Sothbey’s auction at Geneva saw the 84.37 carats white flawless diamond being bought by Georges Marciano, the founder of Guess Inc., for $16.2 million. He has named the diamond as Chloe Diamond after his daughter. The diamond was sold by Ron Cohen of US-based Clean Diamonds Inc.

This white diamond was profiled as the largest and the second-most expensive jewel ever auctioned. It was valued at $191,980 a carat, which is the highest price per carat ever paid for a white diamond at auction, and has the top D-color grade, the finest white. It also has the 'triple X' designation from the Gemological Institute of America.

The diamond exceeded its high estimate of $16 million. Such a record was created in 1995 when Sotheby's sold a 100.1-carat stone - the Star of the Season for $16.5 million, including commission.