One of the world’s rarest blue diamonds has sold for nearly $44 million at an auction.

The “Bleu Royal” diamond set upon a ring went under the hammer for $43.8 million (CHF 39,505,000) at Christie’s auction in Geneva on Tuesday, theAssociated Press,CBS NewsandReutersreported.

The vivid blue gem has become one of the most expensive diamonds sold at auction ever, far surpassing its estimated selling price of $35 million, per the AP.

The rare diamond sold for almost $44 million at auction on Tuesday.Martial Trezzini/Keystone via AP

A Christie’s employee displays “Bleu Royal,” a rare 17.61 carats internally flawless fancy vivid blue pear shaped diamond, during a preview at the Christie’s, in Geneva, Switzerland

Martial Trezzini/Keystone via AP

According toChristie’s, the pear-shaped blue diamond is 17.61 carats and weighs 14.2 grams. The ring design also includes two diamonds featured on either side, which are 3.12 carats and 3.07 carats, over a platinum and 18k rose gold band.

“The stone made almost $44 million," Christie’s international head of jewelry, Rahul Kadakia, said, per Reuters. “It’s a huge amount of money given what’s going on in the world today.”

A Christie’s employee displays “Bleu Royal,” a rare 17.61 carats internally flawless fancy vivid blue pear shaped diamond, during a preview at the Christie’s, in Geneva, Switzerland

The vivid blue diamond’s high selling point was put down to its uniqueness in its “deep, rich blue color and unmodified pear brilliant shape,” Max Fawcett, head of Christie’s jewelry department in Geneva, told the outlet.

“It really ticked all the boxes, which is why we managed to excite collectors all around the world, all the way from the Far East, also to America,” Fawcett added. “We’re extremely delighted with the result.”

The gem has become the most expensive diamond sold in history.PIERRE ALBOUY/AFP via Getty Images

This photograph taken on November 2, 2023 in Geneva, shows “Bleu Royal”, a rare 17,61 carats internally flawless fancy vivid blue pear shaped diamond

PIERRE ALBOUY/AFP via Getty Images

“It’s clear that the market is still very strong in certain areas,” Fawcett told the outlet. “Coloured stones performed extremely well, as did signed jewelry…There’s a great market out there for rare things, and there are still collectors looking for the very best.”

Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories.

Out of the three, the “Oppenheimer Blue” was the only diamond that sold more than the “Bleu Royal,” going for $57.5 million at an auction in 2016, according toCBS News.

source: people.com