Rare jewel: Mediterranean blue diamond achieves 20 million euros in Geneva!

Rare jewel: Mediterranean blue diamond achieves 20 million euros in Geneva!

Genf, Schweiz - A rare blue diamond, known as "The Mediterranean Blue", was auctioned in Geneva on Wednesday. The diamond weighs 10.3 carat and achieved a sales price of CHF 17.9 million, which corresponds to the equivalent of almost 20 million euros. The auction was carried out by Sotheby’s and the new owner is a private collector from the USA whose name was not published. Sotheby’s characterized the stone as "the stone of the season".

The "Mediterranean Blue" comes from the famous Cullinan mines in South Africa and was presented in a debut exhibition in Abu Dhabi before the auction, where it was shown together with seven other valuable diamonds and gemstones that were over $ 100 million. After intensive bidding bidders, the anonyhmen managed to buy the diamonds, whereby the offer began with an entry price of CHF 9 million.

market situation and influencing factors

Although the diamond's price exceeded the estimates, Tobias Kormind of 77 Diamonds said that the auction was less electrifying than expected. He pointed out that uncertainties such as trade relationships between the United States and China could have negatively influenced bidders. The general market mood in the diamond trade is shown by the challenges of the past few months.

In January 2023, the diamond market experienced a doldrum, accompanied by noticeable price returns in many segments. This led to a demand that was left behind the expectations, and to disappointing sales in the United States during the holidays. While the prices for diamonds stabilized from 0.30 to 0.50 karat, the price for 1-carat diamonds gave up 2.3 %.

outlook for the future

The raw diamond market remains tense, although companies like de BEERS work on the stability of prices and an agreement on a mint license with the Botswanian government was extended by 2029. In addition, security and original issues are becoming more important because US customs authorities control the origin of ground diamonds more.

Overall, the wider diamond market remains burdened by trade conflicts and uncertainties, while smaller segments have positive developments. The event in Geneva, however, shows that the interest in special stones, such as the "Mediterranean Blue", is unchanged, even if the market conditions remain challenging.