A rare 102-carat white diamond has sold at auction for $15.7m (£12.1m) in what experts say is a “bargain”.

The gemstone went to an unnamed telephone bidder. The auction was held online by Sotheby’s in Hong Kong due to the pandemic.

The diamond was taken from a 271-carat stone which was discovered at a Canadian mine in 2018.

Only seven other diamonds larger than 100 carats and of the same quality have gone under the hammer.

The stone did not have a reserve price – a minimum price that the seller is willing to accept for an item.

It is the first time in history that a diamond has sold at auction this way.

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