GENEVA (Reuters) – An especially uncommon, purple-pink diamond mined in Russia, which Sotheby’s described as “a real marvel of nature”, bought for $26.6 million Swiss francs on Wednesday, the public sale home stated.

Sotheby’s had estimated that the flawless oval gem, “The Spirit of the Rose,” might fetch $23 millon-$38 million on the Geneva sale.

Bidding opened at $16 million and climbed to the ultimate hammer worth of $21 million, plus fee. It was purchased by a phone bidder who selected to stay nameless, Sotheby’s stated.

Jewelry knowledgeable Benoit Repellin, who led the sale, stated it set a file for a diamond graded fancy vivid purple pink bought at public sale. The stone weighing 14.83 carats was the biggest pink diamond with that color grading to go on the block.

The diamond was named after a ballet carried out by the Ballets Russes and its legendary dancer Vaslav Nijinsky in 1911.

Mined by Russian diamond producer Alrosa in July 2017, it was lower from the biggest pink crystal ever discovered within the nation, Sotheby’s stated.

The diamond was proven in Hong Kong, Singapore and Taipei.

Colored stones have been significantly valued as an asset class by the tremendous wealthy in recent times with top-quality pink diamonds particularly prized.

The Argyle mine in western Australian, which produced the world’s largest provide of pink diamonds, halted manufacturing final week because of depletion.

“The fortunate purchaser might properly revenue from costs hovering for pink diamonds within the coming years because of elevated rarity,” Tobias Kormind, managing director of 77 Diamonds, Europe’s largest on-line diamond jeweller, stated in an announcement.

Naturally colored diamonds happen as a result of they possess a selected lattice construction that refracts gentle to supply colored, somewhat than white, stones.

(Reporting by Stephanie Nebehay; Modifying by David Gregorio)