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Indian Express
30-04-2025
- Business
- Indian Express
The story of Golconda Blue, and of India's once-legendary diamonds in Golconda
Christie's has pulled the 23.24 carat Golconda Blue, 'the largest Fancy Vivid Blue Diamond ever to be offered at auction' after 'the owners…made the decision to pursue a sale of the diamond to a family member'. The diamond, according to the British auction house 'among the rarest and most important…ever discovered throughout history', had been expected to fetch $35 million to $50 million at an auction in Geneva on May 14. Diamonds, the hardest of naturally occurring substances, are composed entirely of carbon, and formed under great heat and pressure below the Earth's surface. Their rarity, difficulty in extracting them, and the skill required to cut and polish them for jewellery, have historically made diamonds exclusive and expensive. What is the Golconda Blue? According to Christie's, the blue diamond belonged to Yeshwant Rao Holkar (1908-62), the Maharaja of Indore, who, along with his wife Sanyogitabai Devi, often collected paintings, jewellery, and other fine goods in Europe. In 1923, Yeshwant Rao's father visited the French luxury jewellery company Chaumet to commission a diamond bracelet set with the 23-carat, pear-shaped Golconda Blue. A decade later, Yeshwant Rao commissioned the French brand Mauboussin to set the gem in a necklace that was later worn by his wife. In 1947, the American jeweller Harry Winston bought the blue diamond, sold it briefly to the Maharaja of Baroda, reacquired it, and sold it to the current owner, whom Christie's did not name. The gems of India Rahul Kadakia, Christie's International Head of Jewellery, listed other Golconda diamonds auctioned by them, such as the 78.54 carat Archduke Joseph. Some of the world's most famous diamonds, such as the Koh-i-Noor and the pale pink Darya-i-Nur, were mined in Golconda. According to Christie's, the West's enduring fascination with diamonds began after Alexander brought back the gems to Europe from India in 327 BC. The Venetian Marco Polo wrote in 1292: 'No country but India produces diamonds. Those which are brought to our part of the world are only the refuse, as it were, of the finer and larger stones… In truth they (India) possess all the treasures of the world.' In his book, Diamonds: An Early History of the King of Gems (2018), the British jewellery historian Jack Ogden wrote that until the 1600s, India was by far the most important, if not the only, source of diamonds for the Mediterranean and European worlds. It is difficult to ascertain the exact date when the Golconda trade began, but there are records of Chinese, Filipino, Arab, and Jewish traders looking to India for the gems. Indian diamond markets included Ahmedabad and Goa, and although the stone was also mined in places such as the Panna diamond belt in Madhya Pradesh, Golconda remained the major trading centre, mentioned by travellers throughout history. The French merchant Jean-Baptiste Tavernier (1605-89) wrote that diamond mining in the Golconda district grew at an explosive rate in the mid-17th century. At the Kollur mine, 60,000 diggers and washers were employed. The French traveller Jean de Thévenot (1633-77) noted there was no uniformity in diamond prices, and the king at the time established a monopoly in mining. 'The French Catholic physician Gabriel Dellon, who traveled to India in the late 1660s, noted, 'Suratte (Surat) is a place of great Commerce; Their Diamonds are brought thither out of the Kingdom of Golconda',' Ogden wrote. Dimming allure The discovery of diamonds in Brazil in the 18th century eclipsed India's industry, Ogden wrote. 'It is noted that the output of Indian diamonds in the century or so prior to the discovery of the diamonds in Brazil has been estimated at anything between about 5,000 and 50,000 carats a year. The 1731 fleet from Brazil to Portugal is supposed to have carried no less than 100,000 carats; two years later it was 300,000,' he said. Today, Africa, Australia, and Russia are some of the key players in the diamond industry. In the world of jewellery, gold is seen as a better alternative with value as a long-term investment. 'Blood diamonds', mined in conflict zones or using child labour, have dimmed their shine. Lab-grown diamonds have emerged as a cheaper and more ethical alternative. And yet, as Christie's noted: 'It is Golconda diamonds — with their incomparable quality, mystery and romance, sought by royal houses all over the world — which still reign supreme among gem connoisseurs.'
