A father has spent £10.6million ($13.8m) on an 88-carat 'flawless' diamond for his daughter and named it after her.
The Japanese parent purchased the precious stone at the Hong Kong Sale of Magnificent Jewels and Jadeite, held on Tuesday.
He named it the 'Manami Star,' after his eldest daughter. The diamond - considered flawless because it has no imperfections - is one of only three oval diamonds over 50 carats to appear at auction.
The stone is part of a rare subgroup known as Type IIa - considered the most valuable and pure in the world as they contain little or no nitrogen atoms in the crystal structure.
Two major diamonds in the Crown Jewels are Type IIa.
The sale of 200 items at the Hong Kong Convention and Exhibition Centre included a diverse range of white diamonds, fancy coloured diamonds, statement gems and signed jewels.
Eddie LeVian, CEO of celebrity jeweller Le Vian, said: 'The spectacular 88.22 carat diamond auctioned at Sotheby's is one of the largest and most well cut D-flawless oval cut diamonds ever offered for sale.'
He added: 'Considering the limited supply of high quality diamonds, some miners are digging deeper for diamonds and this is only economically feasible when diamond prices are rising.
Diamond mining company De Beers has announced it is investing £1.5billion to extend the life of its Jwaneng mine in Botswana, the source of the Manami Star.
LeVian, whose ancestors once guarded the legendary Koh-I-Noor diamond, now part of the Crown Jewels in the Tower of London, said demand for diamonds increased during uncertain times.
He said: 'Diamonds, as the most portable form of wealth have always had a special place for high net worth individuals, especially those from volatile areas of the world.
'During uncertain times the demand for rare diamonds increases,' he added.
This article has been adapted from its original source.
