Geneva, Switzerland, Tuesday, Nov. 16, 2010. Sotheby’s Geneva made a historic sale with an exceptionally rare 24.78-carat, VVS2, fancy intense pink diamond of the purest, vibrant hue with a classic emerald-cut. The said stone sold for $46,158,674 to Laurence Graff. The buyer already has named his buy as ‘The Graff Pink’ reports say.

The diamond is considered highly extraordinary and its sale, according to Sotheby’s underlines the readiness of buyers to pay a whooping price for such collectibles. The diamond has been placed on auction from a private collection, and for the first time since it was purchased around 60 years ago from Harry Winston.

The total sale revenues beat expectations, standing at $105,051,728. Exceptional white diamonds, rare colored stones, jewels with important provenance and signed pieces attracted high prices.

Sotheby's agents applaud after a rare pink diamond has smashed the world record for a jewel sold at auction after a well-known gemstone dealer bid over $46 million for the precious stone in Geneva, Switzerland, Tuesday, Nov. 16, 2010. The 24.78 carat "fancy intense pink" diamond was sold Tuesday for $46,158,674 by Sotheby's.

A Sotheby's agent, right, celebrates with a glass of water after a rare pink diamond has smashed the world record for a jewel sold at auction after a well-known gemstone dealer bid over $46 million for the precious stone in Geneva, Switzerland, Tuesday, Nov. 16, 2010. The 24.78 carat "fancy intense pink" diamond was sold Tuesday for $46,158,674 by Sotheby's.