Blue Diamond Ready For Auction

Published on 01/04/09

A blue diamond worth millions of dollars is set to be sold at auction next month.

The gemstone will go under the hammer at Sotheby's Geneva Magnificent Jewels sale on May 12th.

Early estimates suggest the item, which could be used in pieces such as gold diamond rings and diamond necklaces, could fetch up to $8.5 million (£5.9 million).

David Bennett, head of jewellery for the auction house, commented that the diamond is an exciting example.

He said: "This stone certainly ranks among the most important blue diamonds that I have had the privilege of offering for sale."

The 7.03-carat stone, which was found in a South African mine, will be showcased in numerous cities, including Paris and London, before it is sold.

In related news, last month an Art Deco diamond, jadeite, onyx and coral brooch fetched $71,100 at a Skinner auction.

The piece was part of $1.7 million which was raised through the sale of fine jewellery.