Geneva [Switzerland], November 11 (ANI): A finger ring bearing a super rare purplish-red diamond of 1.05 carats on Wednesday set a world record at the famous Christie's auction in Geneva as it was sold at a whopping price of USD 2.77 million.

The price of the rare rectangular-cut fancy diamond ring of 1.05 carats, established a house and worldwide record of price per carat for a diamond of the specific colour. The stone is mounted on a platinum and gold ring flanked by two heart-shaped diamonds.

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Red-coloured diamonds are known to be the most expensive of all diamonds due to their rare occurrence. The reason that brings the colour to red diamonds has been a topic of debate for a long time but several gemologists have attributed it to the presence of the gliding atoms in the structure of the diamond.

A diamond undergoes enormous levels of pressure during its formation which alters its atomic structure imparting a particular colour to the gem.

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The 1.05-carat fancy purplish-red diamond with VS2 clarity was bought by Tiara Gems and Jewellery DMCC owned by Dubai-based Indian expat Ashish Vijay Jain.

"The jewelry industry is growing rapidly, becoming more competitive and must be sensitive to consumer sentiment. Amidst the COVID-19 pandemic, there will always be interest for rare stones, which are an investment opportunity," he said.

Christie's Magnificent Jewels auction at the Four Season Hotel des Bergues in Geneva featured a curated selection of historic and modern jewelry from all periods as well as the most famous jewelry houses. (ANI)

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