Rare blue diamond fetches $21.5 mn at auction in Geneva
An exceptionally-rare blue diamond went under the hammer in Geneva late Tuesday, selling for $21.5 million, Sotheby's auction house said.
"The Mediterranean Blue", a fancy vivid blue diamond weighing 10.3 carats with an estimated value of $20 million, attracted an intense bidding battle.
Bidding began at nine million Swiss francs ($10.8 million), with a fierce back and forth before the diamond was ultimately sold to a private US collector, whose name was not given, for 17.9 million francs ($21.5 million), Sotheby's said.
The Mediterranean Blue, which is a brand-new blue diamond recently mined from the legendary Cullinan mines of South Africa, generated huge excitement within the diamond industry ever since it was first announced in March, the auction house said.
Ahead of its final showing in Geneva on Tuesday, it was unveiled as part of a Sotheby's debut exhibition in Abu Dhabi last month, where it was showcased alongside seven other "extraordinary" diamonds and gemstones collectively worth over $100 million.
"At the top of the rarity pyramid are blue diamonds," Quig Bruning, head of jewels for Sotheby's in North America, Europe and the Middle East, said at the Abu Dhabi show.
After serving as auctioneer at Tuesday's event, he hailed the gem as "undoubtedly the defining stone of the season", saying in a statement that it "ranks among the top blue diamonds we have sold".
Tobias Kormind, head of Europe's largest online diamond jeweller 77 Diamonds, was less upbeat, describing the sale as "less dazzling than anticipated".
"The diamond did exceed its $20 million estimate, suggesting there was meaningful interest," he acknowledged.
"But broader uncertainty, including the ongoing US-China trade tensions, may have dampened bidder confidence and muted what could have been a more frenzied atmosphere."
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
France 24
12 hours ago
- France 24
Asian markets rise as traders eye possible Trump-Xi talks
After a period of relative calm on the tariff front, Donald Trump at the weekend accused Beijing of violating last month's deal to slash huge tit-for-tat levies and threatened to double tolls on steel and aluminium. The moves jolted Asian markets on Monday, but hopes that the US president will speak with Chinese counterpart Xi Jinping -- possibly this week -- has given investors some hope for a positive outcome. Meanwhile, oil prices extended Monday's surge on a weak dollar and Ukraine's strike on Russian bombers parked deep inside the country that stoked geopolitical concerns as well as stuttering US-Iran nuclear talks. Trump has expressed confidence that a talk with Xi could ease trade tensions, even after his latest volley against the Asian superpower threatened their weeks-old tariff truce. "They violated a big part of the agreement we made," he said Friday. "But I'm sure that I'll speak to President Xi, and hopefully we'll work that out." It is unclear if Xi is keen on a conversation -- the last known call between them was in the days before Trump's inauguration in January -- but the US president's economic adviser Kevin Hassett signalled on Sunday that officials were anticipating something this week. US Treasury Secretary Scott Bessent -- who last week warned negotiations with China were "a bit stalled" -- said at the weekend the leaders could speak "very soon". Officials from both sides are set for talks on the sidelines of an Organisation for Economic Co-operation and Development (OECD) ministerial meeting in Paris on Wednesday. While there has been no movement on the issue, investors took the opportunity on Tuesday to pick up recently sold shares. Hong Kong gained more than one percent while Shanghai returned from a long weekend on the front foot. There were also gains in Tokyo, Sydney, Wellington, Singapore, Taipei and Manila. Seoul was closed for a presidential election. Deals queued up? The advances followed a positive day on Wall Street led by tech giants in the wake of a forecast-beating earnings report from chip titan Nvidia. Still, National Australia Bank's Rodrigo Catril remained nervous after Trump's latest salvos. "The lift in tariffs is creating another layer of uncertainty and tension," he wrote in a commentary. "European articles suggest the lift in tariffs doesn't bode well for negotiations with the region (and) UK steelmakers call Trump doubling tariffs 'another body blow'," he added. "The steel and aluminium tariffs also apply to Canada, so they will likely elicit some form of retaliation from there and while US-China trade negotiations are deteriorating due to rare earth, student visas and tech restrictions, steel tariffs will also affect China." Separately, US Commerce Secretary Howard Lutnick on Monday voiced optimism for a trade deal with India "in the not too distant future", adding that he was "very optimistic". And Japanese trade point man Ryosei Akazawa is eyeing another trip to Washington for more negotiations amid speculation of a deal as early as this month. Also in focus is Trump's signature "big, beautiful bill" that is headlined by tax cuts slated to add up to $3 trillion to the nation's debt. Senators have started weeks of what is certain to be fierce debate over the mammoth policy package, which partially covers an extension of Trump's 2017 tax relief through budget cuts projected to strip health care from millions of low-income Americans. Oil prices extended Monday's surge that saw West Texas Intermediate briefly jump five percent on concerns about an escalation of the Russia-Ukraine conflict and suggestions Washington could hit Moscow with stricter sanctions. That compounded news that the OPEC+ producers' grouping had agreed a smaller-than-expected increase in crude production. Traders were also monitoring tensions over Iran's nuclear programme after Tehran said it would not accept an agreement that deprives it of what it calls "peaceful activities". Key figures at around 0230 GMT Tokyo - Nikkei 225: UP 0.2 percent at 37,546.85 (break) Hong Kong - Hang Seng Index: UP 1.2 percent at 23,425.37 Shanghai - Composite: UP 0.2 percent at 3,352.06 Euro/dollar: DOWN at $1.1431 from $1.1443 on Monday Pound/dollar: DOWN at $1.3532 from $1.3548 Dollar/yen: UP at 143.05 yen from 142.71 yen Euro/pound: UP at 84.48 pence from 84.46 pence © 2025 AFP
