An extremely rare, vivid purple-pink diamond mined in Russia is expected to fetch up to $38 million when it goes under the hammer on Nov. 11, the auction house Sotheby's said on Monday.

The oval gem, which is named after a Russian ballet "The Spirit of the Rose," is the largest of its kind to be offered at auction. The trend for colored stones has increased as an asset class by the super-rich in recent years.

Mined by Russian diamond producer Alrosa, the 14.83-carat diamond was cut from the largest pink crystal ever found in Russia, Sotheby's said.

"Pink diamond, in general, is very rare and we know that the very famous pink diamond deposit in Argyle mine in Australia will come to close this year. So assume that the demand will keep going up, supply is very limited," said Wenhao Yu, deputy chairman for jewelry, Sotheby's Asia.

Naturally colored diamonds occur because they possess a particular lattice structure that refracts light to produce colored, rather than white, stones.

Pink diamonds are both rare and aesthetically highly prized by collectors, analysts say.

The gem is being shown in Hong Kong, Singapore and Taipei before being auctioned in Geneva on Nov. 11.