Sotheby’s upcoming high jewelry sale in Geneva will showcase ‘The Mediterranean Blue’, a rare 10.03-carat fancy vivid blue diamond. The stone, which has received the highest possible color grading for a blue diamond from the Gemological Institute of America (GIA), is classified as Type IIb, an extremely rare category comprising less than 0.5% of all diamonds.
‘The Mediterranean Blue’ will be unveiled at the Bassam Freiha Art Foundation on Abu Dhabi’s Saadiyat Island Cultural District, before exhibitions in Taipei, Hong Kong and New York. It will be offered at auction on May 13, in Geneva, with an estimated price of US$20 million.
Quig Burning, Sotheby’s Head of Jewelry, Tasmania’s & EMEA, stated: “The Mediterranean Blue represents one of nature’s rarest gems. Any vivid blue diamond is a discovery worth celebrating, but one as entrancing as this, particularly being over 10-carats, is a newsworthy event. The Mediterranean Blue’s remarkable size, charming cushion-cut and ocean-blue colour places it in the rarefied company of some of the most important blue diamonds to come to market in recent years. We are likewise thrilled to be announcing this sale in the extraordinary confines of the Bassam Freiha Art Foundation, the architectural beauty of which is a perfect match for such a rare gemstone.”
The GIA mentioned that blue diamonds are among the rarest, with only 0.3% of diamonds submitted to the organisation each year showing a predominantly blue color. This is amplified by the fact that less than 0.1% of mined diamonds exhibit blue hues.
The 31.94 carat rough diamond, which yielded ‘The Mediterranean Blue’, was studied for over a year after its discovery in South Africa in 2023. After a meticulous, 6-month cutting process, ‘The Mediterranean Blue’ was shaped into a cushion modified brilliant. Exhibiting a soft, refined look, the carefully positioned triangular and kite-shaped facets – characteristic of the brilliant cut – reflect light to create a captivating sparkle.
The Cullinan mine in South Africa, where ‘The Mediterranean Blue’ was discovered, has produced several famous diamonds, including the 530-carat ‘Great Star of Africa’. Among its other extraordinary blue diamonds are ‘The Blue Moon of Josephine’, a 12.03-carat Internally flawless fancy vivid blue diamond that sold for US$48.5 million in 2015, and ‘The De Beers Blue’, a 15.10-carat step-cut fancy vivid blue diamond, which was auctioned for US$57.5 million in 2022 at Sotheby’s Geneva.
Given its size, precision cut, and exceptional rarity, ‘The Mediterranean Blue’ is expected to draw significant attention from collectors and investors at Sotheby’s Geneva auction.
