This article was updated with the final price and other details following the auction’s conclusion.

A 15.81-carat gem, dubbed “The Sakura,” fetched $29.3 million in Hong Kong to become the most expensive purple-pink diamond ever to sell at auction.

Named after the Japanese word for cherry blossom, it is the largest diamond of its kind to go under the hammer, according to Christie’s, the auction house behind the sale.

The stone, which is set on a simple platinum ring, has been classed as internally flawless, meaning that any blemishes are only visible under close magnification. It is also classified as “fancy vivid,” a measure of intense color achieved by only 4% of pink diamonds, the auctioneer said.

In a press statement, chair of Christie’s jewelry department, Vickie Sek, described Sunday’s sale as an “important chapter in jewelery auction history.”