One of the world’s rarest diamonds is being auctioned off at a price that will set a new record. The 25 carat pink diamond, which used to be owned by late jeweler Harry Winston, is now up for grabs for the highest bidder, according to The Daily Mail.

“I cannot exaggerate just how rare this stone is,” David Bennett, chairman of the international jewelery department at Sotheby’s, told the British paper. “It is one of the most desirable diamonds ever to come to auction and its beauty has haunted me since the very first time I set eyes on it some years ago.”

The diamond, which is classified as ‘fancy intense pink,’ got its unique color after millions of years being formed inside the Earth which now allows the diamond to absorb light in a unique way. The pink diamond is a part of a classification of diamonds that make up less than 2 percent of the world’s diamonds.