Rare yellow diamond weighing 33 carats could sell for up to $8 million, says Christie's

A vivid yellow diamond weighing 32.7 carats could sell for up to $8 million at auction, said auction house Christie's.

The diamond is likely to be the outstanding lot at a Christie's jewelry auction in New York on October 18. The diamond is also being sent on a worldwide tour ahead of the auction and can be viewed in Hong Kong, London and Geneva.

The diamond could break the record $203,000 per-carat price seen for an 18.49-carat Golden Drop yellow diamond sold in London in 1990, the auction house said.

"The Vivid Yellow literally blazes with color unlike any yellow diamond I've ever seen," said Rahul Kadakia, Christie's Americas' head of jewelry.

The loose pear-shaped diamond is so rare that it is a one-in-10 million stone.

"Jewels have long been regarded as a very stable and highly portable store of wealth over the long term, so an upward trend in tangible, portable assets like diamonds is not wholly unexpected during times of economic turmoil," Kadakia said.