A very rare blue diamond has become the costliest jewel in the world after it sold for a record $57.5 million yesterday in Geneva, Switzerland.

The Oppenheimer Blue, as it is named, was part of a Christies’ sale of ‘Magnificent Jewels’ held at the Four Seasons Hotel des Bergues in the city.

The record was previously held by the 12.03-carat Blue Moon of Josephine, which was bought for $48.4 million by Chinese property billionaire Joseph Lau in November for his 7-year-old daughter Josephine.

Soaring over its low estimate of $38 million, the Oppenheimer Blue inspired fierce bidding and was finally sold to a private collector whose identity was not revealed.

Named in honour of its previous owner, Sir Philip Oppenheimer of the De Beers family, the Oppenheimer Blue, at 14.62 carats, is the largest Fancy Vivid Blue diamond to ever come to auction. 

Led by the Oppenheimer Blue, Christie’s first luxury sale series of the year was described a resounding success, realizing a total of $169.52 million.

The total includes the sales of magnificent jewels including jewels from the collection of Princess Gabriella Zu Leiningen, rare watches, and rare wines.

The top sale at the rare watches auction was an exceptional Charles-Louis Havas Breguet et Fils pocket watch, which sold for $3.32 million making it the most expensive watch sold during the season and the second most expensive Breguet et Fils watch sold at auction.

The wines sale drew bidders from across Europe and Asia and via Christie’s Live for top quality wines, including the Armand Rousseau Collection, Bordeaux from the 1980s and 1990s and 10 bottles of Pétrus 1982.

The princess’s collection meanwhile fetched $22.53 million bringing the total jewels sale to $148.63 million.

Christie’s next luxury sales will be held in New York in June.