A flawless diamond weighing in at an auspicious 88.88 carats has been sold at auction for $42.2 million to an anonymous Asian bidder. The emerald-cut white diamond - the largest of its kind to be auctioned in Asia - went under the hammer yesterday at the Sotheby's Auction of Magnificent Jewels and Jadeite, held at the Island Shangri-La hotel. With a starting price of $35 million, the anonymous private collector secured the diamond after 11 telephone bids. The buyer, who has the right to name the precious stone, will fork out $47,326,400 for the lot including the premium. The stone was discovered last year at Premier Mines in South Africa, which yielded the Cullinan Diamond, mounted in the head of the royal sceptre of the British crown jewels. Originally weighing 150 carats, the diamond sold yesterday was cut to 88.88 carats to attract Asian bids, said Kaye Shu Hoi-yan, deputy regional director for marketing at Sotheby's. The second most expensive item sold at the auction was a jadeite and diamond necklace - featuring 16 jadeite cabochons of 343.47 carats - for $20 million. The auction continues today.