Oppenheimer Blue: World's most expensive jewel ever auctioned sells for almost £40m

The Oppenheimer Blue, the world's largest Vivid Blue diamond has been sold at auction for £39.4 million - the most expensive jewel ever sold at auction.

The 14.62 carat diamond far-surpassed the estimates of between £26 million and £31 million in 20 minutes of bidding in Geneva, Switzerland on Wednesday evening.

The identity of the buyer is not yet known.

The bidding war took place between two phone bidders and the room of Christie's Magnificent Jewel sale broke out in applause when the hammer was brought down.

The rectangular-cut diamond is set in a ring and flanked by two smaller trapeze-shaped diamonds.

The diamond got its name from the late Sir Philip Oppenheimer, who long oversaw De Beers mining and had given the stone to his wife.

The previous record sale for any diamond was £33 million for the 12.03-carat polished "Blue Moon" diamond in Geneva last year.