Diamond Fetches Record Fee

Published on 11/12/08

A 35.56-carat diamond has sold at auction for a world -record breaking fee, it has been revealed.

The Wittelsbach gem, which Spain's King Philip IV presented to his daughter in the 17th century, defied the credit crunch by fetching £16.3 million at a Christie's sale, making it the most expensive item of its kind ever sold.

It had been thought prior to the sale that the stone would sell for around £9 million but after starting the bidding at £4 million, this figure was soon topped, it may interest owners of gold diamond rings and diamond stud earrings to learn.

A spokesperson for the auction house commented: "Blue diamonds are rare and to offer a blue diamond of this size, quality, shape and provenance is truly extraordinary."

Earlier this month, a 478-carat jewel which had been found by mining company Gem Diamonds sold at auction for $18.4 million (£12.5 million).