GENEVA (AP) — A blue diamond weighing practically 10 carats has offered at public sale in Switzerland for 20.5 million Swiss francs ($26.6 million) together with charges.
The pear-shaped 9.51-carat “Mellon Blue” — named for the late American arts patron Rachel “Bunny” Mellon — had been anticipated to fetch $20-$30 million on the Christie’s public sale on Tuesday.
The home mentioned the stone got here in on the estimated vary. The ultimate value consists of the “purchaser’s premium” and different charges.
“Not the dazzling second I anticipated,” mentioned Tobias Kormind, managing director of on-line jeweler 77 Diamonds. He mentioned the gem was “tipped because the season’s headline act” however was weighed down by a broader market temper.
“Geopolitical tensions — from the battle in Ukraine to Trump’s tariffs — and a weakened Chinese language financial system that stored many regular consumers away, left the room distinctly cautious,” he mentioned in a press release.
Auctioneer Rahul Kadakia, chairman of the worldwide luxurious group at Christie’s, hailed a “notable second” for his group, “evidencing the elite urge for food amongst collectors for extraordinary and storied gems.”
It was a far cry from the height sale for a blue diamond: Christie’s says its highest value for a vivid blue diamond was set in Geneva in 2016 when the 14.62-carat Oppenheimer Blue offered for greater than $57 million.
The Mellon Blue was beforehand offered in 2014, the 12 months that Mellon died, for $32.6 million, which was one of many highest costs ever paid for a coloured diamond at public sale, Christie’s says.
For many years, the stone was a part of Mellon’s non-public assortment.
Max Fawcett, Christie’s international head of bijou, mentioned the Mellon Blue was in contrast to the overwhelming majority of different fashionable gems which have had sides added and been modified to reinforce the colour.
“When you could have nice form and nice colour, you’re wanting on the gem of gems,” he mentioned Friday, noting the stone’s grade of Fancy Vivid Blue and Internally Flawless by the Gemological Institute of America. “That’s what that is.”
The public sale was the primary installment of two days of bijou auctions in Geneva. On Wednesday, rival Sotheby’s is placing up the “Glowing Rose” pink diamond that’s anticipated to attract bids of round $20 million.
