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Blue Diamond Sells for $7.98 Million

Sotheby’s recent Hong Kong auction was the site of a record-breaking diamond sale.  The 6.04-carat fancy vivid blue diamond, cut in the emerald shape, sold for $7.98 million.  The internally flawless sold for $1.32 million per carat, which is a new price per carat record for any gemstone ever sold.  The combination of the rare blue color, the internally flawless color, and the large carat weight for a blue diamond make this an exceptional stone among world-class diamonds.

The previous owner of the diamond was a private Asian collector and the new buyer is Moussaieff Jewellers, a London based jeweler with a reputation for acquiring some of the world’s most valuable gemstones.

Blue diamonds have always captured attention because of their rarity and beauty.  There are entire books written about the most famous blue diamond, the 45.52-carat Hope Diamond, displayed in the Smithsonian Institute in Washington, DC.  The Hope Diamond started out as the 112.25-carat French Blue discovered in India, which was a source of blue diamonds from 1500-1700.

In recent history, South Africa has been the location of blue diamond discoveries, almost exclusively at the Premier Mine.  Some other famous blue diamond sales include a 1994 Sotheby’s sale of a $9 million for a 20.17-carat blue diamond ($460,000 per carat).  In 1995, a 6.70-carat blue diamond sold for $3.52 million ($525,000 per carat).

Hong Kong was an appropriate location for the record-breaking sale because diamond shoppers there are notorious for their thirst for luxury diamonds.  Hong Kong is the king of glitz in Asia, especially for colored diamonds.  Colored diamond sources are diminishing so the rare pinks and blues are becoming increasing popular with serious collectors in Europe, the United States, and Asia.

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