05/13/2015 03:51 EDT | Updated 05/13/2016 05:59 EDT

Platinum ring with rare Burmese ruby sells for $30.3 million at auction

GENEVA - A rare Burmese ruby set in a platinum ring with diamonds sold for $30.3 million at auction, setting a world auction record for any ruby and for any stone by Cartier, according to Sotheby's.

The buyer and history of the piece, with the ruby weighing in at 25.59 carats, was not disclosed. It was auctioned Tuesday as part of the annual Magnificent and Noble Jewels sale by Sotheby's Geneva.

The price of the cushion-shaped "Sunrise Ruby" had been estimated prior to the sale at $12 million to $18 million. It is known for its "pigeon blood" red colour and set between heptagon-shaped diamonds weighing 2.47 and 2.70 carats. The piece is signed Cartier.

The auction house called a natural ruby from Burma of this size and colour extremely rare. The ring broke an auction record for any ruby per carat.

In all, the sale totalled $160.9 million and included three other centerpieces from Cartier. A pink diamond ring once owned by Princess Mathilde Bonaparte, the niece of Napoleon I, sold for $15.9 million.