The largest orange diamond in the world sold this week for $35 million. The orange diamond was 14.82-carats and sold for $2.4 million per carat, which is a world record price. The buyer paid $4.04 million in taxes and commission and chose to remain anonymous.

“It’s a world record price for an orange diamond, it’s a world record price per carat for any colored diamond,” the Christie’s auction house said of the sale, on Tuesday.

“It’s a tremendous price, a magnificent price,” it added, likening the purchase of such a prized colored diamond to buying a Picasso or Van Gogh painting.

Colored diamonds are much rarer than white diamonds and are becoming increasingly popular. They start out as regular, white diamonds, and something in the earth changes them to a certain color. This is what allows the colors to vary and makes them so rare and valuable. Many celebrities have colored diamond engagement rings and other jewelry and colored diamond collections are common among royalty around the world.

But $35 million is nothing compared to the $60 million that a rare, pink diamond is expected to fetch at another auction that will be taking place soon. “Pink Star” has received the highest possible color rating from GIA, as well as top marks for clarity. It is 59.60-carats and completely flawless.

Although colored diamonds are not auctioned often, a few others valued at several million dollars have been sold by Christie’s and Sotheby’s.

Image from News Inc.