The world's largest pear-shaped, fancy vivid yellow diamond was sold at auction in Geneva. Even as the region collectively tightens its belt, the item went for more than 12.3 million US dollars.

The 110 carat "Sun Drop Diamond" was sold to an anonymous private buyer by telephone. According to Sotheby's, diamonds weighing more than 100 carats are very rare.

The diamond was only discovered last year in 2010 in South Africa. Since then, it has been cut into its current shape and put on exhibition at the London Natural History Museum before travelling the world and finally ending up for its first auction in Geneva.

The total amount of Tuesday's auction at Sotheby's in Geneva brought in 70 million US dollars.