Sharp focus on sale of rare blue diamond amid recession

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Sharp focus on sale of rare blue diamond amid recession

By George Appleshaw

LONDON, April  2, 2009 – The May 12 Geneva Sotheby’s auction of a supremely rare 7.03-carat blue diamond will attract plenty of interest from the diamond community, as it is the first sale of an important diamond this year and comes against the backdrop of the worst global economic crisis in generations.
But top-end jewellers like Mrs Alisa Moussaieff of Moussaieff, Bond Street, believe that the fancy vivid blue, internally flawless, cushion-shaped diamond mined by Petra Diamonds from the historic Cullinan mine in South Africa, is on track to achieve at least its reserve price of $5.8-8.5 million.
Alisa Moussaieff says she is confident that this diamond can attain its pre-sale estimate price or more because of the rarity and splendour of this stone which she says should have no difficulty attracting a buyer at such a reasonable price per carat.
Nevertheless, the fact of the brutal economic times in which we are living, will ensure that this first major diamond to be offered at the upper echelons of the auction market this calendar year, will generate huge attention from the jewellery world and beyond.
(The opinions in this article are those of the author.)