Jeweler Alex Moss tells PEOPLE how he created the dazzling, one-of-a-kind piece for the rapper that honors his city: “The stats on this project are insane”

Drake is known for his expressive and extravagant jewelry collection, but his latest piece might be his most impressive yet.

Jeweler Alex Moss tells PEOPLE about the piece he crafted for the rapper, 36, who wears a diamond-encrusted Toronto-themed pendant in the music video for his latest song, “8 AM in Charlotte.”

“Dedicating a chain to Toronto has been on our mind for almost almost a year,” Moss tells PEOPLE exclusively. This is the holy grail for our city. That’s why we named it ‘The Crown Jewel of Toronto.’”

The jewel-encrusted piece pays homage to the city, featuring key icons of the Canadian town, like the CN Tower and its sports teams: the Raptors, the Maple Leafs and the Blue Jays.

On the collaboration process with Drake, Moss says, “He trusted me with the design and creative lead on the project, but he was very involved. I like when projects are collaborative and when we work together it’s always something special.”

Moss tells PEOPLE the singer went “absolutely nuts” when he first saw the necklace, adding, “This is like a holy grail project, this is what every Toronto kid would dream to have.”

The “Crown Jewel of Toronto” necklace featured in Drake’s “8 AM in Charlotte” music video.

ALEX MOSS

“We used 18k gold, VVS diamonds all D-F quality — the stats on this project are insane,” Moss adds. “Yellow diamonds, blue diamonds, emerald-cut diamonds and Burmese rubies were used to complete this project as well. To get something like this anywhere else does not exist. The price? Priceless.”

Moss says that “the CN Tower is a symbol for our city,” noting, “It’s always been a recognizable figure globally and it represents people from Toronto in a way. Overlooked but bigger than life.”

ALEX MOSS

Moss, who has designed pieces for Drake before and has also worked with Justin and Hailey Bieber — including making her “B” necklace that she can’t stop wearing — is no stranger to seeing his designs on celebrities. That doesn’t make it any less satisfying, though, when he gets recognition for his work.

ALEX MOSS

“It’s something I’m very used to, but I get excited like it’s my first project every time,” he says of seeing his pieces on stage or on a red carpet. “I never get dull to the feeling. I’m very grateful to have my art appreciated the way it is.”

On who the jeweler is working with after Drake, Moss tells PEOPLE, “Stay tuned…you won’t believe who’s next.”

The “Crown Jewel of Toronto” necklace featured in Drake’s “8 AM in Charlotte” music video.

ALEX MOSS

Drake shared a video of “The Crown Jewel of Toronto” on his Instagram Story Tuesday. “A project with my brother for ending it in the 6 and dropping on the 6th in the 6 …we call it the crown jewel @alexmoss any team that wins a chip we bring this straight to you for the whole off season,” he captioned the video.

Earlier this month, Drake dropped the music video for “8 AM in Charlotte” — from his new album For All the Dogs — which featured his then-5-year-old son, Adonis.