‍A 59.60-carat oval pink diamond was auctioned for 553 million Hong Kong dollars (71.2 million US dollars) at Sotheby's Hong Kong jewels and jadeite spring sale on Tuesday, setting a new world record for any diamond or jewel.

After a five-minute bidding war between three phone bidders, the diamond finally went to local jewelers Chow Tai Fook.

The "Pink Star" is the largest internally flawless fancy vivid pink diamond that the Gemological Institute of America (GIA) has ever graded, according to Sotheby's.

It has received the highest color and clarity grades from GIA for pink diamonds and has been found to be part of the rare subgroup comprising less than two percent of all gem diamonds.

Mined by De Beers in Africa in 1999, the 132.5-carat rough diamond was meticulously cut and polished for over two years and transformed into a 59.60-carat stunning gemstone.

The diamond failed to sell in November 2013. The gem fetched a re‍cord 83 million US dollars, but the buyer could not pay.

However, Patti Wong, chairman of Sotheby's Asia, said the Tuesday's three bidders had been vetted for this sale.

"All three bidders have a long standing relationship with the company and we were very, very confident that all three bidders had the financial capability and of course the buyer definitely had the financial capability," she said. "We're not worried at all."

The previous world auction record for a pink diamond was 46.2 million US dollars for the 24.78 carat "The Graff Pink" in 2010.

(Source: Xinhua, Reuters)