‘Mediterranean Blue Diamond' could fetch $20 million at auction
GENEVA: A 10-carat blue diamond which could fetch $20 million when it goes under the hammer later this month was presented by auction house Sotheby's in Geneva on Thursday.
The cushion-shaped piece, known as the 'Mediterranean Blue Diamond,' was mined in South Africa and displayed a rare colour that qualified as fancy vivid blue, Sotheby's said.
'The market for coloured diamonds continues to go from strength to strength,' said Jessica Wyndham of Sotheby's, added that she expected a price in the region of $20 million.
In 2016, another vivid blue diamond sold for 56.8 million Swiss francs ($68.7 million) at a Christie's auction in Geneva.
Sotheby's high jewellery collection, which includes other coloured gemstones, was presented to journalists in Geneva ahead of a live auction scheduled for May 13 at the Mandarin Oriental Hotel.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
8 hours ago
- Business Recorder
Dollar rises against major peers
NEW YORK: The dollar rose against major currencies on Friday after data showed better-than-expected US jobs growth in May despite a slowdown from the previous month, suggesting the Federal Reserve might wait longer to cut interest rates. Labor Department data showed that employers added 139,000 jobs in May, fewer than the 147,000 jobs added in April, but exceeding the 130,000 gain forecast in a Reuters poll of economists. The dollar was up 0.84% to 144.72 against the Japanese yen and added 0.33% to 0.823 against the Swiss franc . The greenback had extended gains against both safe-haven currencies following the data. The US currency was headed for a second straight weekly gain against both the yen and franc, but it was still down about 8% year-to-date and about 9% year-to-date, respectively, against both currencies. The dollar has been weighed down by uncertainty from President Donald Trump's tariff policies and the prospects of negotiations with trading partners, the deficit spending and tax bill being considered in the Senate after it passed the House, and the trajectory of recent economic data, said Eugene Epstein, head of structuring for North America at Moneycorp in New Jersey. But the market is starting to reverse some of its short positioning against the dollar in the wake of stronger-than-expected economic data, including the jobs data, Epstein said. 'Every bank is forecasting a weaker dollar, which I think is probably the right call long-term. But now you have this stretched positioning and suddenly reversing everything since you have stronger jobs numbers and stronger hourly earnings. The numbers are stronger overall and now good news is bad news because the 10-year yields went up so the cuts are not going to come,' Epstein said. The euro added to losses against the dollar immediately after the jobs data and was down 0.28% at $1.1413. The single currency, which is headed for a weekly gain against the greenback, had hit a six-week high of $1.14950 on Thursday following comments by European Central Bank President Christine Lagarde that the central bank was nearing the end of the monetary policy easing cycle. The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.38% to 99.05 on the session, but it is on track to notch a weekly loss. Trump and Chinese leader Xi Jinping held a rare leader-to-leader call on Thursday, as tensions over tit-for-tat tariffs appearing to be easing. The dollar strengthened 0.22% to 7.190 versus the offshore Chinese yuan. Bitcoin gained 4.10% to $104,632.06. Ethereum rose 4.67% to $2,510.82.
Express Tribune
8 hours ago
- Express Tribune
First ever Birkin bag heads to auction at Sotheby's
The value of the prototype has not been disclosed. Photo: AFP The first-ever Birkin bag that was designed by French luxury brand Hermes for actress Jane Birkin is set to be sold at auction in Paris, with the piece of modern fashion history likely to spark a bidding frenzy. The Birkin has become a modern design icon that is so exclusive that Hermes only offers it to loyal clients, with prices starting at around $10,000. Auction house Sotheby's, which is handling the sale of the Birkin prototype in Paris on July 10, declined to specify a reserve price publicly and its value is hard to forecast. "The Original Birkin holds the potential to redefine records," Morgane Halimi, Sotheby's global handbag and fashion head, said in a statement. The previous record sale price for a handbag at auction was set by a highly customised Birkin in Hong Kong in 2017. The diamond-encrusted crocodile-skin Birkin 30 with white gold details fetched $510,000 at Christie's. The seller of the original Birkin is well-known Paris-based handbag collector and dealer Catherine Benier whose appointment-only boutique in the high-end 6th district of the capital has a cult following. Benier told The New York Times that the bag was the "jewel in my collection". It has changed hands twice since being put up for sale by Birkin at an auction in 1994 where the proceeds went to an AIDS charity, Sotheby's said. The birth of the Birkin bag has become a modern fashion legend. During a Paris-London flight, the singer and actress — who died in 2023 — complained to a fellow traveller about not being able to find a bag suited to her needs as a young mother. That fellow passenger happened to be Jean-Louis Dumas, then head of Hermes. The result of their conversation was a spacious tote with room for baby bottles, created in 1984 and named the Birkin. It is engraved with the initials JB and has several unique features, Sotheby's said, including closed metal rings, a non-detachable shoulder strap and a built-in nail clipper. Its condition "reflects the many years of use by the actress and singer," Sotheby's said. The prototype Birkin will be exhibited at Sotheby's in New York from June 6 to 12 before being put on show in the French capital before the sale. In addition to the Birkin bag, the Sotheby's "Fashion Icons" sale will feature runway pieces from designers including Christian Dior, John Galliano, Thierry Mugler and Alexander McQueen. Bidding will open online on June 26 and close on July 10.
Business Recorder
a day ago
- Business Recorder
Swiss National Bank denies currency manipulation after being put on U.S. watch list
ZURICH: The Swiss National Bank said on Friday it would intervene in foreign currency markets where necessary to keep inflation on track after the United States added Switzerland to a list of countries being monitored for unfair currency and trade practices. The SNB denied being a currency manipulator after the publication of the U.S. Treasury Report on Thursday, but said it would continue to act in Switzerland's interests as the strong franc helped push inflation into negative terrain last month. 'The SNB does not engage in any manipulation of the Swiss franc,' it said. 'It does not seek to prevent adjustments in the balance of trade or to gain unfair competitive advantages for the Swiss economy.' The SNB said it was in contact with U.S. authorities to explain Switzerland's economic situation and monetary policy, and would continue to use interest rates and forex market interventions if necessary to pursue its inflation target of 0-2%. Swiss inflation hit a four-year low in May, with prices falling by 0.1%. The SNB declined to say whether further talks with the United States were planned, but said its monetary policy was 'geared towards the needs of Switzerland.' Switzerland met two of the U.S. Treasury's concerns regarding trade flows and its current account, but not on foreign currency interventions. SNB forex exchange purchases in 2024 were 'minimal,' Treasury said. Swiss National Bank bought forex worth 1.2 billion francs in 2024 In 2024, the SNB bought only $1 billion in foreign currencies, equivalent to only 0.1% of Swiss GDP, well below the Treasury's threshold of 2% of economic output. EFG Bank economist GianLuigi Mandruzzato said the SNB would be mindful of the Treasury report, but still pursue its mandate. 'My feeling is that there should be little reason for concern from a Swiss perspective,' he said. 'However, with the Trump administration, anything can happen.'
