HONG KONG (AP) — A pink diamond was sold for $49.9 million in Hong Kong on Friday, setting a world record for the highest price per carat for a diamond sold at auction. The 11.15-carat Williamson Pink Star diamond, auctioned by Sotheby’s Hong Kong, sold for $392 million Hong Kong dollars ($49.9 million). It was originally estimated at $21 million.

The Williamson Pink Star draws its name from two legendary pink diamonds. The first is the 23.60-carat Williamson diamond which was presented to the late Queen Elizabeth II as a wedding gift in 1947, while the second is the 59.60-carat Pink Star diamond that sold for a record $71.2 million at auction in 2017.

The Williamson Pink Star is the second-largest pink diamond to appear at auction. Pink diamonds are among the rarest and most valuable colored diamonds. “This is an astounding result, proving the resilience of top diamonds in a shaky economy,” said Tobias Kormind, managing director of 77 Diamonds. “Hard assets such as world-class diamonds have a history of performing well even in times of instability,” he said. “Some of the world’s highest quality diamonds have seen prices double over the last 10 years.”