In Abu Dhabi, a $20m 'Mediterranean Blue' diamond is all sparkle
Auction house Sotheby's is showcasing a choice set of diamonds in Abu Dhabi
Dubai: Amidst the gold price boom, a set of diamonds are vying for attention in Abu Dhabi – ‘The Mediterranean Blue’ being one of them.
They show up as part of the auction house Sotheby’s first public exhibition in Abu Dhabi since 2009. (The diamonds are on display at the Bassam Freiha Art Foundation on Saadiyat Island. Sotheby’s is partnering the Abu Dhabi Investment Office in showcasing the set of diamonds.)
At 10.03 carats, The Mediterranean Blue‘s estimate price is around $20 million and will go on auction at Sotheby’s High Jewelry Sale in Geneva on May 13.
Diamonds sold through auctions has a superb run either side of the Covid outbreak, but did not show up strongly on investor’s radar in 2024. And with valid reasons too.
“Diamonds of exceptional colour and size are by definition wonders of nature which seldom occur - so their presence at auctions can only be infrequent,” said Quig Bruning, Sotheby's Head of Jewels, Americas, Europe and Middle East.
“Such diamonds were rarer than usual on the market in the past year or so, which makes the sale of The Mediterranean Blue an even more exciting event.”
The highest price recorded by a blue diamond was all the way back in 2015, when the 12.03 carat ‘The Blue Moon’ found a buyer for an eye-popping $48.5 million.
More diamonds keeping company
In Abu Dhabi, it won’t just be The Mediterranean Blue and its shade of blue on display. There are also prominent sparklers such as ‘The Golden Canary Diamond’ and ‘The Desert Rose Diamond’. And yet, there’s something about the blue shade.
“Blue diamonds are among the rarest of all diamonds especially those over 5 carats,” said Bruning.
“So when a 10.03 carat Fancy Vivid Blue diamond boasting the highest possible colour grading comes up for auction, the market and diamond collectors all over the world are excited.
“The Mediterranean Blue stone’s exquisite cushion shape accentuates its exceptional saturation, placing it in a rarefied category even among the world’s most beautiful diamonds.”
Some of the big prices diamonds fetched at auction
The Williamson Pink Star sold for $57.73 million in Hong Kong in November 2022. The deep bubble gum coloured diamond was the second most valuable jewel or gemstone ever sold at auction, just behind the record-breaking CTF Pink Star.
The CTF Pink Star is a 59.60-carat oval mixed-cut diamond, which sold at Sotheby’s for $71.2 million in April 2017. This established a world record price per carat for any diamond or gemstone ($5,178,124) which was previously held by The Blue Moon of Josephine, an Internally Flawless Fancy Vivid Blue cushion-shaped 12.03 diamond sold by Sotheby’s Geneva in November 2015.
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