Bonhams sold a pink diamond for $ 583,551 per carat, a world record for this color category, according to the company.

The 5.03-carat Fancy Pink diamond (VS1) raised $ 2.9 million at the Fine Jewelry auction of the London auction house during the week of September 24th. The previous record for a Fancy Pink diamond was $ 528,021 per carat for a stone sold at Sotheby’s in 2016.

The big pink diamonds continue to gain in value from year to year,” said Emily Barber, jewelry director at Bonhams UK. “They are in great demand by savvy collectors, given their scarcity and limited supply.

The value of this pink diamond is due to its regular color saturation, size and weight, added Emily Barber. It is extremely rare to see pink diamonds over five carats in the market, she explained.

Other notable auction items included a three-stone ring featuring a 0.95-carat Fancy Blue diamond, surrounded by two 0.51 carat and 0.56-carat Fancy Yellow Orange marquise-cut diamonds. The ring sold for 168,750 pounds ($ 218,750), well above its initial estimate of 80,000 pounds to 120,000 pounds (between $ 103,704 and $ 155,556).

Two tiaras also exceeded expectations. A Belle Époque diamond headdress, designed by the Spanish royal jeweler Ansorena in the classical Greek interwoven style, reached 162,650 pounds ($ 210,650) for a pre-sale estimate of between £ 80,000 and £ 120,000, while an Art Deco tiara by Hennell was sold for £ 81,250 ($ 105,320), exceeding it’s estimate of £ 40,000 to £ 60,000 (from $ 51,850 to $ 77,780).

Overall, Bonhams sold 89% of the available lots at auction, earning profits of 6.9 million pounds ($ 9 million).