Latest news with #TheMediterraneanBlue
Business Recorder
14-05-2025
- Business
- Business Recorder
Rare blue diamond fetches $21.5mn at auction in Geneva
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. 'Mediterranean Blue Diamond' could fetch $20 million at auction 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.'
Al Etihad
20-03-2025
- Business
- Al Etihad
A rare blue diamond valued at $20 million to go on display in Abu Dhabi
20 Mar 2025 15:13 REDDY (ABU DHABI)A rare 10.03-carat blue diamond, valued at $20 million, will go on display in Abu Dhabi on April 8 ahead of its sale in Geneva on May cushion-shaped gem, named The Mediterranean Blue, will be unveiled at a special exhibition hosted at the Bassam Freiha Art Foundation on Saadiyat Island, Sotheby's, the organisers, media unveiling will take place on April 8, followed by an exhibition open to the public on April 8 and 9. It is free for anyone to attend, with no registration required, the organisers told Aletihad. Quig Bruning, Sotheby's Head of Jewellery for the Americas & EMEA, described the diamond as one of nature's rarest finds, stating: 'The Mediterranean Blue represents one of nature's rarest gems. Any vivid blue diamond is a discovery worth celebrating, but one as entrancing as this, particularly being over 10-carats, is a newsworthy event. We are likewise thrilled to be announcing this sale in the extraordinary confines of the Bassam Freiha Art Foundation, the architectural beauty of which is a perfect match for such a rare gemstone.'Following its debut in Abu Dhabi, 'The Mediterranean Blue' will embark on an exhibition tour covering Taipei, Hong Kong, and New York before its auction in diamond was cut from a 31.94-carat rough stone unearthed from South Africa's famed Cullinan mine in 2023. Sotheby's said: 'After a meticulous planning and cutting process lasting six months, 'The Mediterranean Blue' was shaped into a cushion modified brilliant, honouring the gem's status as both a timeless relic and a contemporary masterpiece.'The Cullinan mine has produced some of the world's most remarkable diamonds, including the 530-carat 'Great Star of Africa', the largest faceted colourless diamond ever discovered. Other extraordinary blue diamonds from the mine include 'The Blue Moon of Josephine', a 12.03-carat cushion-shaped Internally Flawless Fancy Vivid Blue diamond, which fetched $48.5 million at Sotheby's Geneva in 2015. More recently, 'The De Beers Blue', a 15.10-carat step-cut Fancy Vivid Blue diamond, was sold for $57.5 million at Sotheby's Hong Kong in 2022.
Gulf Insider
20-03-2025
- Business
- Gulf Insider
World's Rare $20 Million Blue Diamond in Abu Dhabi
A rare 10.03-carat blue diamond, known as The Mediterranean Blue , will be on display in Abu Dhabi on April 8, marking its global unveiling before heading to auction in Geneva. Estimated at approximately $20 million, the diamond is one of the rarest in the world, classified as Type IIb—a category representing less than 0.5% of all diamonds. Sotheby's, which will auction The Mediterranean Blue on May 13 in Geneva, has chosen the Bassam Freiha Art Foundation on Abu Dhabi's Saadiyat Island Cultural District as the site for its first public viewing. Following its debut in the UAE, the diamond will travel to Taipei, Hong Kong, and New York before its final exhibition and sale in Switzerland. According to the Gemological Institute of America (GIA), The Mediterranean Blue exhibits the highest possible color grading for a blue diamond. Its cushion-shaped cut enhances its saturation and brilliance, placing it among the most coveted diamonds ever to reach the market. 'Any vivid blue diamond is a discovery worth celebrating, but one of this size and depth of color is a rare event,' said Quig Bruning, Sotheby's Head of Jewelry for the Americas & EMEA. 'Its remarkable size, exquisite cushion-cut, and mesmerizing ocean-blue hue position it among the most important blue diamonds to appear in recent years.' Fashioned from a 31.94-carat rough diamond discovered at South Africa's famed Cullinan mine in 2023, the gem underwent a meticulous year-long planning and six-month cutting process to achieve its final form. Cullinan has previously yielded some of the world's most renowned diamonds, including The Blue Moon of Josephine , a 12.03-carat Fancy Vivid Blue diamond that fetched $48.5 million at Sotheby's Geneva in 2015, and The De Beers Blue , a 15.10-carat step-cut Fancy Vivid Blue diamond that sold for $57.5 million in 2022. Following its showcase in Abu Dhabi, The Mediterranean Blue will embark on a world tour before taking center stage at Sotheby's High Jewelry Sale in Geneva on May 13. Given the rarity of Fancy Vivid Blue diamonds—particularly those surpassing 10 carats—this upcoming auction is expected to generate significant global interest. Also read: Etihad Announces New Abu Dhabi to Moscow Flights
