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It has been named the The Star of Adam by its current owner, after a Muslim belief that Adam arrived in Sri Lanka after being sent away from the Garden of Eden. It is claimed he then lived on the slopes of a mountain now known as Adam's Peak.
The owner of the Star of Adam said he bought it thinking "this was not a piece of jewellery but an exhibition piece".
Speaking to the BBC, Armil Samoon, a leading gem and jewellery dealer in Sri Lanka, confirmed this was the largest blue star sapphire in the world.