A Rare Blue Diamond Is Exhibited At Sothebys Ahead Of Its Geneva Auction

Got $5.8 to $8.5 million spare? Then you could buy an incredibly rare blue diamond when it is up for sale at Sotheby's Magnificent Jewels auction in Geneva on May 12 and get to name it too. If it sells at the higher estimate or more, it will set a new world record for price per carat.

This blue diamond weighs 7.03 carats pared down from the original 26.58 carat rough diamond. It was found last year at the Cullinan mine in South Africa. It is the same mine which produced the mind-boggling 530 carat Great Star of Africa diamond or Cullinan I, now in the Crown Jewels of Britain.

There are very few blue diamonds (only red diamonds are rarer). A flawless blue diamond is even more exceptional. The Gemological Institute of America awarded this blue diamond the highest clarity grade they can give.

I don't know about you, but I am passing up on this collector's item. However there is apparently interest despite the current economic climate.

UPDATE : This rare blue diamond sold for more than the expected range. The unknown buyer will be paying $9.5 million - the highest price ever paid for a gem.

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