Rare blue diamond fetches $21.5 million 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.
A Sotheby's employee displays the 10.03-carat 'Mediterranean Blue' diamond ring during a preview ahead of a public exhibition in Abu Dhabi.
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." — AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Kuwait Times
20 hours ago
- Kuwait Times
Chinese students face anxious wait for visas under Trump's crackdown
Chinese students face anxious wait for visas under Trump's crackdown Sign of latest spillover from US-China trade war tensions BEIJING: Caught in the middle of Washington's renewed visa crackdown on Chinese international students, Beijing postgraduate Lainey is anxiously waiting to resume the visa process to study a PhD at her dream school, the University of California. 'We feel helpless and unable to do anything,' said the 24-year-old sociology student, who declined to give her surname for privacy reasons. 'The situation in North America this year is not very good. From applying for my PhD until now, this series of visa policies is not very favorable to us. But we have no choice but to wait.' The US State Department said on Thursday it would not tolerate the 'exploitation' of American universities or theft of US research and intellectual property by Beijing. Spokesperson Tammy Bruce did not elaborate on how many Chinese students would be affected by a new plan announced on Wednesday to 'aggressively' revoke visas. The visa crackdown is the latest in a series of moves targeting the international student community, especially Chinese nationals, who make up roughly 1 in 4 of all international students in the US, as the Trump administration pursues its hardline immigration agenda. If applied to a broad segment of the 277,000 Chinese students already at US colleges, the visa revocations could disrupt a major source of income for universities and a crucial pipeline of talent for US technology companies. Chinese students make up 16 percent of all graduate science, technology, engineering and maths (STEM) students in the United States. Defer enrolment? The announcement on Chinese student visa holders came after the Trump administration ordered its missions worldwide to stop scheduling new appointments for student and exchange visitor visa applicants. If the visa appointment system is not resumed soon, Lainey wishes to defer enrolment for a year. 'Although everyone says the US admissions system may be biased against Chinese students, in reality US schools are indeed the top in terms of academic quality,' she said. 'I may also consider (applying to) some places outside the US, such as Europe, as well as Hong Kong and Singapore.' The measures are a sign of the increasing spillover from a bruising trade war between the two global superpowers, and threaten to derail a fragile truce reached mid-May in Geneva. A Friday editorial by China's state-owned Global Times newspaper said the new visa measures raised 'the spectre of McCarthyism' and likened them to an 'educational witch-hunt'. 'In recent years, the suppression of Chinese students has increasingly become an important part of the US strategy to contain China,' the commentary said. Potentially even more damaging than the immediate economic impact for the US could be a long-term erosion of the appeal of US universities and the subsequent brain drain. International students – 54 percent of them from India and China - contributed more than $50 billion to the US economy in 2023, according to the US Department of Commerce. 'If I really have to wait until 2026 to reapply, I might not have such positive feelings towards America,' said Lainey. 'If I can't even get a visa, then I'd have no choice but to go somewhere else.'— Reuters
Kuwait Times
2 days ago
- Kuwait Times
Airline chiefs meet in India amid turbulence of Trump
NEW DELHI: Airline bosses meet from Sunday in New Delhi at their annual industry conference, battling to mitigate the impact of Donald Trump's policies that have hit travel to the United States and potentially raised costs for aviation. Trump's bid to impose tariffs on the United States' trading partners have upended commercial flows, with legal challenges against his plan adding to uncertainties. The tense atmosphere in the United States, from Trump's plans to revoke foreign students' visas to reports of travelers detained at US borders, has also put a dampener on tourism. 'The airline sector is always sensitive to the economic and political climate,' Paul Chiambaretto, professor of strategy and marketing at France's Montpellier Business School, told AFP. 'Any form of uncertainty will reduce traffic,' he added, noting it 'especially' impacted business travelers, the most profitable segment. The influential International Air Transport Association (IATA) is due to update its traffic and profitability projections as the delegates from the group gathering 350 airlines hold their talks. In December it forecast a record 5.2 billion air journeys in 2025 - up 6.7 percent from an already unprecedented 2024. It predicted carriers would generate $36.6 billion in cumulative net profit, on revenue exceeding $1 trillion. However, the US president's 'Liberation Day' tariff blitz and his administration's stance on issues from immigration to education could throw a spanner in the works. Putting up the 'closed' sign As early as March, the North American air transport market, which represents 23 percent of global traffic, began to decline and several US-based airlines warned they would not meet their financial targets. A study released this month by the World Travel and Tourism Council and Oxford Economics found that the United States was on track to lose some $12.5 billion in revenue from foreign tourists this year owing to worries about travelling to the country. The group, made up of leading travel firms, said this 'represents a direct blow to the US economy overall, impacting communities, jobs, and businesses from coast to coast'. 