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Rare pink diamond sells for $17m

After six minutes of frenzied bidding, one of the world's rarest gem stones - a large pink diamond - has sold at auction in Hong Kong for $17.4 million.

That is much more than the estimated $8 million it was expected to fetch.

The round 12-carat stone, the biggest of its kind ever to be sold, was bought by an anonymous telephone bidder.

Queen Elizabeth owns the only other comparable pink diamond.


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