Photograph by Michael Oldford/Sotheby's via Bloomberg
A 118.28-carat white diamond is estimated to sell for more than $28 million at auction in Hong Kong next month at Sotheby's as part of its 40th anniversary series of sales in Asia. One of only five white diamonds of more than 100 carats ever to be offered at a public sale.
Rare gemstones are both status symbols and hedges against volatility in the financial markets, and their prices are rising. Colored stones, which account for about 0.01 percent of mined diamonds, command the highest price per carat.