Geneva: An exceptionally large blue diamond has been sold for 48.6 million Swiss francs (USD 48.5 million) a record price for any jewel at auction, Sotheby's said, culminating two Geneva auctions in which a convicted Hong Kong tycoon bought rare colored diamonds for his daughter.

The 12.03-carat 'Blue Moon' diamond, set in a ring, was said to be among the largest known fancy vivid blue diamonds and was the showpiece gem at the Sotheby's jewelry auction yesterday. A packed room broke into applause after the hammer came down at a price of 43.2 million Swiss francs, excluding fees within the pre-auction estimate range of about 34 to 54 million francs.