A rare pink diamond ring may fetch up to $38 mln

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This diamond ring is expected to fetch up to $38 million

Location: Hong Kong

The 15.81 carat Sakura Diamond is the largest of its kind to be auctioned

and is named after Japan's cherry blossoms

It will go under the hammer at Christie's on May 23

(SOUNDBITE) (English) CHRISTIE'S ASIA PACIFIC DEPARTMENT OF JEWELRY, CHAIRMAN, VICKIE SEK, SAYING:"The Sakura Diamond is fancy vivid purple-pink, internally flawless with type 2A certificate. This is the largest purple-pink diamond to ever appear in auctions. The color is so strong saturated, with no graining in the stone, therefore, there is internally flawless clarity which is very rare in a pink diamond."