British billionaire buys £28.8m pink diamond

A rare pink diamond has been bought for a world record £28.8 million by a British billionaire.

Telephone bidder Laurence Graff, 72, saw off three rivals to secure the 24.78-carat diamond, right, at a Sotheby's auction in Geneva.

His winning bid was a record for any jewellery auction, and almost double the previous record of £15.3 million for a diamond.

Mr Graff, a diamond dealer, said he had bought the stone for himself and named it "The Graff Pink".

"It is the most fabulous diamond I've seen in the history of my career and I'm delighted to have bought it," he said.