Pink diamond expected to draw record price

A rare pink diamond to be auctioned Tuesday is expected to capture a record price, which could be as high as $38 million US.

The 24.78 carat pink diamond is exceptionally beautiful and rare. According to Sotheby's, which is auctioning the gem, it is of the purest and most vibrant hue, and was graded as flawless by the Gemological Institute of America.

The diamond was last sold 60 years ago by American jeweller Harry Winston, and has been in a private collection ever since.

The highest price paid for a jewel at auction was $24 million USfor a 35.56 carat blue diamond sold in 1978.

Coloured diamonds are highly valued, especially those with blue, pink or green hues.