118-carat diamond breaks records

The 118-carat stone was discovered in 2011 in the deep mines of South Africa and was 299 carats before it was cut. This massive polished diamond characterised as flawless broke records last night when it sold in Hong Kong for a record price of $30.6 million dollars. The 118-carat diamond, about the size of an egg, sold for the low end of its price estimate of $28 million to $38 million. Sotheby's declined to comment on the buyer or the buyer's nationality.

Despite the incredible payload for the white diamond, Sotheby's was unable to sell the next-most-expensive to go under the gavel on Monday. According to sources, a rare blue diamond that was expected to garner $19 million did not even find a buyer.