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Its owner believed it to be a piece of costume jewelry but the GIA found that the ring was set with a 26.27-carat diamond.
The 25.27-carat rectangular-cut diamond went for well above its highest pre-sale estimate, $3.6 million.
That was at the low end of its estimated range but still enough to set a new record for a heart-shaped diamond at auction.
The top lot of the sale was a ring featuring a 6.04-carat pear-shaped diamond that sold for $187,500.
The fancy vivid blue and fancy intense pink diamonds sold for $57.4 million at Sotheby’s on Tuesday.
National Jeweler

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Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.