on Tuesday.

“Vivid Pink,” as it’s called, is a five-carat stone flanked by two white diamonds and set in a ring by elite jeweler Graff. It hails from a private collection.

The so-called fancy-vivid stone broke the per-carat record for a diamond established in May.

With a price tag of $3.2 million, the new iPhone 3GS Supreme launched yesterday by Stuart Hughes could be the world’s most expensive phone.

The handset was made for an anonymous Australian businessman with 271 grams of 22ct solid yellow gold and 136 flawless F-color diamonds totalizing 68ct.

The Apple logo is made from solid gold and decorated with 53 diamonds of 1ct, while the front navigation button consists of a single 7.1ct diamond.

The 31-year old supermodel Marisa Miller was chosen to model this year’s Victoria’s Secret Fantasy Bra, designed by Italian jewelry house Damiani.

The $3 million bra was covered in 150 carats of stones, including a 16-carat heart-shaped stone. “It’s like being a princess,” Marisa told Us Weekly.

Sadly, the recession appears to have hit the diamond bra business quite hard. In 2006 the diamond bra was covered in $5.6 million in diamonds.

Motorola has announced another expensive Aura edition called Motorola Aura Diamond Edition. Plated with 18 carat gold, it features 34 diamonds:

30 diamonds are embedded above and bellow the phone’s circular display and 4 diamonds sit on the navigation key on the brown keypad.

A special edition of the Czech magazine “Royal Report” has been released with gold letters on the cover and diamonds on the alphabet R.

The luxury magazine will be put up for auction and is expected to fetch more than 4 million Czech crowns ($228,936).

The price includes the special edition, a yearly subscription, a vacation four times a year to anywhere in the world and 12 hours use of a jet plane.

Petra Diamonds has announced the recovery of a 507.55-carat rough white diamond from the famed Cullinan Mine in South Africa.

This spectacular gemstone was recovered on Thursday 24 September and is currently with experts for analysis.

Initial examinations indicate that the stone is of exceptional color and clarity, and is most likely a Type II diamond.