Flawless Blue Diamond Up For Auction at Sotheby’s
Flawless Blue Diamond Up For Auction at Sotheby’s
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A flawless 7.03-carat blue diamond will be among the jewels up for sale at Sotheby’s upcoming auction in Geneva.
The diamond, an internally flawless, fancy-vivid-blue, cushion-cut stone, was cut from a 26.58-carat piece of rough discovered in 2008 at Petra Diamonds’ historic Cullinan Diamond Mine in South Africa.
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The Cullinan mine has produced some of the world’s largest diamonds, including the 3,106-carat “Cullinan,” the largest rough gem ever unearthed.
The diamond is estimated to fetch between $5.8 million-$8.5 million, according to a press release from Sotheby’s, and, as always, the buyer will have the honor of naming the stone.
The sale, called “Magnificent Jewels,” is scheduled for May 12 at the Beau-Rivage Hotel in Geneva.
Commenting on the blue diamond, David Bennett, chairman of Sotheby’s International Jewellery Department for Europe and the Middle East, said “Blue diamonds are among the rarest of all nature’s treasures and it is very exciting to have such a fine example as the centerpiece of our forthcoming Geneva Magnificent Jewels sale. This stone certainly ranks among the most important blue diamonds that I have had the privilege of offering for sale in my career at Sotheby’s, and what makes it particularly special for us is that we’ve been able to follow its production from the initial rough state through the various stages of its cutting and polishing.”
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In the last three years, Sotheby’s has seen three blue diamonds garner more than $1 million per carat at auction, including a pear-shaped vivid-blue diamond set in a ring that brought $4.9 million at the Geneva auction in May 2008, setting a new world record price-per-carat for any gemstone at auction.
Polished diamond prices have dropped 15 percent in the past six months, according to an index from PolishedPrices.com.
Sotheby’s sold a vivid blue emerald diamond in October 2007 for a then-record $1.32 million per carat. The 6.04-carat stone fetched $7.9 million in Hong Kong, the company said. It has since sold two further pear-shaped blue diamonds for $4.9 million and $4.7 million.
Petra sold a 39.19-carat rough blue diamond from Cullinan for $8.8 million in October. The world’s most expensive blue diamond is the 17th century Blue Wittelsbach Diamond, which fetched $24.3 million at Christie’s in December, according to the International Colored Gemstone Association’s web site.
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