The largest and most expensive ruby of its kind to ever sold at auction, a 55.22-carat specimen brought in $34.8 million on Thursday. Less than a year after being found in one of the company’s mines in Mozambique by Canadian firm Fura Gems, the stone was put up for auction in New York in June. Sotheby’s referred to the gem as “exceedingly rare” and “the most valuable and important” ruby to have hit the market before the auction. Its Portuguese name, Estrela de Fura, translates to “Star of Fura” in Mozambique.

Rubies are regarded as among of the world’s rarest and most valuable gemstones, despite the fact that coloured diamonds, in particular, dominate record gemstone sales. The previous ruby auction record was set by sunrise Ruby.

The rough stone from which Estrela de Fura was carved grabbed headlines when it was discovered by miners in July of last year. It was the biggest gem-quality ruby ever discovered, weighing 101 carats at its discovery, almost twice as much as it does now.

Before being sold, a gemstone must be polished, cut into a smaller, symmetrical shape, and cleaned to eliminate impurities and enhance its colour and brightness. The Swiss Gemmological Institute’s analysis, according to Sotheby’s, stated that this had “resulted in vivid red hues due to multiple internal reflections.” In an exhibition, the Koh-i-Noor diamond will be referred to as “a symbol of conquest.”

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Dev Shetty, the founder and CEO of Fura Gems, stated in a statement that stones of this size and calibre are “almost unheard of.”

“We have worked with the utmost care and regard for the ruby, recognising its value and majesty,” he said. “From the in-depth examination and study of the stone—through the process of cutting and polishing.