A 16.08 carat pink diamond nicknamed "Sweet Josephine" has sold for $28.7m at Sotheby's Geneva.

The lot headlined the magnificent jewels sale on November 10.

The pink diamond is mounted on a platinum ring and surrounded by white diamonds

It's mounted on a platinum ring, surrounded by a double row of white pave diamonds, and is the largest fancy vivid pink diamond ever to come to auction.

Only three pink diamonds larger than 10 carats have auctioned in the past 250 years.

A wealthy American family consigned the stone.

Christie's head of jewellery, Rahul Kadakia, explained prior to the sale: "As large and rare colored diamonds of this caliber become increasingly hard to locate, this 16.08 carat Fancy Vivid pink diamond comes to market at a time when great gems are mirroring prices achieved for masterpieces in the world of fine art.

"Collectors are looking to jewels as savvy investments that are both beautiful and can appreciate considerably in value over a relatively short period of time."

The record for a diamond remains $46.1m, set for the Graff Pink at Sotheby's in 2010.

However, a sale at Sotheby's New York this evening could change all that. It will include the auction of the Blue Moon, a flawless 12.03 carat blue diamond which is valued at up to $55m.

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