Editor’s Note
A dazzling piece of history returns to the spotlight. This article details the upcoming auction of the rare “Mellon Blue” diamond, a gem with a storied past and breathtaking color.
According to Christie’s, a flawless, fancy vivid blue diamond weighing 9.51 carats is set to enter the auction market. Named “THE MELLON BLUE,” this diamond is one of the most dazzling colored diamonds ever to appear at auction. It was treasured for decades by the renowned American horticulturist, philanthropist, and art collector Rachel Lambert Mellon (also known as Bunny Mellon, 1910–2014). The blue diamond last appeared at a New York auction in 2014, stunning the audience and becoming one of the highest-priced colored diamonds sold at auction at that time. Now re-emerging into the public eye, the pear-shaped blue diamond, originally a pendant, has been re-set into a ring. It is estimated to fetch between $20 million and $30 million and will be offered for live auction in November at the Four Seasons Hotel des Bergues in Geneva. Multiple predictions suggest this precious blue diamond will undoubtedly become the most-watched highlight in the global jewelry auction market in the second half of the year.
The source of blue diamonds in the world is extremely scarce, with most originating from the Cullinan Mine in South Africa. Due to their rarity and preciousness, they have always been highly sought after by global collectors. As early as the 17th century, records show that gem merchant Jean Baptiste Tavernier sold a blue diamond originally named “Tavernier Blue” to King Louis XIV of France. This diamond was later renamed the “French Blue” and became a treasure in the French royal jewelry collection.
The renowned diamond brand De Beers possesses several blue diamonds. The most famous in recent years is the “De Beers Cullinan Blue,” weighing 15.10 carats, graded Fancy Vivid Blue, and internally flawless, which sold for over HK$450 million at a Sotheby’s Hong Kong auction in 2022.
The title of the most expensive blue diamond ever sold at auction belongs to the “Oppenheimer Blue.” In 2016, this 14.62-carat Fancy Vivid Blue diamond (VVS1), once owned by De Beers’ major shareholder Oppenheimer, was acquired by an anonymous collector for over 56 million Swiss francs at a Christie’s Geneva auction, setting a new world auction record for a single gemstone at the time.
Hong Kong tycoon Joseph Lau is also an avid blue diamond enthusiast. In 2009, he purchased a precious blue diamond at auction for HK$74 million and named it the “Star of Josephine.” In 2014, Lau struck again, paying $32.645 million at a Sotheby’s New York auction for a 9.75-carat pear-shaped Fancy Vivid Blue diamond, which he named “The Zoe Diamond” after another daughter, setting a world auction record for a Fancy Vivid Blue diamond at the time. Most notably, in 2015, he successfully bid $48.468 million at a Sotheby’s Geneva auction for a 12.03-carat cushion-shaped Fancy Vivid Blue diamond—”The Blue Moon of Josephine”—and gifted it to his then 7-year-old daughter Josephine. This blue diamond set a world auction record for the highest price per carat for any diamond or gemstone at the time.
Additionally, other notable blue diamond acquisitions by the wealthy include: the 10.1-carat oval Fancy Vivid Blue diamond “De Beers Millennium Jewel 4” sold for $31.83 million in April 2016; the 8.01-carat square-cut Cartier Fancy Vivid Blue diamond ring “Bleu Royal” sold for $17.07 million in November 2016; and the pair of earrings named “Memory of Autumn Leaves,” featuring a 14.54-carat pear-cut Fancy Vivid Blue diamond paired with a 16-carat Fancy Intense pink diamond, sold for $42.08 million in May 2017.
The jewelry auction market has performed steadily this year. Rahul Kadakia, International Head of Jewelry at Christie’s, noted that the robust performance of the jewelry auction market is no accident. Against the backdrop of global market volatility, top-tier jewelry, due to its scarcity, portability, and value preservation, has become an important choice for high-net-worth individuals to diversify their asset allocation. This year’s results once again prove that in uncertain times, investing in “certain beauty” remains a sound business. The market is already anticipating what the next record-breaking jewel will be.