One of the largest rubies ever found is expected to sell for over $30 million at auction in New York City, PEOPLE confirms.

The 55.22-carat gemstone was discovered in 2022 by Canadian firm Fura Gems in Mozambique, Africa, and is named "Estrela de Fura," which means Star of Fura in Portuguese.

After announcing the gemstone's sale on Wednesday, Sotheby's described the ruby as "exceedingly rare" and "the most valuable and important" ruby ever auctioned.

Sotheby's told PEOPLE they expect to get "in excess of" $30 million for the gem. This is partly because rubies are considered among the rarest of all precious stones.

Should Estrela de Fura reach its expected price, then it may beat the current highest sale figure for a ruby, which currently stands at $30.3 million for a 25.59-carat ruby sold in 2015 in Geneva, Switzerland.

The ruby was cut and polished down to 55.22 carats from an initial 101-carat discovery by Fura. The gem's "vivid red hue" is "known as 'pigeon's blood' — a color traditionally associated only with Burmese rubies," the auction house stated.

"Unearthed in July 2022, the astonishing 101-carat rough gemstone was considered by experts as an exceptional treasure of nature for its fluorescence, outstanding clarity and vivid red hue, even in its natural, uncut state," Fura added about the gem on its Instagram page.

"Now seven months after its debut," the site wrote Wednesday, "the Estrela de FURA is back with a breathtaking new cushion cut of 55.22 carats, revealing the stone's most absolute beauty."

Fura added that the ruby "will appear in Sotheby's Magnificent Jewels sale at #SothebysNewYork this June."

In a statement to PEOPLE, Fura Gems' founder and CEO Dev Shetty said that stones of such size and quality are "almost unheard of."

"Witnessing the completion of Estrela de FURA 55.22 was a monumental achievement for all of us, and we are excited that a new page in the story of this incredible gem and Mozambican rubies is about to be written with Sotheby's," Shetty said of their discovery.

"From the in-depth analysis and study of the stone — through the process of cutting and polishing — we have worked with the utmost care and respect for the ruby, recognizing its importance and stature," he added.

The stone will be exhibited in cities such as Dubai, Singapore and Geneva before making its way to New York City for the Sotheby's auction in June.

Quig Bruning, Head of Sotheby's Jewelry, Americas, shared a full statement to PEOPLE:

"The miraculous discovery last year of the 101 carat Estrela de FURA at the FURA
mine in Mozambique was of immense importance, shocking all those in the jewelry
world. Now, in its newly transformed state of 55.22 carats, Estrela de FURA 55.22, is a
true wonder of nature and sensational stone of perfect color and exceptional clarity,
combined with a superb cushion shape," Bruning said, adding:

"It is undoubtedly positioned to become the standard bearer for African rubies - and gemstones in general, bringing global awareness to their ability to be on par with, and even outshine, those from Burma, which have traditionally been the most desirable and recognizable source for rubies."