Indian Express
28-04-2025
- Business
- Indian Express
The Golconda Blue Diamond withdrawn from auction
Days before it was to come under the hammer at a Christie's sale in Geneva on May 14, the Golconda Blue — the largest known vivid blue diamond, with Indian origins — has been withdrawn from the auction. Its owner has, reportedly, decided to sell it within the family. The highlight of the Christie's Magnificent Jewels sale, the 23.24 carat pear-shaped diamond, once belonged to Yeshwant Rao Holkar, the Maharaja of Indore. In 1923, his father had commissioned the French luxury jewellery house Chaumet to set it in a diamond bracelet. In the '30s, Yeshwant Rao appointed jewellery company Mauboussin to put it in a necklace with Indore Pears, a piece that was also worn by the Maharani of Indore for a portrait by French artist Bernard Boutet. Sanyogitabai Devi of Indore (1914-1937), H.H. The Maharani of Indore painted by Bernard Boutet de Monvel in 1934 (courtesy: Christie's) In the 1940s, American luxury jeweller Harry Winston purchased the diamond and reportedly set it with another 23-carat white diamond in a brooch and sold it to the then Maharaja of Baroda, from whom he bought it back and resold it to its current owner, who has now set it in a ring by jewellery designer Joel Arthur Rosenthal (known as 'JAR'). According to a release issued by Christie's, 'The legacy of Golconda diamonds begins with a reference found in a 4th-century Sanskrit manuscript. In 327 BC, Alexander the Great brought diamonds from India to Europe, sparking the West's enduring fascination with these rare gems. By 1292 AD, Marco Polo famously chronicled the captivating beauty of Indian diamonds in his travel writings. The Golgonda Blue, a Fancy vivid blue pear shaped diamond of 23.24 carats, setting by JAR, estimate $35- 50 million (courtesy: Christie's) In the release, Rahul Kadakia, Christie's International Head of Jewellery, states: 'Exceptional noble gems of this calibre come to market once in a lifetime. Throughout its 259-year history, Christie's has offered some of the world's most important Golconda diamonds, including the Archduke Joseph, the Princie, and the Wittelsbach. With its royal heritage, extraordinary colour, and exceptional size, The Golconda Blue is truly one of the rarest blue diamonds in the world.'
News18
28-04-2025
- Business
- News18
Rare 'Golconda Blue' Diamond, Once Owned By Ruler Of Indore, Set For Auction At Christie's In May
The 23.24-carat Golconda Blue diamond, once owned by Indore's Maharaja Yeshwant Rao Holkar, is set for auction at Christie's with an expected price of $35–$50 million. A rare Golconda vivid blue diamond is set to be auctioned at Christie's on May 14. The gem was once owned by the Maharaja of Indore, Yeshwant Rao Holkar. Various reports suggest the diamond, named 'Golconda Blue', weighs in at over 23-carats and its sale is expected to set a record at $35 to $50 million. According to Forbes, if the 23.24-carat diamond went to auction, it would be the largest fancy blue diamond to have been presented at a public sale. In a report, First Post quoted Christie's and stated Yeshwant Rao Holkar's father, Tukoji Rao Holkar III – the then ruler of Indore, obtained the popular Indore Pear diamonds from the French luxury jewellery and watch house, Chaumet, in 1913. Ten years later, Tukoji commissioned Chaumet to set his pear-shaped Golconda blue diamond into a bracelet, it stated. The Golconda Blue, the largest fancy vivid blue diamond ever to come to auction, is set to headline the Christie's Magnificent Jewels sale next month. The auction house estimates it will sell for $35 million to $50 million — Reuters (@Reuters) April 14, 2025 In 1933, Holkar appointed the Parisian jewellery house Mauboussin as his official jeweller. The French company redesigned the Indore king's royal collection and created a long flowing necklace for both the Golconda Blue and the Indore Pears, the report claimed. He acquired the diamond in January 1947 and then set it in a brooch alongside a similar white diamond weighing 23 carats. The famed jeweller later sold the brooch to the Maharaja of Baroda, the report quoted Phillips Auction House. Winston then reacquired the brooch and resold it as a newly designed jewel, ending the blue diamond's journey with the Indian royalty, according to the report. The Forbes said Christie's provided a brief statement saying the unidentified owners of the rare gem decided to sell it within the family. The statement reads: 'The Golconda Blue's historic provenance, uncovered by Christie's research, has generated considerable market interest and much excitement globally. At this time, the owners have made the decision to pursue a sale of the diamond to a family member." A spokesperson for the auction house further reinforced that it was a personal decision by the diamond's owner to sell it within the family. 'We can confirm that neither tariffs nor any financial market movement was responsible for the change," the spokesperson told Forbes.
