Harry Winston buys flawless diamond for record price

Harry Winston, the luxury jewellery house recently acquired by family business Swatch Group, has paid a record price for a colourless diamond at auction in Geneva.

The pear-shaped 101.73-carat diamond sold for $26.7 million (€20.8 million) at Christie's Magnificent Jewels sale, where a total $102 million was raised and record prices were set for diamonds, pearls and sapphires.

The flawless diamond has now been named Winston Legacy after its new owner.

Head of jewellery for Christie's in Switzerland and the Americas, Rahul Kadakia, said: "Harry Winston acquired the most perfect diamond ever offered for sale at auction, Winston Legacy, continuing the tradition of buying and selling only the very best, a trait of the founder Mr Winston himself."

In March, Swatch forked out $1 billion to acquire US-based Harry Winston. This month second-gen Nayla Hayek, who succeeded her father as Swatch Group chair in 2010, was announced as the new chief executive of Harry Winston.