Editor’s Note
This article reports on the record-breaking auction of “The Mediterranean Blue,” a rare 10.3-carat diamond that sold for $21.5 million. The piece details the competitive bidding and final price, highlighting the enduring allure and immense value of exceptional gemstones in the collector’s market.
21.5 million dollars for 10.3 carats: “The Mediterranean Blue” has a new owner. A private collector purchased the rare diamond at an auction held by Sotheby’s.
“The Mediterranean Blue”, an extremely rare blue diamond, sparked a fierce bidding duel. As the auction house Sotheby’s announced, the 10.3-carat diamond was sold for 17.9 million Swiss francs – equivalent to nearly 20 million euros.
In contrast, Tobias Kormind from Europe’s largest online jewelry retailer, 77 Diamonds, described the auction as “less electrifying than expected.” He said “The Mediterranean Blue” did fetch slightly more than anticipated.
The bidding for the cushion-modified brilliant-cut diamond lasted about two and a half minutes. Bidding started at nine million francs. The new owner is a private collector from the USA, the auction house explained – without naming a name.
The diamond was crafted from a 31.94-carat rough diamond that was mined in 2023 in the Cullinan mines in South Africa. Only 0.3 percent of all diamonds have a predominantly blue color. The rough diamond was studied for a year to learn more about the formation of these blue stones. Subsequently, it was polished and cut over six months to achieve its cushion shape, according to Sotheby’s.
In addition to the “Mediterranean Blue”, other diamonds and jewelry pieces were auctioned in Geneva. Sotheby’s said the auction saw “extremely strong results for colored diamonds and gemstones and a high level of participation from bidders and buyers from the USA, who formed the majority group in both categories.”