A rare pink diamond is favored to set a new world record next week, auction firm Sotheby's ventured Thursday.



The 24.78 carats, pinball-size pink diamond will be the centerpiece of the upcoming jewelry auction. The owner asked to remain anonymous, but according to details released, the rectangular gem was bought by American jeweler Harry Winston some 60 years.

The diamond has top grading for purity and color and is currently set in a platinum ring, surrounded by small white diamonds.



The standout stone, estimated at $27-38 million, is among 550 lots scheduled to be auctioned on November 16 auction in Geneva, Reuters said.



Other items of fine jewelry offered will include vintage pieces by French jeweler Van Cleef & Arpels