The 10.3-Carat ‘Mediterranean Blue' Diamond Fetches $21.5 Million

Forbes

13-05-2025

'The Mediterranean Blue,' a 10.3-carat fancy vivid blue diamond sold for $21.5 million during Sotheby's sale of High Jewelry in Geneva on Tuesday. It was not only the top lot of the sale, but it was the marquee item during the series of jewelry auctions held in Geneva.
The bidding for the cushion modified brilliant-cut diamond took about two and half minutes from my vantage point watching the live stream. Bidding began at 9 million Swiss Francs and rose to 13 million after the first minute then things got interesting. Potential buyers were quickly reduced to two phone bidders as the price slowly went up to the final hammer price of 15 million Swiss francs. It went to a phone bidder represented by Frank Everett, vice chairman of Jewelry, Americas. Commission and fees boosted the final price to 17.9 million Swiss Francs ($21.5 million). Its estimate was $20 million. There was light applause after the sale.
The Mediterranean Blue was crafted from a 31.94 carat rough diamond mined in 2023 from the legendary Cullinan mines of South Africa. The rough was studied for a year and cutting and polishing the gem from the rough took another six months, Sotheby's said.
It generated plenty of interest among diamond buyers around the world since its announcement in March. Ahead of its final showing in Geneva, the diamond was unveiled as part of Sotheby's debut exhibition in Abu Dhabi. It was showcased alongside seven other important diamonds and gemstones, collectively worth well over $100 million. The tour of the diamond continued through the Middle East then onto Asia and the United States before ending up in Geneva.
'It is undoubtedly the defining stone of the season and ranks among the top blue diamonds we have sold, Quig Bruning, Sotheby's head of Jewelry, Americas & EMEA, said in a statement. 'To witness the excitement it has generated throughout its global exhibition tour, culminating in today's result, clearly reflects the growing global appetite for rare and impeccable diamonds, and a marked flight to quality among collectors who continue to seek the very best in the world.'
The sale of The Mediterranean Blue diamond was the highlight of Sotheby's High Jewelry auction held at the Mandarin Oriental Geneva hotel. The auction of 93 lots achieved 42 million Swiss francs ($50 million) with a 99% sell through by value and 97% by number of lots sold. Colored and colorless diamonds took nine of the top 10 lots.
Sotheby's said the auction saw 'extremely strong results for colored diamonds and gemstones and high participation of bidders and buyers from the USA, who were the majority group in both categories.'
The number two lot of the sale was a pair of D-flawless diamonds weighing 23.88 and 23.76 carats.
This was followed by two more blue diamonds: an oval-shaped 5.83-carat fancy light blue diamond on a ring, which achieved 1.2 million Swiss francs ($1.4 million), beating its estimate; and a 4.05-carat fancy blue heart-shaped diamond pendant necklace that sold for 952,500 Swiss francs ($1.1 million).
A 14.72-carat marquise-shaped diamond with D color, VVS2 clarity mounted on a ring between tapered baguette diamond shoulders. The diamond was designed and sold by the renowned Paris jewelry house, M. Gérard. It sold for 660,400 Swiss francs ($786,855).
More to come.