Sotheby’s will sell a rare round cut diamond dubbed “The Premier Blue” at the auction house’s bi-annual public sale in Hong Kong on October 7, 2013. The stone, which weighs 7.59 carats, is much larger and more vivid than other colored diamonds. Sotheby’s expects the gem to garner about $19 million, which would set a world record for the highest price paid for any diamond, per carat.

The Premier Blue will be previewed in Beijing, Shanghai, Bangkok, Singapore, Jakarta and Taiwan along with other items from the sale. According to the New York Times, Quek Chin Yeow, deputy chairman of Sotheby’s in Asia, said, “Since about 2006, 2007, Hong Kong has ranked alongside Geneva and New York as a center for jewelry sales. It is now the third pillar of the global jewelry market.” In addition, Asian buyers tend to favor round cuts in color, which could have influenced Sotheby’s decision to auction the diamond in Asia rather than Europe or the United States.