Back in November 2013, the auction world was abuzz when a 59.6ct pink diamond, The Pink Star, sold for a record $83 million.

At the time, the Sotheby’s Geneva auction broke a number of records, but the buyer, New York diamond cutter Isaac Wolf, defaulted on the payment and the sale fell through.

Now, 3 ½ years later, The Pink Star returns to the auction block, this time at Sotheby’s 4th April Hong Kong auction.

Mined in 1999 in Botswana by diamond giant De Beers, the 132.5ct piece of rough was cut into a 59.6ct mixed cut diamond, and graded as a Fancy Vivid Pink, Internally Flawless diamond.

David Bennett, worldwide chairman of Sotheby’s jewellery division believes that now is a good time to auction the diamond again. “The last few years we’ve had colored diamonds perform extremely well,” said Bennett, adding that there have been many records for coloured diamonds, particularly pinks and blues.

This time around, estimates for the sale price are around the $60 million mark, which would make The Pink Star the most valuable cut diamond ever to be auctioned. The current record is held by the Oppenheimer Blue, a spectacular 14.62ct blue diamond that sold for $57.5 million last May.

A $60 million price tag would only work out at about $1 million per carat however, a far cry from the 12.03ct Blue Moon diamond, which sold for $4.03 per carat in 2015 and the 15.38ct Unique Pink diamond, which sold in May 2016 for $2.05 million per carat

Still, the industry will closely follow the results of the auction, to see if The Pink Star will enter the record books, for a second, and hopefully more genuine time.