'Pink star' diamond sells for record-breaking £57m

A huge diamond known as the 'pink star' has sold for a record-breaking £57.2 million ($71.2 million).

The 59.6 carat gem is the most valuable diamond ever offered at auction.

Sotheby's said the buyer is Hong Kong jewellery company Chow Tai Fook, which beat two other telephone bidders.

It took nearly two years to cut the pink star from a rough diamond. Credit: AP

The stone is the largest flawless fancy vivid pink diamond ever graded by the Gemological Institute of America.

The stone was originally auctioned off in 2013 in Geneva but New-York based diamond cutter Isaac Wolf defaulted on the deal.

Sotheby's put it back on the market because of rising demand from wealthy Asian buyers.