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Among coffee connoisseurs, Panama’s beans are legendary. They routinely attract the highest prices in the world.

But last week, Panama’s coffee prestige hit a whole new level. At an auction, a lot of Geisha coffee from Hacienda La Esmerelda in Boquete sold for a whopping $30,204 per kilogram, which is more than three times the previous record, which was also held by a Boquete producer, according to coverage in Forbes.

The coffee was grown by Hacienda La Esmeralda, one of a group of growers that has put Panama coffee on the map. They have banded together to create the Specialty Coffee Association of Panama, which stages the annual auction.

At this year’s event, 30 of the auction’s 50 lots sold for more than $1,000 per kilogram, and Esmeralda alone took home more than $1.2 million for about 60 kilograms of coffee, Forbes reports.
“This result is a testament to the commitment, excellence, and global reputation that Panamanian coffee has built,” said SCAP president Ricardo Koyner, in a statement after the auction.

The rise of the coffee business has real implications for Panama. Coffee tourism has become a real thing, with many of the Boquete growers offering tours. The Forbes article notes: “Just as luxury tourism has taken root among the châteaux and vineyards of Europe’s top wine regions, Boquete is emerging as a destination for sipping, tasting, and savoring a different beverage—with an excellent coffee-focused visitor center, tasting rooms, historic and contemporary small hotels, and some very good dining.”

Panama has an interesting history with coffee. It doesn’t have the conditions necessary to be a large coffee exporter, like other Central American countries. Instead, a small group of growers set out to establish Panama as the home of the world’s finest coffee.

“Panamanian Geisha coffee is hands-down the most prestigious in the world,” the Forbes headline announces. “Boquete, the area where it’s grown, is raising the bar for coffee tourism.

The record price is unlikely to last for long, according to Forbes. New auctions are planned in the weeks ahead, which could drive the prices even higher.