An enormous diamond known as “The Pink Star” sold for more than $83 million at an auction on Wednesday, far surpassing its expected price.

Sotheby’s says the sale of the vivid and flawless 59.60-carat pink diamond is the highest price ever paid for a gemstone at an auction.

Prior to the sale, the diamond was estimated to fetch more than $60 million. The bidding opened above $52 million, and it closed with the playing of the Pink Panther movie’s theme music.

The exact sale price of “The Pink Star” was 76.325 million Swiss francs, or $83.425 million. It had been introduced prior to the bidding as “one of the most remarkable gems ever to appear at auction.”

The diamond is graded as a Type IIa, a rarity for a pink diamond, and it took Steinmetz Diamonds two years to cut it to form from a 132.5-carat rough diamond.

It was first shown publicly in May 2003 as the “Steinmetz Pink,” then sold privately for the first time in 2007 when it was renamed “The Pink Star.”

The sale in Geneva came a day after the largest fancy vivid orange diamond ever sold at auction went for $35.5 million at a Christie’s auction.

The auctions at Geneva’s lakeside hotels draw well-heeled buyers from around the world seeking expensive jewels, artwork, wine and watches.

More In: World | International | News