Saturday, May 21, 2016

'Oppenheimer Blue' Diamond Sells at Auction for $57.5 Million



by Robert Frank, CNBC

A 14.6-carat blue diamond auctioned at Christie's in Geneva for $57.5 million, including fees, becoming the most expensive diamond ever auctioned.

The stone, called the "Oppenheimer Blue," followed a record-high jewelry sale by Sotheby's Tuesday, which totaled $175 million, the highest total ever for a jewelry sale.

A Christie's employee poses with the 14.62 carats Oppenheimer Blue diamond during a preview in Geneva, Switzerland on May 12, 2016. The largest "fancy vivid blue" diamond is estimated to sell for from US$ 38 to 45 million when auctioned during the Magnificent Jewels auction in Geneva on May 18.

The sales show that despite the volatile financial markets and slower art market, rare diamonds have retained their shine among the rich. The Sotheby's sale included the $31.6 million sale of the "Unique Pink," a 15.4-carat fancy vivid pink stone.

The "Oppenheimer Blue" — which went for a hammer price of $51.3 million — was among the most prized stones in the diamond world. Blue diamonds are arguably the rarest and most sought-after color. And the Oppenheimer was owned by Philip Oppenheimer, the late chairman of the De Beers diamond-marketing cartel.

Only 10 percent of all blue diamonds discovered are larger than a carat, making the Oppenheimer Blue a highly prized freak of nature. It also has the highest color rating of "vivid."

The 12.03-carat "Blue Moon Diamond," sold by Sotheby's in November for $48.5 million, previously held the title of the priciest diamond sold at auction.

www.nbcnews.com

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