Blue Diamond Sets New Record With $51m Sale

The diamond is the largest of its kind to be offered at auction

The Oppenheimer Blue, one of the rarest and largest blue diamonds ever put on the market, is sold at auction for $51m (£34.9m)

A 14.62 carat blue diamond has been sold at auction for a record $51m (£34.9m) at the Magnificent Jewels auction in Geneva.

The rectangular-cut diamond was the largest of its kind ever to be offered at auction and was graded as "fancy vivid blue", meaning its blue colour varies from medium to dark in tone, and from strong to very strong in saturation.

It was expected to fetch between $38m and $45m at the auction, but attracted an owner willing to pay $6m more than the anticipated price.
It previously belonged to the late Sir Philip Oppenheimer, who began work in the family business at De Beers in 1934 and went on to control the Diamond Syndicate in London.

As chairman for the Diamond Trading Organisation, Oppenheimer, who died in 1995, tightly controlled the international diamond trade and helped make it extremely lucrative.

Christie's only gave the stone an outside shot at breaking a record set by rival auction house Sotheby's in November.
The 12.03 carat Southeby's diamond, named The Blue Moon of Josephine, was bought for $48.4m by Hong Kong billionaire Joseph Lau, who a day earlier scooped up a 16.08 carat pink diamond for $28.5m.

According to Christie's, the Oppenheimer is the largest ever sold at auction in the exclusive Fancy Vivid Blue category, which groups rare gems of exceptional colour and clarity.

Christie's has valued its total of 280 lots up for auction at $113m (£77m). The collection includes 46 pieces from German-born princess Gabriela zu Leiningen, who was married to the Aga Khan.

Sky News     Wednesday 18 May 2016