Petra blue diamond sale seen as barometer for auction market
By Tom Wildhern
LONDON , May 8, 2009 – The sale of a rare 7.03-carat fancy vivid blue diamond at Sotheby’s in Geneva on May 12 will be a barometer for the high-end gemstone and fine jewellery market, and top diamond experts are confident it will achieve its pre-sale estimate
Rare 7.03 carat blue diamond
price despite the global recession.
Diamantaires believe the rarity of this internally flawless blue diamond will trigger a successful sale at the auction, where the stone is expected to fetch between $5.8-8.5 million.
Leading diamond dealers such as Alisa Moussaieff of Moussaieff Jewellers in London have expressed confidence that the stone will achieve the pre-sale estimate.
For the rarest of items there is no recession, according to Alisa Moussaieff. The gemstone comes from the famous Cullinan mine in South Africa , a known source of rare blue diamonds.
After the reds, the blues are the rarest among the diamond family.
The sale of a 30.02-carat pear-shaped D, internally flawless diamond at Christie’s in New York on April 22 to a private collector for a comfortable $4 million is a signal that the most exquisite of diamonds will still command extraordinary prices.
Rahul Kadakia, Christie’s Head of Jewellery, said, “With more than $130,000 per carat achieved for a perfect diamond of 30.02 carats, the market for colourless diamonds remains absolutely firm and very much in line with prices realised for similar stones this time last year.”
He added, “The sale attracted buoyant participation from private collectors and members of the trade from all over the world, setting a great tone for the Spring jewellery auction season.”
Senior executives at Petra Diamonds, owner of the blue stone offered by Sotheby’s, make the point that there are still a significant number of very wealthy people who understand the importance of the exclusiveness of such a diamond.
Ultra-wealthy Middle Eastern and Russian investor-collectors could compete to possess it.
It could be destined as a gift for a loved one. Or it could sit in a safe. The buyer will decide.
The buyer of the diamond will have the right to name it.
This diamond is acknowledged by experts to be the most important single gemstone to come to the international market so far in 2009.
The industry will be closely following the Geneva sale this month.