Princie, an Indian diamond, deriving its name from a 14 year old prince of Baroda, has created history for being the costliest auction for any jewel until date after being sold for a cost of $40 million. The price is almost equal to Rs 200 crores.

The intense pink diamond, 34.65 carats, originally belonged to the Nizam of Hyderabad was auctioned by auction house Christie's. Never before in America did a jewel sell for such high price. Hitherto, the record remained with the Wittelsbach Diamond sale which raked up $24.3 million in December, 2008.

The identity of the author is not yet known. The exact price Princie fetched was $39,323,750 translating to $1,135,000 per carat. The diamond originally belonged to the Royal family of Hyderabad, on of the wealthiest Mughal Empire rulers. It later was bequeathed to Nizam-ul-Mulk, the First Nizam. 

(AW- Anil)