Auctioneer shows off 118-carat diamond in NYC

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By AP

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Updated: Wed, 04 Sep 2013 12:16:24 EST

NEW YORK (AP) — A New York auction house is showing off a 118-carat white diamond that's the size of an egg. The oval stone was highlighted at a Manhattan media event Wednesday. It will be auctioned in Hong Kong on Oct. 7 and has a pre-sale estimate of $28 million to $35 million. Sotheby's calls it the greatest white diamond to be offered at auction in terms of size, quality, polish and color. It was discovered in 2011 as a 299-carat rough diamond in an undisclosed southern African nation. The current record for any white diamond is $26.7 million. That pear-shaped stone was over 101 carats. It was sold at Sotheby's Geneva last spring. The stone being auctioned next month is nearly 20 percent larger.

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