Kaustubh (alternatively Kaustubha) is a divine jewel - the most valuable stone "Mani" is in the possession of lord Vishnu who lives in the Ksheer Sagar - "the ocean of milk".
It is believed that Gods and Asuras, churned the ocean (known as Samudra manthan in Hindu Mythology) to get Amrita (Devanagari - अमृत), fourteen treasures (ratnas) emerged from the ocean. The fourth Ratna that was emerged is known as Kaustubh.
Kaustubham is the 'Mani'. Kaustubh is the person who is wearing that Mani. That is no other than Lord Vishnu.
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