Forbes
14-04-2025
- Business
- Forbes
The 23.45-Carat ‘Golconda Blue' Diamond Could Fetch $50 Million
Christie's will present the largest fancy vivid blue diamond to be offered at auction. Named 'The Golconda Blue,' it weighs 23.24 carats and has an estimate of $35 - 50 million. It will be the headline lot at Christie's Magnificent Jewels sale on May 14 at the Four Seasons Hotel des Bergues in Geneva. The Golconda Blue is mounted in a contemporary ring by esteemed high jewelry artist, JAR, and ranks among the rarest and most important diamonds ever discovered throughout history, according to Christie's. The auction house did not immediately provide a laboratory report of the gem with details of its color and clarity grades. The pear-shaped diamond boasts a provenance rooted in Indian royalty. Yeshwant Rao Holkar, the Maharaja of Indore and a member of the Holkar dynasty, was known—alongside his wife—for a lifestyle defined by elegance and cosmopolitan sophistication in the 1920s and '30s, Christie's said in a statement. 'The Golgonda Blue' mounted on a ring by JAR Christie's In 1913, his father acquired the famed Indore Pear diamonds from Chaumet, marking the beginning of a long-standing relationship with the historic Parisian Maison, Christie's said. In 1923, during another visit to Chaumet, he commissioned a diamond bracelet set with his own 23-carat pear-shaped Golconda blue diamond. Yeshwant Rao Holkar appointed Mauboussin as his official jeweler in 1933. Afterward, Mauboussin reimagined much of the Maharaja's collection and created a long flowing necklace that included both the Golconda Blue and the Indore Pears. It was worn by the Maharani of Indore memorialized in a portrait by Bernard Boutet de Monvel. Yeshwant Rao Holkar also collaborated with other iconic jewelers, including Harry Winston. In 1946, Winston purchased the Indore Pears from the Maharaja, and the following year, in January 1947, he acquired this 23-carat blue diamond. Winston later set it in a brooch alongside a matching 23-carat white diamond, which he sold to the Maharaja of Baroda. The brooch was subsequently reacquired by Winston and resold as a newly designed jewel to its current owner. More than a century later, this same blue diamond will appear at auction for the first time. 'Exceptional noble gems of this caliber come to market once in a lifetime," said Rahul Kadakia, Christie's international head of Jewelry. "With its Royal heritage, extraordinary color, and exceptional size, The Golconda Blue is truly one of the rarest blue diamonds in the world.' The legacy of Golconda diamonds begins with a reference found in a 4th-century Sanskrit manuscript. In 327 BC, Alexander the Great brought diamonds from India to Europe, sparking the West's enduring fascination with these rare gems, Christie's said. By 1292 AD, Marco Polo chronicled the beauty of Indian diamonds in his travel writings. Today, The Golconda Blue stands not only as a natural marvel but also as a storied jewel, with a provenance bridging continents, dynasties, and centuries. While The Golconda Blue is the largest diamond offered at auction, the largest known fancy blue diamond is the Hope Diamond at 45.52 carats. It is the property of the Smithsonian National Museum of Natural History in Washington, D.C., donated to the museum by Harry Winston. Even at its high estimate the Golconda Blue will fall short of the most expensive diamonds sold at auction even though it is much bigger than the largest fancy blue diamonds sold at auction. The 14.62-carat 'Oppenheimer Blue,' is currently the most expensive fancy vivid blue diamond sold at auction and for a short time was the most expensive gem ever sold at auction. It fetched more than $57.5 million at Christie's Geneva auction in May 2016. Currently, the largest fancy vivid blue diamond sold at auction is the 15.10-carat 'De Beers Blue,' which sold for $57.4 million at Sotheby's Hong Kong in April 2022.
