"You have to acknowledge first that the Pink Legacy diamond was a very special diamond," Kadakia said. "It is one of the best and finest examples of pink diamonds at this size and color and it proved it with a new world record price per carat."

Purchased by American luxury brand Harry Winston, the diamond has been re-christened the Winston Pink Legacy.

The record breaking price suggests the market’s sensitivity to the imminent closing of the Argyle Mine in Australia. With Argyle producing over 90% of the world’s pink diamonds, it is likely the value of the Pink Legacy will soar even higher in the coming years.

Found about 100 years ago in a South African mine, it was first cut in the 1920’s, and has not been altered since, according to Christie’s. Pink diamonds over 10 carats are virtually unheard of.

The Pink Legacy diamond, called one of the world’s greatest diamonds by Christie’s head of jewelry, Rahul Kadakia, is a rectangular cut 18.96 carat pink diamond, and is classified as a ‘fancy vivid’, the highest of color intensity.

An unusually large, and extremely rare pink diamond, formerly owned by the Oppenheimer family, ran the De Beers mining company until 2011, sold for a record breaking price of $50 million dollars at Christie’s annual Magnificent Jewels Auction in Geneva.

"You have to acknowledge first that the Pink Legacy diamond was a very special diamond," Kadakia said. "It is one of the best and finest examples of pink diamonds at this size and color and it proved it with a new world record price per carat."

The Pink Legacy diamond, called one of the world’s greatest diamonds by Christie’s head of jewelry, Rahul Kadakia, is a rectangular cut 18.96 carat pink diamond, and is classified as a ‘fancy vivid’, the highest of color intensity.

An unusually large, and extremely rare pink diamond, formerly owned by the Oppenheimer family, ran the De Beers mining company until 2011, sold for a record breaking price of $50 million dollars at Christie’s annual Magnificent Jewels Auction in Geneva.