An extravagant pink diamond weighing slightly under 19 carats – formerly known as the Pink Legacy diamond – fetched a record $50 million at a Christie’s auction in Geneva on November 13. US-based Harry Winston purchased the beautiful diamond for 50.4 million Swiss francs, while a press release from the auction house states the bidding lasted nearly five minutes before it was declared the most expensive pink diamond ever sold at an auction –  further breaking it down to over $2.6 million per carat.

Harry Winston Jeweler, which is owned by Swatch whose CEO is Nayla Hayek, daughter of the late Swatch founder Nicolas Hayek – acted quick to rename it, calling it “The Winston Pink Legacy,” adding it to its collection of rare jewels, the auction house said.

“The Pink Legacy brought this extremely high price of $50 million, so $2.6 million per carat which is a world record price for a pink diamond,” Curiel, who is also a jewel expert, said. “This stone for me is the Leonardo Da Vinci of diamonds, I don’t think there is anything better.”

Curiel reports there were at least five people bidding by phone for the pink stone, but the winning bidder was a Harry Winston representative sitting in the front row. The auction house also reported that most pink diamonds of this particular color, typically weigh less than one carat.

“The stone is now going to be known as Pink Legacy Diamond which Mrs. Hayek is thrilled to own. In 2013 they made their first important purchase after acquiring Winston, which was the 101 carat ‘D’ flawless diamond, which they named the Winston Legacy. With that stone they started the Legacy collection,” Rahul Kadakia, international head of Jewelry at Christie’s told reporters.