The "Pink Star" weighs 59.60-carats, and is the most valuable polished diamond ever offered at auction.

The "Pink Star" weighs 59.60-carats, and is the most valuable polished diamond ever offered at auction.

Courtesy of CNN

It took nearly two years to cut the Pink Star from a rough diamond. It first appeared in public in 2003 and later became part of an exhibit at the Smithsonian National Museum of Natural History, home of the famous 45.52 carat blue Hope Diamond. It was also displayed at the Natural History Museum in London.

Tuesday's winning bid surpassed the previous world auction record for a pink diamond -- $46.16 million for the 24.78 carat Graff Pink, sold at Sotheby's in Geneva in 2010.

Chow Tai Fook has renamed its new possession the CTF Pink Star in memory of the company's founder and to commemorate the brand's 88th anniversary.