A rare, 5-carat pink diamond was auctioned off for a record 10.8 million U.S. dollars in Hong Kong on Tuesday, putting some shine back into the world's rare and large stones market which was badly hit by the financial crisis.

The stone, of a "vivid pink" hue and considered near perfect, but not quite flawless, triggered brisk bidding in Christie's autumn sales of Asian and Chinese art in Hong Kong.

The price smashed the previous record, set 15 years ago in Geneva for a 19-and-two-thirds-carat piece that sold for 7.4 million U.S. dollars.

The pink gem's per-carat price of 2.2 million USD was also the highest ever paid for any diamond at auction.

Christie's has a track-record of putting rare polished stones up for sale in Asia due to its confidence in the depth of the Asian market for the world's top gemstones and artwork.