An extremely rare translucent pink diamond fetched a price of $10.8 million at a Sotheby’s auction on Tuesday, the third-highest price ever paid for one of the pink stones at auction.

“It is the third-highest price for a pink diamond at auction,” auctioneer David Bennett told journalists after the sale.

The 10.99-carat, emerald-cut stone was classed as a type IIa diamond, with the type II category making up less than two percent of gem diamonds.

A rare pink diamond that is regarded as one of the most desirable and beautiful in the world was sold for a record 46.16 million dollars on Tuesday.

Sotheby’s had valued the 24.78 carat Fancy Intense Pink diamond mounted on a ring at 27 million to 38 million dollars ahead of the sale in a luxury lakeside hotel.

But intense bidding wiped out the record of over 24 million dollars set during an auction in December 2008 in the sale of a grey-blue diamond Wittelsbach.

An exceptinally rare pink stone is set to break the record for being the world’s most expensive diamond ever.

The pink stone is estimated to be worth $27-38 million when it goes under the hammer on November 16 at Sotheby’s in Geneva

It is classified as ‘fancy intense pink’ – the most perfect pink colour – by the Gemological Institute of America, and is set between shield-shaped diamond shoulders on a silver ring.

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.

A five-carat cushion-cut pink diamond known as “The Vivid Pink” is set to lead Christie’s Hong Kong sale this fall.

According to a media release, the Vivid Pink is the largest potentially flawless fancy-vivid-pink diamond ever offered for sale at auction.

Property of a private collector and set in a ring by renowned jeweler Laurence Graff, the diamond is expected to fetch between $5-$7 million.

The Daily (Australia) has reported that an Australian jeweler recently unveiled what he says are the world’s most expensive champagne glasses, valued at $400,000 and blinged out with 1700 white and pink diamonds.

Designer John Calleija said five jewellers spent more than three months finishing the two glasses, which were chiselled from huit kilogram blocks of crystal.

Each glass stands 15cm tall, weighs 250g, and together encrusted with 15 carats of white diamonds and six carats of rare argyle pink diamonds. They are finished with platinum 18 carat white and rose gold.

Mr Calleija said he was experimenting with his designs when he came up with the idea, but it just as easily could have been a pair of diamond-encrusted chopsticks.