Editor’s Note
This article reports on the sale of the “Mellon Blue” diamond at a Christie’s auction. While the $26.6 million price is substantial, it fell short of the record for a blue diamond, reflecting current market dynamics for high-value gems.
A 9.51-carat blue diamond, known as the “Mellon Blue,” was sold this Tuesday in Geneva for USD 26.6 million during the traditional “Magnificent Jewels” auction organized by Christie’s. The piece, graded as “Fancy Vivid Blue” and “Internally Flawless,” was part of the private collection of American philanthropist Rachel “Bunny” Mellon, a key figure in her country’s art circles.
The sale took place at the historic Hotel des Bergues, where the stone achieved a value within the estimated range—between USD 20 and 30 million—according to the auction house. The pear-shaped “Mellon Blue,” set in a serpentine design ring, had been auctioned for the first time in 2014, reaching USD 32.6 million at that time. On that occasion, it was the highest price ever paid for a colored diamond at auction, a record later surpassed by the 14.62-carat “Oppenheimer Blue,” sold in 2016 for over USD 57 million.
Tobias Kormind, Managing Director of the online jeweler 77 Diamonds, explained that “it was not the dazzling moment I was expecting.” In his view, the result was influenced by “geopolitical tensions—from the war in Ukraine to Trump’s tariffs—and a weakened Chinese economy that kept many regular buyers away.”
Kormind added, reflecting a climate of uncertainty in the international luxury market.
In contrast, Rahul Kadakia, Christie’s Head of Luxury Auctions, celebrated the result and called it “a remarkable moment” for the team.
he stated.
Before the event, Max Fawcett, Christie’s Global Head of Jewelry, had highlighted that the “Mellon Blue” had not been modified with additional facets, making it stand out against many modern gems.
he expressed, noting that its color and shape “reflect the luxury of a golden era.”
The auction was part of the first of two days dedicated to high-end jewelry in Geneva. This Wednesday, rival house Sotheby’s will present the 10.08-carat pink diamond “Glowing Rose,” with an estimated price of USD 20 million, along with a brooch of Napoleon Bonaparte seized after the Battle of Waterloo.
Specialists agree that the moderate behavior of buyers could set the trend for the rest of the season.
concluded Kormind.