Rare blue diamond auctioned in Hong Kong for $6.4 million

HONG KONG Thu Apr 8, 2010 12:16pm IST

Related Video

Related Topics

Border Security Force (BSF) soldiers ride their camels as they rehearse for the "Beating the Retreat" ceremony in New Delhi January 27, 2015. REUTERS/Ahmad Masood

"Beating The Retreat" Rehearsals

Rehearsals are on for "Beating the Retreat" ceremony which symbolises retreat after a day on the battlefield, and marks the official end of the Republic Day celebrations.  Slideshow 

HONG KONG (Reuters Life!) - A rare, flawless blue diamond that was once part of the legendary De Beers Millennium Collection sold for $6.4 million at auction, exceeding the top price estimate but falling short of the 2009 record.

The 5.16 carat pear-shaped diamond was the first gem of its kind to appear in an auction from the collection that De Beers, the world's largest diamond producer, presented in 2000 to celebrate the millennium.

Auctioneers Sotheby's had priced the diamond at between $4.6 million and $5.8 million and it was sold in Hong Kong to London-based gem merchant Alisa Moussaieff who said she was satisfied with the price.

"It's an individual thing and people have got to like it and people have got to see the value in it, but we do see the value and I hope our clients will see the value as well," she said.

The De Beers Millennium Collection comprised 12 rare gems and took decades to assemble. Blue diamonds are among the rarest of all gems and owe their natural color to the presence of the chemical element boron during the stone's formation.

The diamond was the star lot of a gem sale by Sotheby's, which said it had had deliberately kept prices conservative to attract bidding in a still fragile economy.

"I think what people are actually looking for are rare objects of high quality that are hard to find on the market," said Patti Wong, Sotheby's Asia Director.

"So when we assembled the sale we were very mindful that the economy out there may not have fully recovered so we were very conservative with our estimates and clients responded very well to that and competed accordingly."

The overall auction raised $52.4 million, a figure Sotheby's said was the highest total ever for a sale of this category.

The auction's location probably helped: China is one of the world's largest and fastest growing diamond markets, with jewelers forecasting it will be the next big purchaser of rare jewels as its economy surges while the rest of the world still grapples with the global financial meltdown.

In May 2009, a 7.03 carat cushion-shaped flawless blue diamond set the world record price per carat for any gemstone at a Sotheby's Geneva auction when it was bought by a Hong Kong collector for $9.48 million dollars.

(Writing by Miral Fahmy; Editing by David Fox)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

ENTERTAINMENT

Reuters Showcase

Facebook Earnings

Facebook Earnings

Facebook tops Wall Street revenue target in 4th quarter.  Full Article 

Japanese Hostage

Japanese Hostage

Jordan prisoner swap on hold, fate of Japanese IS hostage unclear.  Full Article 

Cricket World Cup

Cricket World Cup

Batting holds key for team India in World Cup  Full Article 

Australian Open

Australian Open

Djokovic, Wawrinka set up epic showdown, ill Serena through  Full Article 

India's Male Tenor

India's Male Tenor

India's lone male tenor aims to sing opera in local key  Full Article 

Rohingya Muslims

Rohingya Muslims

Rohingya refugees say traffickers in Malaysia abuse and kill.  Full Article 

U.S. Blizzard

U.S. Blizzard

Blizzard hits Boston and New England, spares New York despite forecasts.  Full Article 

Spying Row

Spying Row

Spying program leaked by Snowden is tied to campaign in many countries.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage