The ruby of 55.22 carats is poised to become the largest precious gem of its kind ever to appear at auction. If it is sold, it is possible that its price will exceed 30 million dollars!

The ruby ​​is set to go under the hammer in New York in June, less than a year after Canadian company Fura Gems discovered it in one of its mines in Mozambique.

Announcing the sale on Wednesday, April 5, Sotheby’s described the jewel as “extremely rare” and “the most valuable and important” ruby ​​ever to come on the market.

Named “Estrela de Fura,” the stone is expected to fetch more than $30 million, the auction house said. Although record-breaking gemstone sales are dominated by diamonds—especially colored ones—rubies are also considered among the rarest and most valuable gemstones in the world.

“Estrela de Fura” was “cut” from a rough rock that made headlines when it was discovered by miners last July. It originally weighed 101 carats, nearly double its current form, and was the largest gem-quality ruby ​​ever discovered.

The massive stone was cut into a smaller symmetrical shape and polished, processes that remove impurities and enhance the color and luster of a gemstone before it is placed on the market. In a statement, Fura Gems founder and CEO Dev Shetty said stones of this size and quality are “almost unheard of”. “From the in-depth analysis and study of the stone – through the cutting and polishing process – we worked with the utmost care and respect for the ruby, recognizing its importance,” he added.

Although rubies were first discovered in Mozambique several decades ago, a significant industry emerged only after 2009, when a huge deposit of the stone was found near the northern city of Montepuez. Mozambique is now one of the most productive ruby ​​mining countries in the world.

Sotheby’s described it as having “exceptional clarity” and a deep red color, a hue traditionally more associated with the highly sought after Burmese rubies.

The ruby ​​will feature in Sotheby’s ‘Magnificent Jewels’ sale, in which it will star a pink diamond 10.57 carats, ‘The Eternal Pink’, which is expected to fetch more than $35 million.