Blue Diamond to Fetch Over $30 Million at Auction

By Paul Joseph

An exceptionally rare blue diamond is to go under the hammer at a Sotheby’s auction in Hong Kong with an expected sale price of up to $35 million.

The 10.10 carat De Beers Millennium Jewel is an oval vivid blue diamond and has been rated with a clarity of “internally flawless”.

It was mined from the Cullinan Mine in South Africa – famous as a major source of blue diamonds in the world. Blue diamonds are especially rare and have a high price due to a diminishing supply combined with an increasing demand.

“There are no more than a dozen or so blue diamonds of fancy vivid color and over 10 carats in the world, so they are very, very rare,” Sotheby’s Deputy Chairman for Asia Quek Chin Yeow told AFP.

“It’s the rarity and collectability of these wonderful objects. When they come to the market, they will have strong interest from all over the world.”

The previous record for a diamond sold in Hong Kong was set in 2013, with the sale of a 118-carat white diamond for $30.6 million.

Earlier this year, the 12.03 carat Blue Moon of Josephine was bought by businessman Joseph Laufor his daughter for a world record $48 million.

By Paul Joseph