As we previously reported, the Pink Star diamond was, for a moment in 2013, the most expensive diamond in the world.

Now, following last night’s Sotheby’s auction, it regains its crown in 2017, hopefully for a longer period this time around.

After 5 minutes of bidding, Chinese jewellery retailer Chow Tai Fook won the auction with a winning bid of $71.2million, making it the highest single price paid for a diamond or jewellery at auction.

The price was more than double the previous record for a fancy vivid pink diamond, as well as a new record for any lot sold at auction in Asia and the new owners immediately renamed the diamond “The CTF Pink”.

Steinmetz Diamonds took 2 years to cut the stone from a 132.5ct rough diamond (mined in Africa by De Beers), modelling the rough stone 50 times in epoxy, before fashioning the diamond into the 59.6ct flawless vivid pink diamond that exists today.