In what seems like a week of record-breaking auctions, the Oppenheimer Blue diamond has been sold for a historic $57.5 million. This final price at a Christie’s auction in Geneva easily overshadowed the $48.4 million price tag of the 12.03-carat “Blue Moon of Josephine” last year.

The Fancy Vivid Blue rectangular-cut gem, weighing an impressive 14.62 carats, was the lead item at Christie’s Geneva Magnificent Jewels auction at the Four Seasons Hotel des Bergues, Geneva, May 18, 2016.

The stunner was named after its previous owner, Sir Philip Oppenheimer – a name synonymous with precious gems, largely because his family owned the legendary diamond company De Beers.

Set in a platinum ring, and flanked on either side by a trapeze-cut diamond, the Oppenheimer Blue’s VVS1 (Very Very Slightly Included) clarity grade is one step below Internally Flawless. This means that the gem only has minute inclusions that are difficult for a skilled grader to see, even under 10x magnification. Its very rare medium to dark tone has earned it the prestige of being labelled “the gem of gems”.

This result comes after the Unique Pink – a 15.38-carat vivid pink diamond –  was reported sold for $31.56 million at Sotheby’s.