The 59.60-carat “Pink Star” diamond has sold for a record-setting $71 million at auction in Hong Kong.

The buyer was jewelry giant Chow Tai Fook, Bloomberg reports. Sotheby’s wrote in a tweet that the price is "a new record for any diamond or jewel at auction."

The gem is the largest internally flawless, fancy vivid pink diamond ever graded by the Gemological Institute of America.

Before the auction, only one diamond had  stood in the way   of the Pink Star claiming the title of most gemstone ever sold at auction: the 14.62-carat Oppenheimer Blue. The fancy vivid blue diamond sold at Christie’s Geneva last year for nearly $58 million.

Oddly enough, the Pink Star sold for an even higher price — $83 million — in 2013 at Sotheby's Geneva. But that sale was canceled.

Kanye West released a collaboration today with Jacob & Co., a collection of 18k gold jewelry pieces including sculptural rings and bracelet, necklaces with medallions and heavy pendants on heavy gold chain. The 12-piece collection has been worn by Kim over the last few months. We first took notice of it at the MTV video music awards, when Kim layered the two medallions with another oversized pendant, to compliment the black vintage John Galliano dress.

“I wanted to create something that represented timeless love,” West told   Vogue . Kanye says his pieces were inspired by 14th-century Florentine art to convey a “classical romance.”

The 18K gold collection ranges in price from small rings for $1,550 all the way up to 13,360 for one of these coveted pieces. The complete collection can be viewed and purchased at   yeezysupply.com