Posted: 14/12/2017

A giant 59.6 carat pink diamond sold for more than $71 million at Sotheby’s in Hong Kong Tuesday, setting a record for the most expensive gem ever sold at auction, according to Bloomberg.

Dubbed the Pink Star, the oval-shaped jewel is the largest internally flawless diamond the Gemological Institute of America has ever graded and was originally expected to fetch around $60 million.

The winning bid, which came from the Hong Kong-based jewelry retailer Chow Tai Fook, came after a five-minute bidding war among three potential buyers. The $71 million price tag greatly surpasses the previous record holder for most expensive jewel, the 14.6 carat Oppenheimer Blue, which sold for $58 million at Christie’s last May. The previous record sale price for a pink diamond was $45.6 million, which went toward the purchase of the 24.8 carat Graff Pink at Sotheby’s in 2010.