Last Tuesday in Hong Kong, a huge and very rare, 5-carat pink diamond was auctioned off for – get this – $10.8 million!

The stone itself, which is of a “vivid pink” color has been considered nearly perfect, but not completely flawless. Still, the bidding was fast and furious for it at Christie’s Autumn Sales of Asian and Chinese art in Hong Kong.

By comparison, this huge diamond ring totally smashed the previous record, which was set 15 years ago in Geneva, when a 19.66ct stone sold for a measly $7.4 million. This new pink gem sold for $2.2 million per carat, which set another record as the most ever paid for any diamond at auction. And that record is likely to stand for quite some time.

So where does this diamond stand in comparison to other diamonds sold at auction? Well, it still has a ways to go to catch the “Wittelsbach” blue diamond, a 17th-century stone that went for a whopping $24 million last year.

Still, if $10.8 million is a little out of your budget, we have some other diamond rings at SuperJeweler.com that might be a little more in your range.