The famed Unique Pink diamond has set a new auction record.  

The 15.38 carat beauty sold within estimate for $31.6m at Sotheby's Geneva yesterday. That is a new record for a fancy vivid pink diamond, eclipsing the $7.3m achieved by a 19.66 carat example at Christie's Geneva in November 1994.

David Bennett, worldwide chairman of Sotheby's jewellery division, said: "It is difficult to imagine a diamond that better illustrates the term Vivid Pink than this outstanding stone.

"The colour is simply astonishing and, for its size, it is in my experience truly unique."

The identity of the Asian buyer is unknown.

The Unique Pink was the largest contributor to a new world record for a jewellery auction, with the 29 lots combining to achieve $175.1m.

That surpasses the $160.9m realised at Sotheby's Geneva in May last year.

Other impressive performances at the Magnificent Jewels and Noble Jewels sale included a fancy vivid blue diamond ring that achieved $17.1m. A fancy intense blue diamond brooch, created by famed Paris jeweller Alexandre Reza, made $13.6m. That is a new record for a Reza-designed jewel.

These are landmark times for the jewellery sector. Christie's is selling the magnificent Oppenheimer Blue later today in Geneva. It's anticipated to make up to $45m, just short of the diamond world record of $48.4m set by the Blue Moon of Josephine last year.