100-carat yellow diamond fetches $16 million at auction

A 100-carat yellow diamond sold for 14.5 million Swiss francs ($16.3 million,11.9 million euros) at auction in Geneva, AFP reports. 

The 110.09 carat diamond went unsold at first, with the bids too low, before the Sotheby's auctioneer unexpectedly announced that the diamond was going back under the hammer, explaining that there had earlier been some confusion over the currency displayed.

The sole bidder was a woman in the auction room who bought it for 14.5 million Swiss francs, which the auctioneer described as "a very good price".

The pre-sale estimate had been $15-25 million.

The Graff Vivid Diamond is one of the largest yellow diamonds in the world, it's colour is given as "daffodil yellow."

Another highlight of the Geneva spring auction season will be Wednesday's sale by Christie's of "The Blue" a spectacular 13.22 carat diamond estimated to go for $21-25 million.