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(Bloomberg) -- A 14.93-carat pink diamond ring sold for about $32 million at Christie’s in Hong Kong, providing the high-end diamond market with some relief in a volatile auction season.

The oval stone, set in a ring embellished with smaller diamonds, sold after a three-minute contest. It was estimated to sell for as much as $42 million.

The sale follows a choppy auction season in Geneva, where Sotheby’s failed to sell the Raj Pink, a 37-carat stone that was estimated to be worth as much as $30 million.

Pink diamonds are considered among the rarest and most valuable gemstones in the world. Sotheby’s set the record for any gem ever sold at an auction earlier this year, with its $71 million sale of the 59.6-carat Pink Star to Hong Kong-based jewelry retailer Chow Tai Fook Jewellery Group Ltd.

The Christie’s auction came just after a vintage Patek Philippe sold for about $2.9 million at Phillips in Hong Kong. That’s the highest price a wristwatch ever fetched in an auction in Asia.

To contact the reporter on this story: Corinne Gretler in Zurich at cgretler1@bloomberg.net.

To contact the editors responsible for this story: Eric Pfanner at epfanner1@bloomberg.net, K. Oanh Ha at oha3@bloomberg.net, Subramaniam Sharma, Thomas Mulier

©2017 Bloomberg L.P.

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