Diamond breaks world record for price per carat

It's the kind of ring you'd prefer to lock in a case than display at a party.

A rare blue diamond has sold at auction for more than $9.7 million dollars (Canadian) in London, England, breaking the world record for price spent per carat on a diamond, according to Agence France-Presse.

[ Related: Rare pink diamond sells for $39.3 million at New York auction ]

The cost breakdown on the gem works out to $more than 1.8 million per carat. Diamonds: absurdly expensive but rarely priceless.

The 5.3-carat blue diamond is set in a ring with even more diamonds, naturally, and the news wire reported that bids came to the Bonhams Fine Jewelry auction in from all over the world.

In the end, Graff Diamonds, based in London, bought the diamond, according to Bonhams.

Don't be too disappointed; maybe the next one will be your birthday present.

[ Related: ‘World’s most expensive iPhone’ will cost you $15,000,000 ]

A video filmed by the company shows bidders quickly raising the offers, with some on the phone who appear to be anxiously updating far away bidders.

The most famous example of a prized blue diamond is the mysterious Hope diamond, bought by King Louis XIV in the mid-1600s, stolen and later traced through several sales. It's now on display at the Smithsonian, according to the museum's description page.