An extremely rare diamond of 39.34 carats was the clear-cut winner at the Christie's jewelry auction this week. The cushion-cut gem sold for $6,873,000 ($175,000 per carat) to a private collector from the Middle East.

A stunner in every way, the gem meets the criteria for a near-perfect stone. The sophistication of the stone is reserved for the finest diamonds, reminiscent of important stones found in the fabled mines of India's Golcondo region and several other mines in Brazil and South Africa.

The gem has perfect symmetry with a cut so precise it can stand completely balanced on its pointed end or cutlet. In addition, the diamond has no traces of colorant nitrogen, the characteristic that gives the stone such transparency and sparkle. Only 2% of all diamonds lack this chemical.

"The old-world charm of this beautiful gem, along with a softness to its cut and its superb brilliance, ranks it among some of the most sensational diamonds to have appeared for sale at Christie's, such as the historical Polar Star, to [which] it bears a striking resemblance," said Rahul Kadakia, head of Jewelry Americas at Christie's.

The Polar Star diamond is one of the most famous diamonds in the world, having been owned by Russian royalty until its sale to the House of Cartier in the 1920s, and later selling at Christie's Geneva in 1980 for $5.1 million, a huge sum at the time.

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Christie's sold $50 million worth of fine jewelry on April 16, making it the most valuable jewelry auction ever held in the U.S. Ten jewels sold for over $1 million each, and diamonds stole the show across the board.

The sale of this diamond bolstered overall confidence in the global trade for high-end gems. Last week, there was a moment of concern when Sotheby's (nyse: BID - news - people ) failed to sell a 75.22-carat, "D" flawless white diamond in Asia, though the gem was sold to a private buyer after the auction for an undisclosed sum. The pre-auction estimate was $10 million to $12 million, and the final price was likely not far off the asking price.

The next comparable diamond to hit the auction block is Christie's 101-carat, near flawless, golf-ball-sized diamond, scheduled for sale in Hong Kong next month. The asking price will be around $6 million. There is every indication that the sale will be a success.

Last year, Sotheby's sold a stunning 84-carat white diamond for $16.2 million to Guess! Jeans founder George Marciano, who named it the "Chloe Diamond" after his 12-year-old daughter. The diamond was the second most expensive stone or piece of jewelry ever sold at auction, falling just short of the $16.5 million fetched by a 100-carat diamond at the same Sotheby's branch in Geneva in May 1995.

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