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1.
1. An occurance of high hilarity. This may be a phrase, action, put down or accident.

2. A precious stone carved into an amusing shape, like a phallus.

Richie: "Chris you douchebag - I'd try and make fun of you only I don't want to compete with nature!"
Tom: "Ha! That's a comic gem!"

"Look at this funny looking diamond in the shape of a plump rump - it's a comic gem!"
by Jamie Douglas November 23, 2006