7.59 Carat Vivid Blue Diamond Auction Set to Bring in $19 Million

August 21st, 2013 by Noam Flint

A rare blue diamond has been making waves across the globe, as its upcoming auction stands to break records. The 7.59-carat vivid blue diamond, known as “The Premiere Blue,” has been added to the roster for Sotheby’s Oct. 7 auction in Hong Kong, and the auction house expects it to bring in at least $19 million, according to The New York Times.

Premier Blue Diamond by Sothebys Sotheby’s Premier Blue Diamond, 7.59 carat Internally Flawless Vivid Blue Diamond.
Photo credit – Sotheby’s

All about the blue

Color diamonds are growing increasingly popular, as they are valuable and a unique alternative to traditional white diamonds. Some gemstones are worth more than others, and this blue diamond is perhaps one of the most valuable.

The blue stone is roughly the size of a shirt button, and it is cut into a round shape, which is very uncommon for a colored diamond, as creating this shape is considered to be too wasteful, according to the Agence France-Presse. On top of that, when evaluating colored diamonds the most important factor is the color and the round shape, even though most sought after and with the highest brilliance, does not sustain the color good as other shapes so manufacturers tend to go with shapes like cushion or radiant.

This rare combination of Round,Fancy Vivid intensity, Pure Blue color and Internally Flawless is unmatched and therefore expected to make a new price per carat world record (lets not forget the astounding shirt button size).

The Premiere Blue is highly coveted, as blue diamonds are among the most elusive of colored diamonds, but it is not the most famous. The “Hope Diamond” claims this accolade. This gemstone was first purchased by France’s King Louis XIV in 1668, the Encyclopedia Smithsonian reveals. It weighs 45.52 carats and is on display at the Smithsonian for all to see.

Why Hong Kong?

Despite China’s waning economic boom, Hong Kong is still a bustling city with a major stake in the gemstone game. The NY Times reports that Asia has become increasingly invested in the buying and selling of luxury goods, especially precious stones, which is why Sotheby’s chose Hong Kong to auction off The Premiere Blue.

“Since about 2006, 2007, Hong Kong has ranked alongside Geneva and New York as a center for jewelry sales,” Chin Yeow Quek, deputy chairman of Sotheby’s in Asia, told UPI. “It is now the third pillar of the global jewelry market.”

Breaking sales records

If Sotheby’s predicted sale price of $19 million turns out to be accurate, this would be the highest amount paid per carat, surpassing previous sales records. AFP reports that the record currently belongs to a 5.3-carat fancy deep blue diamond. It was sold at a London auction for $9.5 million, which equates to about $1.8 million per carat. A $19 million sale price would mean the buyer paid $2.5 million per carat to own The Premiere Blue.

1965 Bulgari Blue Diamond Ring sold for $9.5 Million
1965 Bulgari Blue Diamond Ring sold for $9.5 Million – picture by Bonhams
25.5 carat rough Blue Diamond sold for $16.9 Million
25.5 carat rough Blue Diamond sold for $16.9 Million – picture by Petra Diamond

A personal opinion…

During the past couple of years practically every auction broke new records. Prices exceeded expectations by far. This happened with almost every pink and blue diamond that was out there. Between the recent examples were the above mentioned Bulgari deep blue which sold back in April, the 10.48 carat deep blue Graff bought back in November 2012 and the 25.5 carat rough blue diamond Petra sold back in May for the astounding price of $17 Million (yes Rough).

My bet is that this truly remarkable piece will be easily sold for more than the estimation. The only problem is that we’ll need to wait till October to find out if I am right…

What do you think?