The Orange, a pear-shaped orange diamond, has fetched a record £22.2m at Christie's auction held in Geneva, Switzerland on 12 November.
The diamond has set a world record price per carat for any coloured diamond sold at auction, as well as a world record price for an orange diamond, the auction house said in a release.
The orange diamond, which weighs 14.82 carats, was sold at Christie's Magnificent Jewels auction. The sale raised £78m.
The diamond was estimated to fetch around £11-13m before the auction.
"Time and again, a stone will appear on the market that is truly a miracle of nature. The 14.82ct orange diamond is one such stone, a rare gem, which will perhaps only be seen once in a lifetime," François Curiel, international head of Christie's Jewellery Department, said.
He added: "In the sale on Tuesday, it soared far above all previous records for any orange diamond ever sold at auction, placing The Orange amongst the greatest pinks and blues, which are traditionally the most appreciated coloured diamonds."
The other jewels sold at the auction included a collection of the former Bolivian industrialist Simón Itturi Patiño (known as The Andean Rockefeller). Also on offer were natural pearls, royal jewels and the stylish creations from the collection of Hélène Rochas.