The world's most valuable pink diamond was sold at a Sotheby's auction for a world record price of US$71.2 million in Hong Kong on Tuesday (April 4).

The largest and most vivid pink diamond at 59.6 carat, as graded by the Geological Institute of America, was bought by Hong Kong-based jewellery retailer Chow Tai Fook after a five-minute bidding war between three phone bidders.

In November 2013, a Geneva auction of the stone fetched a world record $83 million but the buyer, New York-based diamond cutter Isaac Wolf, could not pay up and defaulted.

But Patti Wong, Chairman of Sotheby's Asia said they vetted the bidders to ensure they had the finances to purchase the pink jewel. She also added it proved that the Chinese still had the appetite, despite talk of its slowing economy.

The sale broke the previous record for world auction price of US$57.5 million held by Oppenheimer Blue, sold a year ago at a Christie's auction. The Pink Star also became the largest pink diamond ever sold at auction beating the Graff Pink which was half its size.