Fashion Network
16 hours ago
- Fashion Network
Retailer Temu's daily US users halve following end of 'de minimis' loophole
Daily U.S. users of PDD Holdings' global discount e-commerce platform Temu fell by 58% in May, according to market intelligence firm Sensor Tower, one of many headwinds the e-retailer is facing amid a U.S.-China trade war. Temu decided to slash ad spending in the U.S. and shift its order fulfilment strategy after the White House on May 2 ended the practice known as "de minimis" - which allowed Chinese companies to ship low-value packages to the United States tariff-free. Temu, along with fast-fashion giant Shein, had utilised that provision for years to drop-ship items directly from suppliers in China to consumers in the U.S., keeping prices low. Both Temu and Shein have suffered a sharp drop in sales growth and customer growth rates since U.S. President Donald Trump announced sweeping trade tariffs, according to data collected by consultancy Bain & Company, but Temu's trends have been worse than its rival. Tariffs forced both platforms to raise prices, but Shein has been able to increase the amount of money spent per customer compared to a year ago, the data showed, while Temu has struggled. Temu did not respond to a request for comment on the drop in U.S. daily users or the headwinds it faces in the U.S. market. Engagement on Temu has dropped significantly following the end of the exemption, Morgan Stanley equity analyst Simeon Gutman said in a May note. "While the tariff environment is uncertain, if the status quo remains for an extended period, we believe Temu's competitive threat will continue to weaken," Gutman said. Last week, PDD's first quarter earnings fell short of growth estimates and executives told analysts on a post-earnings call that tariffs had created significant pressure for its merchants. They reiterated Temu's earlier pledge to keep prices stable and work with merchants across regions, referring to a shift to a local fulfilment model announced at the start of May. Temu's previous business model gave merchants responsibility for ordering and supplying their products while the China-based company managed most of the logistics, pricing and marketing. Now, Temu's merchants "can ship individual orders from China to Temu-partnered U.S. warehouses but they would need to address tariffs and customs charges and paper work," according to a note from analysts at HSBC. Temu continues to handle fulfilling orders close to shoppers, setting prices and online operations. In last week's note, HSBC said that Temu's growth in non-U.S. markets has picked up, with non-U.S. users rising to 90% of its 405 million global monthly active users in the second quarter. "New user uptick grew swiftest in less affluent markets," analysts wrote.
Fashion Network
16 hours ago
- Fashion Network
Retailer Temu's daily US users halve following end of 'de minimis' loophole
Daily U.S. users of PDD Holdings' global discount e-commerce platform Temu fell by 58% in May, according to market intelligence firm Sensor Tower, one of many headwinds the e-retailer is facing amid a U.S.-China trade war. Temu decided to slash ad spending in the U.S. and shift its order fulfilment strategy after the White House on May 2 ended the practice known as "de minimis" - which allowed Chinese companies to ship low-value packages to the United States tariff-free. Temu, along with fast-fashion giant Shein, had utilised that provision for years to drop-ship items directly from suppliers in China to consumers in the U.S., keeping prices low. Both Temu and Shein have suffered a sharp drop in sales growth and customer growth rates since U.S. President Donald Trump announced sweeping trade tariffs, according to data collected by consultancy Bain & Company, but Temu's trends have been worse than its rival. Tariffs forced both platforms to raise prices, but Shein has been able to increase the amount of money spent per customer compared to a year ago, the data showed, while Temu has struggled. Temu did not respond to a request for comment on the drop in U.S. daily users or the headwinds it faces in the U.S. market. Engagement on Temu has dropped significantly following the end of the exemption, Morgan Stanley equity analyst Simeon Gutman said in a May note. "While the tariff environment is uncertain, if the status quo remains for an extended period, we believe Temu's competitive threat will continue to weaken," Gutman said. Last week, PDD's first quarter earnings fell short of growth estimates and executives told analysts on a post-earnings call that tariffs had created significant pressure for its merchants. They reiterated Temu's earlier pledge to keep prices stable and work with merchants across regions, referring to a shift to a local fulfilment model announced at the start of May. Temu's previous business model gave merchants responsibility for ordering and supplying their products while the China-based company managed most of the logistics, pricing and marketing. Now, Temu's merchants "can ship individual orders from China to Temu-partnered U.S. warehouses but they would need to address tariffs and customs charges and paper work," according to a note from analysts at HSBC. Temu continues to handle fulfilling orders close to shoppers, setting prices and online operations. In last week's note, HSBC said that Temu's growth in non-U.S. markets has picked up, with non-U.S. users rising to 90% of its 405 million global monthly active users in the second quarter. "New user uptick grew swiftest in less affluent markets," analysts wrote.
