A rare blue diamond aptly named the ‘Blue Moon’, sold at a Sotheby’s auction in Geneva, Switzerland this month for $48. 5 million. Purchased by a private Hong Kong collector, the sale set a new world record for the highest priced jewel to sell at auction.

The ‘Blue Moon’ is a 12.03-carat fancy vivid blue diamond that was cut from a 29.6-carat diamond discovered last year in South Africa. Set in a ring, the diamond’s sale broke an additional record for averaging more than $4 million per carat.

According to Sotheby’s it took experts five months to study the original blue diamond, followed by three months for a master cutter to cut and polish the stone. The auction house also shared in a video recently that the diamond was found in South Africa’s Cullinan mine, which has proven to be the only mine in the world to be a reliable source for blue diamonds. Other well known diamonds found in the mine include the 530-carat ‘Star of Africa’ diamond that is apart of the British crown jewels, and the ‘Blue Heart’ belonging to the Smithsonian.