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Stunning White Diamond Sells for $27.3 million in Hong Kong

The 118.28-carat white diamond is displayed by a model at a press preview at Sotheby's auction house, Thursday, Sept. 19, 2013.
A white diamond the size of a small egg has sold for $27.3 million at a Hong Kong auction.

Two phone bidders competed for the 118.28-carat African gem for six minutes until one dropped out.

The price edged out the previous price record for a white diamond of $26.7 million, set at Christie's in Geneva this May.

The auction's other highlight was a 7.6-carat vivid blue diamond, which fetched a price of $16.1 million.

Both gems sold for less than their estimates.

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