World's biggest yellow diamond weighing 110.3 carats sells for over $10.9 million at auction. The sales price doesn't include the auctioneer's commission and any taxes the buyer might have to pay.

The diamond was sold by New York-based company Cora International, which discovered the jewel in South Africa last year.

The color in yellow diamonds is caused by nitrogen impurities trapped within carbon molecules and hardened over the course of millions of years.