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NEW YORK (CBS) -- Sotheby's of New York is presenting for auction a remarkable white diamond described as 118.28 carat, D color, Flawless, Type IIa stone of Excellent Polish and Excellent Symmetry.

Sotheby's calls it the greatest white diamond ever to appear at auction, as well as the largest oval shaped, D color Flawless or Internally Flawless diamond ever graded by the Gemological Institute of America (GIA). Only four other white diamonds of this quality over 100 carats have ever been sold at auction. The 101.84 carat 'Mouawad Splendor', sold in 1990.

Discovered in 2011 from the deep mines in southern Africa, the 299 carat rough of the Magnificent Oval Diamond is one of the largest and most beautiful diamond roughs found in recent years. Carefully and meticulously worked over a period of months, the resulting stone is estimated to achieve $28 to $35- million at auction in October - in excess of the current highest price ever paid for any white diamond at auction.

The current record for any white diamond is $26.7 million. That pear-shaped stone was over 101 carats. It was sold at Christie's in Geneva last spring. The stone being auctioned next month in Hong Kong is nearly 20 percent larger.

At 7.59 carats, the Premier Blue is the largest fancy vivid blue diamond ever graded by the Gemological Institute of America. The brilliant-cut stone has been judged internally flawless, and excitement is growing in anticipation of the October 7 auction in Hong Kong. Back in 2011, Sotheby's Hong Kong sold a 6.01 fancy vivid blue diamond for more than $1.6 million, but the Premier Blue should easily eclipse that mark.

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