National Ledger - Sotheby's Auction: Rare Blue Diamond Bidding War Breaks Record

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By Debra Beste Oct 10, 2007

Sotheby's Hong Kong has broken a 20-year record during its auction of a fancy vivid rae blue 6.04 carat diamond. The diamond earned a sales price of $7.9 million which means the stone delivered $1.3 million per carat. A bidding war drove the price sky high and that amount is the highest price per carat in 20 years. Such a record was held until now by the 0.90 carat Hancock Red diamond which was sold for $880,000 in 1987 –the highest price paid per carat in an auction, also for 20 years.

Sotheby's Auction: Rare Blue Diamond Bidding War Breaks Record

"The bidding was fast and furious and you know it's not as if one could go out and buy another one," said Quek Chin Yeow, head of Jewellery Asia at Sotheby's. "It's as rare as getting a Renoir or a wonderful Rothko. When you look at the stone, it sings," he said. "The cutting is wonderful."

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There is increasing demand for colored diamonds among jewelry collectors in Europe, the United States and Asia. Blue diamonds are mostly found at the Premier Mine in South Africa. While not a large stone, the Sotheby's diamond has an esteemed cut and "fancy vivid blue" hue, factors which contributed to its blockbuster price - roughly ten times the per-carat price of regular white diamonds.

The blue hue is a result of trace amounts of boron in the stone's crystal structure. Other colored diamonds with pink and red hues can be mined in multiple locations across the globe including Brazil, India and Australia, but "blues" are mostly found at just one site - the Premier Mine in South Africa.

The Hong Kong sale on Monday raised a total of $40.8m. An emerald owned by the American songwriter and lyricist Irving Berlin sold for $2.64m.

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