Sotheby's Just Sold A Record-Setting $47 Million Diamond

AP

Sotheby's just sold by far the most expensive diamond ever. The rare pink diamond sold for $46,158,674 at a Swiss auction, according to the AP.

London jeweler Laurence Graff bought the 24.78-carat "fancy intense pink" diamond and immediately named it "The Graff Pink."

Graff bought the last record-setting stone back in 2008 for $24.3 million -- approximately half as much.

You don't have to be an economist to see there's some inflation going on here.

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