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Last updateFri, 13 Mar 2015 4pm

Giant Hyderabadi diamond sells for $40 million at auction

A giant pink diamond from an ancient mind in southern India has been sold at auction for more than £25 million.

The 35-carat Princie Diamond, which is said to have once belonged to the royal family of Hyderabad and was traced back to the diamond mines of Golconda, Andhra Pradesh, was bought by an anonymous collector at a Christie's auction in New York.

"The Princie Diamond carries a fabulous provenance, which brings together the legendary names of Golconda, [the] Nizam of Hyderabad, and the Maharani Sita Devi of Baroda," said Christie's jewellery department head Rahul Kadakia before the sale.

"The most beautiful stones discovered in Golconda were always reserved for kings and rulers as they represented the highest power, which was then magically transferred to the owner.

"It was a widely regarded belief that God's gift to India became India's gift to mankind and the Princie is undoubtedly one of the greatest gifts of Golconda."

The diamond was once owned by the Nizam of Hyderabad, who was named by Time magazine in 1937 as the richest man in the world.

It had not seen in public since 1960 when Sotheby's sold it as the "property of a gentleman".

All four of the world's top pink diamonds have been found at Golconda, Christie's says.

The area has the earliest known diamond mines in the world, producing the stones as early as 800BC.

Christie's say that the Princie Diamond is believed to be the third largest pink diamond in the world and was found 300 years ago in the Golconda mines.

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