Pink Star diamond sets new world record in Hong Kong

A rare diamond known as the Pink Star has been sold in Hong Kong for more than $71m (£57m), setting a new world record for any gemstone at auction.

The oval-molded 59.6 carat stone was purchased after only five minutes' offering at Sotheby's, reports said.

It is the biggest cleaned jewel in its class to go under the mallet.

It sold for $83m in Geneva in 2013 yet the purchaser later defaulted. The record as of not long ago was held by the Oppenheimer Blue, which sold for $50m last May.

Offering for the pearl, which was found by De Beers at a mine in Africa in 1999 and cut over a time of two years, started at $56m.

Sotheby's said the purchaser was Hong Kong adornments retailer Chow Tai Fook Jewelry.

Alexander Bruckner, head of precious stones at goldsmiths "77 Diamonds", told the BBC that the stone was uncommon.

"It's the biggest pink jewel at any point found ever. It's a mind-boggling shading to it.

"What's more, the sheer size of the stone as of now makes it so uncommon thus lovely."