Sotheby's is billing it as one of the world's great diamonds and expects it to smash the auction record for any jewel.

A fancy, intense pink, 24.78 carat stone which was last on the market around 60 years ago is estimated to be worth $27-38 million when it goes under the hammer at a sale in Geneva on Nov 16.

"It is one of the most desirable diamonds ever to come to auction and its beauty has haunted me since the very first time I set eyes on it some years ago," said David Bennett, chairman of Sotheby's jewellery department in Europe and the Middle East.

The lower end of the expected price range is comfortably ahead of the world record auction price for any jewel, set in December 2008 when the fancy grey-blue Wittelsbach Diamond fetched $24.3 million    

The pink stone has not appeared on the market since it was bought some 60 years ago from US jeweller Harry Winston.   

Sotheby's will show the diamond and other highlights of upcoming jewellery sales in Geneva and New York at its London showroom this week. - Reuters