'While other nations are rolling out the welcome mat, the US government is putting up the 'closed' sign,' WTTC president Julia Simpson said. Didier Brechemier, an airline industry expert at Roland Berger, said: 'Today, bookings for the North Atlantic are lower than they were at the same time last year.' IATA Director General Willie Walsh noted on Thursday 'some signs of fragility of consumer and business confidence with continued weakness in the US domestic market and a sharp fall in North American premium class travel'. Air transport has for decades benefited from the removal of import taxes, rising living standards — particularly in Asia — and open borders, with the number of air trips tripling since 2000. But the return of protectionism is endangering the industrial model of aircraft manufacturers, whose assembly lines mobilize suppliers worldwide, with costs likely to increase, putting more of a burden on carriers. — AFP Lower energy costs There's good news for carriers, though, with oil prices falling owing to an anticipated slowdown in economic growth. That could help firms reduce their fuel bills—representing between a quarter and a third of their operational costs—by hundreds of millions of dollars. Washington's new Republican administration is also fully supporting the development of fossil fuels, in contrast to that of Democratic former president Joe Biden, who subsidized Sustainable Aviation Fuel (SAF). Sustainable development 'has largely disappeared from the airline industry's immediate priorities', says Jerome Bouchard, a partner at consultants Oliver Wyman. Also likely on the agenda for IATA will be the impact of geopolitical tensions on the industry. India is experiencing explosive growth, with the number of airports and passengers in the world's most populous nation doubling over the past decade, while major airlines IndiGo and Air India have hundreds of aircraft on order. Prime Minister Narendra Modi is expected to address delegates on Monday, organizers said. The country's recent deadly spat with neighbor Pakistan, which saw the two sides impose airspace bans on each other, highlighted the fragility of civil aviation in the face of such upheavals. The row poses an additional complication for connections to Asia, as Russia has banned US and EU aircraft overflights in retaliation for sanctions linked to its invasion of Ukraine.- AFP
Kuwait Times
2 days ago
- Kuwait Times
Tweed's youthful makeover resurrects symbol of Scottish heritage
'When you see tweed on the runway, you don't expect it to come from here,' joked 38-year-old former banker Alexander MacLeod as he set up his loom in a converted barn on the shores of a Scottish loch. MacLeod became a weaver two years ago, joining residents on the islands of Lewis and Harris, off Scotland's northwest coast, in helping to rejuvenate the tweed industry after a significant period of decline. 'It's a good thing to keep the tradition going,' he told AFP. Tweed is a symbol of Scottish heritage and has 'always been part of the culture' on the Outer Hebrides, added Macleod, who hails from the island of Scalpay, which is connected to Harris by a bridge. It's now 'an attractive sector to be in', he explained. He left the Hebrides for seven years to work in banking but the pull of his roots proved too strong. During the day, McLeod now works for a small local cosmetics company. In the evenings, he puts on a podcast, usually about espionage, and patiently begins to weave. Only the steady hum of his machine disturbs the calm of the old stone barn. Harris Tweed stoles displayed at the Isle of Harris Tweed shop, in Tarbert, Isle of Harris, in the Outer Hebrides, northern Soctland. Harris Tweed stoles displayed at the Isle of Harris Tweed shop. The weaving tools used by Harris Tweed weaver Alexander MacLeod. Member of staff Shaun Campbell moves rolls of Harris Tweed in the Isle of Harris Tweed shop. Harris Tweed weaver Alexander MacLeod works behind his weaving loom in his atelier at his home. A weaving loom with an under weaving Harris Tweed cloth. Harris Tweed weaver Alexander MacLeod walks outside his atelier at his home. The weaving loom of Harris Tweed weaver Minnie Hooper at the Harris Tweed Authority building. The weaving loom and fabric used by Harris Tweed weaver Minnie Hooper. Blackface sheep and lambs, who's wool is used in Harris Tweed production, look on while grazing the Isle of Harris. Harris tweed, traditionally made from 100 percent wool, is the only fabric protected by a 1993 Act of Parliament. It must be 'handwoven by the islanders at their homes in the Outer Hebrides, finished in the Outer Hebrides, and made from pure virgin wool dyed and spun in the Outer Hebrides'. 'Resurgence' The weaver spoke of his 'satisfaction' once the tweed is finished. The fabric, once associated with the British aristocracy, then goes to the spinning mill for a quality control check, where the slightest flaw is flagged up. Finally, it receives the precious 'Harris Tweed' stamp -- a globe topped with a cross -- certifying the fabric's provenance and authenticity, issued by the Harris Tweed Authority (HTA). The tweed then leaves the island to be purchased by discerning companies abroad, including luxury brands such as Christian Dior, Chanel, and Gucci. Several sneaker brands such as Nike, New Balance, and Converse have also used it for limited edition products. The traditional staples are jackets, caps, and bags, but the fabric can also used for furniture. A member of staff at the Carloway Mill processes and prepares rolls of Harris Tweed the Carloway Mill workshop. The Carloway Mill workshop where Harris Tweed is produced. A member of staff at the Carloway Mill processes and prepares rolls of Harris Tweed the Carloway Mill workshop. A member of staff at the Carloway Mill processes and prepares the wool for the weaving of Harris Tweed the Carloway Mill workshop. Wool used for Harris Tweed displayed in plastic boxes at the Carloway Mill workshop. Spools of wool yarn used for Harris Tweed displayed in plastic boxes at the Carloway Mill workshop. A weaving loom used to weave Harris Tweed at the Carloway Mill workshop. Rolls of Harris Tweed line up at the Carloway Mill workshop. Operations Manager of Harris Tweed Authority Kelly MacDonald poses for pictures behind a weaving loom at her office. There are 140 weavers, according to the HTA, which launched a recruitment campaign in 2023 and offered workshops to learn the trade following a wave of retirements. This know-how, often passed down from generation to generation, is now being nurtured by a different profile of weaver. 'It's nice to see younger people coming in,' said Kelly MacDonald, director of operations at the HTA. 'When I joined the industry 22 years ago, there was a severe period of decline. I was wondering: 'is there going to be an industry anymore?'' But the industry is now enjoying a 'resurgence' and 'significant growth', with more than 580,000 meters of tweed produced in 2024. 'We are always looking at new markets,' she explained, and tweed is now exported to Korea, Japan, Germany, France and other countries. It is no longer dependent on the US market, as it once was, and should be largely shielded from the tariffs imposed by President Donald Trump.
