London jeweler Laurence Graff set a new record Wednesday, by paying a cool $45.6 million for a rare pink diamond offered by Sotheby’s Auction House in Geneva.

“It is the most fabulous diamond I’ve seen in my career,” Graff said in a statement issued by Sotheby’s, following his telephone bid.

According to British media, the renowned jeweler has reportedly named the diamond “the Graff Pink.”

The 24.78-carat emerald-cut diamond was graded “Fancy Intense Pink” by the Gemological Institute of America. It was sold by a private collector, after being off the market since being bought from Harry Winston about 60 years ago, the New York-based auction house said.

“What makes it so immensely rare is the combination of its exceptional color and purity with the classic emerald-cut,” Sotheby’s European and the Middle Eastern jewelry departments Chairman David Bennett said.

“It’s a style of cutting normally associated with white diamonds and one that is so highly sought-after when found in rare colors such as pink and blue," he added.

Graff previously paid $24.3 million for the 35.56-carat grayish-blue “Wittelsbach Diamond” at Christie’s International in London in December 2008, then the highest for a gem at auction.