A new record has been set for the most expensive diamond ring ever to be auctioned.

A 14.23 carat pink diamond was auctioned by Christie's International's in Hong Kong. The rectangular-cut gem, called "The Perfect Pink," sold for $23.2 million on Monday night.

Jewelers say it is very rare to find pink diamonds larger than 10 carats and most don't have the pure color quality that this one has.

"First of all, you do not find pink diamond at this large size at all," explained Mei Y Giam, a jewellery specialist with Christie's. "At 14 carats, it is extremely rare to have large pink diamond. They are normally very light in color, so maybe a light pink,or a fancy light. You hardly ever see a fancy intense pink. Fancy intense means that the pink has a deeper saturation. The pink is more obvious. Usually the large pink diamonds are very very light in color, so makes this perfect pink extremely rare."

In 244 years, there have been only 18 diamonds weighing more than 10 carats that have ever been sold at auction.

Monday's auction was the largest jewelry sale ever held in Asia and the London-based auction company's biggest worldwide, according to Christie's. The sale's jewelry staff all sported something pink in their attire for the event.