Experts have predicted that the Golconda Blue could smash its high estimate to sell for as much as $100 million at Christie’s in Geneva, making it the most expensive diamond ever sold at auction.
The pear-shaped, 23.24-carat, fancy-vivid-blue diamond, set into a ring by designer JAR, will lead the May 14 Magnificent Jewels auction. Christie’s allocated the piece a price range of $35 million to $50 million, but given the diamond’s rarity and royal Indian origins, experts believe it will nab a higher figure.
“With its…provenance and unprecedented size at this quality…the Golconda Blue is poised to blow every diamond ever auctioned out of the water to become the first $100 million diamond ever sold at auction,” said Tobias Kormind, managing director of online jeweler 77 Diamonds. “The current record holder is the CTF Pink Star, a 59.6-carat, fancy-vivid-pink which sold for $71 million at Sotheby’s Hong Kong in 2017.”
However, he added, blue diamonds, which are rarer than pinks, “command a higher price per carat.” “The 12.03 Blue Moon of Josephine holds the record for the highest price paid per carat at $4 million,” he noted. “Based on these metrics alone, the Golconda Blue, along with its illustrious royal Indian heritage, should fetch at least $92 million (23 times $4 million).”
Kormind points out that when you take the Golconda Blue’s greater size, together with its provenance and that sought-after designer JAR set it into a ring, the piece has strong potential to become a world-record breaker.
The Fancy Color Research Foundation (FCRF) also believes the stone could make waves in auction circles.
“Based on the stone’s exceptional rarity, historical significance and its remarkable fancy-vivid-blue grade, we believe the $50 million high estimate could potentially be surpassed,” said FCRF CEO Roy Safit. “This is not just a rare diamond; it is a trophy asset that speaks directly to the world’s most discerning collectors. While predicting the results is almost impossible, a diamond of this caliber, which is truly a rare collector’s item with great uniqueness, has the potential to fetch groundbreaking amounts. “
The Golconda Blue is expected to break records despite the difficult economic climate, Safit explained.
“This auction will be fanned by an environment transcending the barriers of economic equations with competitive high-profile bidding dynamics, amid the world’s top-tier collectors seeking to own a piece of history,” he observed. “Auction dynamics often operate in a league of their own — especially at this caliber — where desire, story, and prestige play a greater role than traditional valuation models. Sometimes these unique gems sell below expectations, and at other times they spark bidding wars that push them far above their anticipated range. [FCRF] cannot overstate how exciting this auction could potentially play out.”
Image: The Golconda Blue diamond. (Christie’s)
