Blue diamond sells for record-setting $31.8 million

Talk about a fancy jewel.

A blue diamond sold in a Hong Kong auction Tuesday for $31.8 million. The jewel, officially known as the De Beers Millennium Jewel 4, is 10.10 carats, meaning it fetched more than $3 million per carat. It also set a record for the most expensive jewel ever auctioned in Asia, according to the auction house that sold the diamond.

The record was previously held by a 118.28-carat diamond that sold for $30.6 million in 2013, according to Sotheby's.

But the diamond's new owner could be getting a deal. The oval-shaped "Internally Flawless Fancy Vivid" is estimated to be worth as much as $35 million, according to the Associated Press.

This jewel may not get to shine in the spotlight for long. The largest vivid blue diamond ever, a 15-carat jewel also owned by De Beers, is up for sale in Geneva next month. It's expected to go for $45 million.