The highlight of Sotheby’s Australia auction, a 0.82-carat oval-cut fancy purplish red-color diamond from the Argyle Mine failed to sell at the auction. It’s expected sale price was set between $0.76 million -$1.1 million, but its biding price opened at $480,000 and closed $490,000, reports say.

The diamond is of SI1 clarity and set between a pair of brilliant, round-cut, fancy blue diamonds mounted in platinum. It was the first red diamond and the first stone from the Argyle Mine to be auctioned in Australia, reports add.

The Sotheby’s Australia auction offered 250 lots in sale, with antique and contemporary jewellery, reports add.