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Pink Legacy diamond sold for world record price

A rare pink diamond has fetched 50.3 million Swiss Francs ($50m; £38.5m) at auction, a record price per carat.

Pink Legacy, weighing in at just under 19 carats, was bought by US brand Harry Winston at auction in Geneva.

The price of around $2.6m per carat marked a world record for a pink diamond, according to the Europe head of auction house Christie's.

It had been valued at between $30-$50 million before sale, and was bought after only five minutes of bidding.

The diamond's new owners have rechristened it the Winston Pink Legacy.

Once owned by the Oppenheimer family, who formerly ran the De Beers mining company, the diamond was referred to as "one of the world's greatest diamonds" by Christie's international head of jewellery, Rahul Kadakia.

. "But this is almost 19 carats and it's as pink as can be. It's unbelievable."

It was graded as "fancy vivid" - the highest level of colour intensity.

The rectangular-cut stone was found in a South African mine around a hundred years ago and has likely not been altered since it was first cut in 1920, Christie's said.

Finding a fancy vivid pink diamond larger than 10 carats is virtually unheard of, the auction house said.

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