A rare and newly discovered blue diamond has sold for $21.5 million at a Sotheby’s auction in Geneva, following an intense bidding war on Tuesday evening.
The 10.3-carat gem, known as The Mediterranean Blue, is classified as a “fancy vivid blue” diamond — the highest colour grading for blue stones. Estimated at around $20 million before the sale, the diamond ultimately fetched 17.9 million Swiss francs ($21.5 million), after fierce bidding that began at nine million francs ($10.8 million).
According to Sotheby’s, the winning bid came from a private American collector, whose identity remains undisclosed.
Mined recently from the famed Cullinan mines in South Africa, The Mediterranean Blue has generated considerable buzz in the jewellery world since it was unveiled in March. Ahead of the Geneva sale, the gem was showcased in Abu Dhabi alongside seven other rare jewels and gemstones in a debut exhibition estimated to be worth more than $100 million collectively.
“Blue diamonds sit at the very top of the rarity pyramid,” said Quig Bruning, head of jewels for Sotheby’s in North America, Europe and the Middle East. After presiding over Tuesday’s auction, he described the stone as “undoubtedly the defining gem of the season,” adding that it ranks among the finest blue diamonds the auction house has ever sold.
However, not everyone was dazzled by the final figure. Tobias Kormind, managing director of Europe’s largest online diamond retailer 77 Diamonds, said the sale was somewhat muted compared to expectations.
“While the diamond exceeded its $20 million estimate, indicating solid interest, wider market uncertainty — including tensions in US-China trade relations — may have dampened bidding enthusiasm and limited the excitement surrounding the auction,” he commented.
