A rare, purple-pink diamond was sold for $26.6 million at auction house Sotheby’s Geneva sale on Wednesday. Mined in Russia, the diamond was described as "a true wonder of nature."

"The Spirit of the Rose," a 14.83-carat oval gem, was estimated to fetch between $23 million and $38 million, according to Sotheby’s. While bidding opened at $16 million, the final hammer price stood at $21 million. With commission, the stone set a world record for purple-pink diamonds.

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The pink diamond was sold to a telephone bidder, who chose to remain anonymous.

In recent years, naturally colored diamonds have been highly coveted by the world's richest. Unlike white diamonds, these stones possess a specific lattice structure that refracts light to produce the effect of color.

Earlier this month, western Australia’s Argyle mine, which accounted for the world's largest supply of pink diamonds, stopped production due to depletion.

This gem cut from the largest pink crystal found in Russia and was mined in July 2017 by Russian diamond producer Alrosa. It was shown in Taipei, Hong Kong, and Singapore.

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"The lucky buyer could well profit from prices soaring for pink diamonds in the coming years thanks to increased rarity," said Tobias Kormind, managing director of Europe's largest online diamond jeweler, 77 Diamonds.

According to Sotheby’s, five of the 10 most expensive diamonds ever sold have been pink.

see/rc (AFP, Reuters)