LONDON , England ( CNN ) -- What recession ? Christie 's , the famed auction house , this week sold a nearly 36-carat diamond for $ 24.3 million , which it said was the highest price for a diamond sold at auction . The 35.56-carat diamond dates back to the 17th century . The previous record was a mere $ 16.5 million for a 100-carat diamond in 1995 , Christie 's said . `` In the midst of these challenging times , we were thrilled to achieve an historic price for an historic diamond , '' said Francois Curiel , chairman of Christie 's Europe and auctioneer for Wednesday 's sale . The 35.56-carat Wittelsbach blue diamond , dating to the 17th century , was purchased by international jeweler Laurence Graff , the auction house said in a release . Graff was bidding against Aleks Paul of Essex Global Trading , a professional of Russian origin based in New York , Christie 's said . `` Known as 'Der Blaue Wittelsbacher ' since 1722 , it is one of very few diamonds which can claim 17th century heritage , incredible rarity and exceptional beauty . '' The diamond , mined in India nearly 400 years ago , has been privately owned since 1964 . Until 1723 , Christie 's said , all diamonds worn by European royalty came from India . The diamond has a royal lineage . Christie 's traces it thus : King Philip IV of Spain ( 1605-1665 ) selected the diamond in 1664 as part of a dowry for his daughter , the Infanta Margarita Teresa ( 1651-1673 ) . She had become engaged to Leopold I of Austria ( 1640-1705 ) , who later became Holy Roman Emperor . When she died in 1673 , her husband retained the diamond , which was passed on to his heirs . In 1722 , the diamond entered the Wittelsbach family when the Archduchess Maria Amalia of Austria ( 1701-1756 ) married the Bavarian Crown Prince , Charles Albert ( 1697-1745 ) . It was worn by successive rulers until the abdication of King Ludwig III ( 1845-1921 ) in 1918 . The world 's largest deep blue diamond is the `` Hope Diamond , '' a 45.52-carat stone housed at the Smithsonian Institution in Washington , DC . Diamonds apparently are recession-proof . Christie 's reported jewelry sales of $ 226 million for the first half of 2008 , calling it `` the best jewelry season ever seen at auction . '' Sales for the first six months of this year marked a 32 percent increase over the same period in 2007 , Christie 's said . According to Christie 's , key diamonds the company sold in the first half of 2008 included a 13.39-carat fancy intense blue diamond that fetched $ 8.9 million in Geneva on May 14 and the pear-shaped potentially flawless 38-carat Onassis diamond , which sold for $ 7.1 million on June 11 in London .
Christie 's sells nearly 36-carat diamond for $ 24.3 million . Amount said to be highest price for a diamond sold at auction . Jewel was mined in India nearly 400 years ago .