At What Price Beauty?

May 18, 2009 | By | Reply More

blue-diamond-ring We’re going to take a little detour from gold prices today, and look at a pretty gem.  Not just any flashy bauble, but in fact one of the most expensive diamonds ever sold.  Pictured her is a rare, flawless 7.03 carat vivid blue diamond that sold this past week for $9.49 million dollars, which is the highest price ever paid for any gemstone at auction, according to Sotheby’s.

The sale was made in Switzerland; the purchase made by an anonymous buyer calling in.  The rectangular-shaped ”knuckle-buster” stone is the rarest to enter the international market this year.  The price was bid up in a two-party battle that see-sawed between two callers for 15 minutes.

The purchase price stunned the market.  The stone sets a record price per carat for any gemstone sold at auction of $1.349,752.  And the meaning wasn’t lost on participants.

“It is fantastic in this market and shows that these rare things are very much in demand,” according to David Bennett, chairman of Sotheby’s European and Middle East market group.

The stone itself is mounted in a platinum ring.   The new owner will have the right to name the African diamond, which was mined last year in the historic Cullinan mine in South Africa.  It was mined, cut, and brought to market within 12 months in what many consider a down market, to stunning results.  None of that diminish the sale or the gem itself.

Why did it sell for so much?  Blue diamonds are the rarest of all these most valued gems.  Vivid blue, flawlessness, and the size are what sets this gem apart.

All gems are valued for their rareness.  If diamonds, gold or platinum was found under every rock on any given day of the week, we wouldn’t value them as highly.  But still, this gem sets us agog.    We thought you’d like a peek at what had the jewelry world abuzz.

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Category: Gold Prices, Jewelry News

About the Author ()

I'm a professional journalist with several media outlets both in Los Angeles and in Washington, DC. I have covered politics, major disasters, the markets and the economy for several years. I'm interested in covering gold prices because of what it indicates about the economy and the money supply. I try to stay positive, but right now, we are in a difficult situation financially and I'll try to bring the economy and the price of gold into focus in this blog.

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