A 101.27 carat colorless diamond, the largest of its kind ever sold at any auction in Asia, fetched 48.49 million HK dollars (6.22 million U.S. dollars) Wednesday at the spring auction of Christie's in Hong Kong.

The price was in line with previous market estimates, which put the price between 47 million HK dollars (6.03 million U.S. dollars) and 60 million HK dollars (7.69 million U.S. dollars).

The F color, internally flawless VVS1 101.27-carat stone is the largest colorless diamond to appear on the auction market in 18 years and the largest colorless diamond to ever be sold at auction in Asia.

Francois Curiel, chairman of jewelry at Christie's, had said the auction house put the rare diamond on offer in Hong Kong because Asia was becoming a vibrant market.

"Only three colorless diamonds of over 100 carats have ever appeared at auction, all sold in Geneva," he said.

Sotheby's Hong Kong offered 345 lots at the jewels sale in Hong Kong, with 258 sold to fetch a total of 468.84 million HK dollars (60.11 U.S. dollars), above the auction giant's previous estimates of 56 million U.S. dollars for the total 345 lots.

Eight other items also fetched prices of above 2 million U.S. dollars, which Christie's said was not often seen at the company's jewels auctions before.

"It is the most successful jewel auctions we have ever had," said Vickie Sek, Christie's jewelry expert for Asia.

A 10.63-carat green diamond also fetched 27.21 million HK dollars (3.49 million U.S. dollars) while a pair of jadeite cabochon ear studs was sold at 18.81 million HK dollars (2.41 million U.S. dollars).

Most of the buyers of the top lots were private collectors from Asia.

(Xinhua News Agency May 29, 2008)