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Rare diamond makes record sale

Written By Joseph Y. Musa on Thursday, April 25, 2013 | 4/25/2013 08:02:00 am

A RARE deep-blue diamond ring has set a new world record at auction.

The piece of jewellery, made by renowned Italian company Bulgari, fetched $US1.8 million ($A1.76 million) per carat - beating the previous record for a blue diamond, which was $US1.68 million per carat.
Graff Diamonds bought the 5.30 carat "fancy" diamond, set in a Trombino ring, for STG6,201,250 in the Bonhams fine jewellery sale in central London on Wednesday, following intense bidding from around the world.
The ring had been estimated to sell for up to 1.5 million.
Matthew Girling, chief executive of Bonhams UK and Europe, said bidders from the US, the Middle East and Europe took part, with more than 20 phone lines in use during the 10 minute auction.
Girling said of the piece: "It's the loveliest blue diamond I have ever seen."
The ring, thought to have been made in 1965, features a cushion-shaped diamond set horizontally within a mount of brilliant-cut diamonds and baguette-cut diamonds.
The term "fancy" is used to describe a diamond of intense colour, with fancy deep blue being one of the rarest colours in the world.
Blue diamonds are structurally very pure and account for fewer than one per cent of all diamonds mined.
Jean Ghika, director of Bonhams jewellery department for Europe, said: "We are delighted with the price it has made.
"It was a sensational stone which charmed everyone who viewed it prior to the sale.
"Blue diamonds, especially those over 5.00 carats, are extremely rare to see on the market and continue to be highly sought-after.
"We are honoured to have handled the sale of such a unique gem."
The price includes buyers' premium.

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