A pink diamond was sold for $49.9 million in Hong Kong on Friday, setting a world record for the highest price per carat for a diamond sold at auction.

The 11.15-carat Williamson Pink Star diamond, auctioned by Sotheby’s Hong Kong, sold for $392 million Hong Kong dollars ($49.9 million).

It was originally estimated at $21 million.

The Williamson Pink Star draws its name from two legendary pink diamonds.

The first is the 23.60-carat Williamson diamond which was presented to the late Queen Elizabeth II as a wedding gift in 1947, while the second is the 59.60-carat Pink Star diamond that sold for a record $71.2 million at auction in 2017.

The Williamson Pink Star is the second-largest pink diamond to appear at auction. Pink diamonds are among the rarest and most valuable of the colored diamonds.

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