A record price was set at Sotheby's in Geneva on the night of Tuesday 16 November when a fancy intense pink diamond achieved a sale price of 45,442,500 Swiss Francs or US$46.1, almost 2 million dollars per carat. The pre-sale estimate was 27 million to 38 million Swiss Francs. According to Sotheby's the diamond was bought by Laurence Graff, owner of the eponymous London based diamond house. This price exceeded his last record breaking purchase of the Wittelsbach Blue diamond in December 2008 that sold for 24 million dollars. The intensity of the colour, as graded by the GIA (Gemological Institute of America), its size and the fact that it is a Type IIa diamond, that means that it has few inclusions and a homogenous colour. Only 2% of all diamonds fall into this category and are valued for their crystal purity. If recut, flaws caused by wear and age could be removed and the diamond could be flawless, a fact that only adds to its allure. Laurence Graff may well re-cut it, as he did with the Wittelsbach blue diamond. Graded a Fancy Intense Pink by the Gemological Institute of America (GIA), the stone is a very attractive vibrant pink, a bright hue unlike lesser grades of pinks that can look watery or washed out. Once the property of Harry Winston, it was purchased some 60 years ago by a private collector and once again is on the market.