Sotheby’s has a monster diamond on its hand.

If you’re looking to spend a cool $11.2 million to $12.7 million on a huge diamond then check out the 88.22-carat, flawless rock that is going on at the auction house’s Hong Kong Sale of Magnificent Jewels and Jadeite. The D colour, type Ila, oval brilliant gem has been called “perfect” by Sotheby’s based on all the criteria by which diamonds are measured.

Few diamonds ever sold at auction have more than 50 carats and have all of the flawless qualities of this new diamond. It is said to be one of only three oval-shaped diamond over 50 carats to ever appear at auction.  The stone was discovered in the Jwaneng mine in Botswana, where it was cut from a 242-carat rough stone.

The diamond’s type Ila designation means that it is one of the rarest and purest diamonds available. Quality diamonds over 10 carats are a rarity, so the discovery of a 242-carat rough, of gem quality and exceptional size, is nothing short of a miracle,”

“This perfect diamond summarises a natural wonder of nature, and a masterpiece that results from man’s ability to shape the hardest material on earth into an object of ultimate beauty. On top of its flawless qualities, the diamond is said to be a symbol of good luck in Chinese culture, because 88, the number of carats, is a symbol of perfection and eternity.Last year in Geneva, Christies sold the near 19 carat Pink Legacy diamond for more than $50 million. The Gemological Institute of America awarded the Pink Legacy the highest diamond colour grading of “vivid”— vivid coloured diamonds have the most strongly saturated hues. It was eventually revealed that Harry Winston CEO Nayla Hayek had purchased the diamond, and renamed it the Winston Pink Legacy.

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