October 7 marks Sotheby’s Hong Kong Magnificent Jewels and Jadeite sale, which will be held at the Hong Kong Convention and Exhibition Centre as part of their twice-yearly auction series. At the center of the auction, a rare blue diamond named the ‘Premier Blue’ is estimated to sell for about $19 million. If the stone sells for this price, it will be a record per-carat price for any diamond.
This stunning natural diamond features the round brilliant cut and weighs in at 7.59 carats. The diamond is the largest round fancy vivid blue diamond with an internally flawless clarity that the Gemological Institute of America has ever graded. Fancy colored diamonds are rarely cut into the round brilliant shape because of the high amount of waste involved in the diamond cutting process. We discussed the process of cutting round brilliant diamonds in our blog post entitled “Why Are Round Brilliant Cut Diamonds So Expensive?” This makes this blue diamond exceptionally rare because of the overall quality and shape. Even round cut fancy yellow diamonds are rarely seen on the market, even though they are the most common of the fancy colored diamonds.
Sotheby’s auction house commented, “No significant round fancy vivid blue diamond has ever appeared at auction worldwide thus making the Premier Blue a rare and exceptional gem.”
The stunning blue diamond will visit Geneva, London, New York, Doha, and various cities throughout Asia, such as Bangkok and Shanghai, during an official tour. The tour will feature other goods that will go under the hammer at the auction and will help potential buyers see the rare stone before the auction takes place. Typically 25 to 30 percent of the money spent at the Hong Kong jewelry and art auctions will come from mainland Chinese buyers, with buyers from Hong Kong also being quite active.