Man spends record £51m on ‘Pink Star’ diamond

A Jewish man from New York bought a 59.60-carat pink diamond for a record £51 million at an auction in Geneva last night.

It is believed to be the largest sum ever paid for a gemstone.

The buyer, diamond cutter Isaac Wolf, named the flawless, oval-cut diamond “Pink Dream”. It was previously known as the “Pink Star”.

Mr Wolf outbid three other interested parties in the five-minute Sotheby’s auction on Wednesday.