The Mediterranean Blue diamond was the talk of the town for its rare vivid blue colour and, as expected, made history at the Sotheby’s sale of High Jewelry in Geneva. The exceptional 10.03-carat Fancy Vivid Blue diamond, graded VS2, is now in the possession of an American private collector.
The bidding battle lasted three minutes for the coveted diamond which was pursued by two determined bidders – from an opening bid of ~$9.27 million to its final price, finally selling to a client on the phone represented by Frank Everett, Vice Chairman of Jewelry, Americas, bidding on behalf of an American private collector keen to add the blue diamond to her collection.
The Mediterranean Blue was mined last year from the legendary Cullinan mines of South Africa, and had generated huge excitement around the world since its announcement in March.
In addition to receiving the highest possible colour grading for a blue diamond from the Gemological Institute of America (GIA), The Mediterranean Blue has been found to be Type IIb, a classification which represents less than 0.5% of all diamonds. The stone’s exquisite cushion shape accentuates its exceptional saturation, placing it in a rarefied category even among the world’s most beautiful diamonds.
Ahead of its final showing in Geneva, the diamond was unveiled as part of Sotheby’s debut exhibition in Abu Dhabi, where it was showcased alongside seven extraordinary diamonds and gemstones, collectively worth well over $100 million. Its subsequent tour across the Middle East, Asia, and the United States only heightened anticipation among collectors and connoisseurs leading to the sensational sale.
Fashioning any coloured diamond is a challenging task, requiring numerous decisions to balance the largest possible size, the best clarity, and the most vibrant face-up colour. The 31.94-carat rough diamond which yielded The Mediterranean Blue was studied for over a year after its discovery in South Africa in 2023. After a meticulous planning and cutting process lasting six months, the diamond was shaped into a cushion modified brilliant, lending it a soft, refined look. The carefully positioned triangular and kite-shaped facets – characteristic of the brilliant cut – reflect light to create the captivating sparkle that makes this diamond come to life.
Quig Bruning, Sotheby’s Head of Jewelry, Americas & EMEA, and auctioneer of the sale said: “It has been an extraordinary honour to have been entrusted with the early destiny of the only Fancy Vivid Blue diamond of this size and calibre to be offered on the market in some time. It is undoubtedly the defining stone of the season and ranks among the top blue diamonds we have sold. To witness the excitement, it has generated throughout its global exhibition tour, culminating in today’s result, clearly reflects the growing global appetite for rare and impeccable diamonds, and a marked flight to quality among collectors who continue to seek the very best in the world.”
The Mediterranean Blue diamond was the highlight of Sotheby’s High Jewelry auction in Geneva, concluding an extraordinarily healthy $46 million sale total with a 99% sell through by value and 97% by number of lots sold. The auction was marked by extremely strong results for coloured diamonds and gemstones and high participation of bidders and buyers from the USA, who were the majority group in both categories.
The Colour Blue Ruled
Blue proved to be the standout colour on the day of the auction, with two additional blue diamonds finding eager buyers. Among them was a 5.83-carat fancy light blue diamond ring, which fetched an above-estimate price of $1.32 million (see below)
The second most valuable lot of the sale was a magnificent pair of unmounted cushion-shaped diamonds, weighing 23.88 and 23.76 carats respectively, realising ~ $3.5 million.
Rounding out the top five was an outstanding diamond necklace/brooch combination by Van Cleef & Arpels sold for over $1.18 million, achieving more than three times its low estimate.
