A recent auction in Toronto, Canada, saw a rare pink diamond selling at $2.3 million, which is recorded as the highest price paid for a gem so far. It outbeat the previous record of a gem sold for $250,000.

The rare pink diamond carried a pre-sale estimate of $2.5 million to $3 million and according to the auction company - Circa Auctions, the bid was made via telephone. Purchase of the gem included ‘full naming rights’ of the gem.

The diamond was sourced from the Argyle mine in Australia and is recognised as a VS2 diamond.