$20m Diamond to top record sale price

The rare round blue diamond will go under the hammer in Hong Kong in October (AFP/Getty images)

A stunning and rare diamond is to go on sale in Hong Kong in a little over a month and is expected to fetch a record price of nearly $20m (£12.8m).

The “Premier Blue” diamond will go under the hammer on 7 October and Sotheby’s is expecting collectors to fly in from around the world to bid. The auction house says the 7.59-carat fancy vivid blue diamond could set a price-per-carat record.

Despite a slowdown in the Chinese economy over the past few years, the sellers are confident that the rarity of the gem will ensure a high sale price.

“While there is a slowdown, the number of top-level collectors are still there,” Quek Chin Yeow, Sotheby Asia’s deputy chairman, said.