A diamond platinum ring has been sold for $4.22 million at a sale in a New York auction.

The platinum band encasing a 50.53 carat diamond far exceeded its pre-sale estimate of $3.5 million.

It was snapped up by a private buyer from Asia, according to Bloomberg.

Bidding was reportedly brief for the ring and took place over the phone between the buyer and an anonymous Middle Eastern dealer.

It was part of the Magnificent Jewels sale, which takes place twice a year in the New York and Genevan branches of the auction house.

In total, the auction earned Christie's $39.07 million, which amounted to the strongest performance in a decade.

The money raised during the auction was 23 per cent up on the 2005 figure and beat the presale-high estimate of $30 million by 30 per cent.

It was so successful that it was only $2 million off achieving a record set in 1996 at Christie's.

Ÿ Adfero Ltd