Blue Diamonds Set Another Color Record

Published on 13/05/10

Two blue diamonds broke records Tuesday in Geneva at Sotheby's "Spring Sales of Magnificent and Noble Jewels" in yet another display of the strength of natural colored diamonds at auctions worldwide.

In what Sotheby's terms the "standout moment of the day," a 7.64-carat, cushion-shaped fancy intense blue diamond mounted in a ring sold for $8.03 million, or $1.05 million per carat, following fierce competition from three buyers. According to a news release from Sotheby's, the sale sets a new record per-carat price for a blue diamond sold at auction.

The second blue diamond, a 5.02-carat fancy vivid stone set with a 5.42-carat white diamond in a toi et moi (you and me) ring from French jeweler Alexandre Reza, sold for $6.32 million. The sale set a new auction record price for a jewel by any French designer, according to Sotheby's.

Overall, Sotheby's spring sale totaled $53.98 million, exceeding pre-sale estimates of $32.4 million to $46 million. The auction sold 88 percent by lot and 97 percent by value, with more than 74 percent of the lots sold exceeding their high estimates, according to Sotheby's.