London jeweler Laurence Graff paid $46,158,674, for the 24.78-carat "fancy intense pink" diamond, which he immediately named "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," Graff said in a statement released by auction house Sotheby's, which offered the diamond at its Geneva sale.
The sale price was almost double the $24.3 million achieved by the blue 35.56-carat Wittelsbach-Graff diamond in 2008. That was also bought by Graff.
"This is the highest price ever bid for a jewel at auction," said David Bennett, the head of Sotheby's jewelry division, as the auction room in Geneva's luxury Beau Rivage hotel erupted into applause.
Sotheby's said it sold jewels worth $105.1 million Tuesday, also a world record for a single sale. The auction included items once belonging to Christina Onassis, the daughter of the Greek shipping tycoon Aristotle Onassis, and Cristina Ford, the second wife of Henry Ford's grandson Henry Ford II.
"I think this tells you a bit about the health of the market," Bennett told reporters after the sale.