A 118.28-carat white oval diamond sold for $30.6 million dollars at a Hong Kong auction on Monday (Oct 7) breaking a new world record.

Auctioneer Quek Chinyouw, coaxed two phone bidders into six minutes of bidding for the rock which was mined two years ago in Africa.

"As the auction of this evening's sale of magnificent jewels here, we are extremely thrilled to be celebrating our 40 years of Sotheby's here in Asia by having a world record price for a white diamond at 30.6 million dollars US, which translates to actually 238.68 million Hong Kong dollars. It is now a new world record price for any white diamond at auction and it's also the largest diamond ever sold at auction," he said after the auction, adding that the buyer and seller wanted to remain anonymous.

The "flawless" D oval diamond came in at the low end of the auction house estimates of US$28 to $35 million estimate but still broke the world record of US$26.7 million set by Christie's in Geneva in May.

The stone is the largest diamond graded by the Gemological Institute of America and comes with naming rights by the buyer.

"Well first of all it is the largest white diamond ever to be at auction and it is also the largest oval diamond ever to be graded by the GIA as a D flawless diamond. And so to have the largest diamond in the world, with naming rights, it is a spectacular stone to be celebrating our 40 years here in Asia at Sotheby's," said Chinyouw.

The auction's other highlight, a 7.6-carat flawless, round, vivid blue diamond failed to make the reserve which Quek put down to a 'selective' blue diamond market.

The two gems were the top lots among 330 items of rare jewellery which broke the Asia jewellery auction record with a total of US$95 million.

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