Sourcing

39-Carat Blue Diamond Sells to De Beers, Diacore for $40M

SourcingJul 14, 2021

39-Carat Blue Diamond Sells to De Beers, Diacore for $40M

The “exceptional” stone went for about $1 million per carat and is the second natural color rough diamond purchased by the two companies.

De Beers and manufacturer Diacore paid $40.2 million for this 39.34-carat blue diamond. It’s expected to yield a 14- or 15-carat polished stone that is cushion- or pear-shaped.
London—The “exceptional” 39.34-carat blue diamond recovered from a mine in South Africa has been sold, Petra Diamonds Ltd. announced Monday. 
 
A partnership between De Beers Group and manufacturer Diacore International, a De Beers sightholder, paid $40.2 million ($1 million per carat) for the stone. 
 
The two companies will appoint “expert artisans” to study and work with the diamond prior to cutting, so that “its beauty can be maximized before it is presented to the wider world,” De Beers said in a statement issued Wednesday morning. 
 
The 39.34-carat diamond is the single most expensive stone Petra has ever sold.
 
It’s also the second rough blue diamond the De Beers/Diacore partnership has recently purchased from Petra, which just underwent a debt-for-equity restructuring after a failed attempt to find a buyer.
 
In November 2020, the two companies bought the five blue diamonds comprising the “Letlapa Tala Collection,” paying $40.36 million.

 Related stories will be right here … 

Like the 39-carat blue diamond, those stones came from the Cullinan Mine, which has yielded a number of famous diamonds, both natural color and colorless. 
 
Among them is the rough that yielded the 12.03-carat blue diamond later named the “Blue Moon of Josephine,” which sold for $48.5 million at a Sotheby’s auction in November 2015. 
 
That is roughly $4 million per carat, which remains the highest price-per-carat ever paid for a gemstone sold at auction.
 
In an interview last month, L.J. West Diamonds gemologist George Togholian, who worked on the cutting of the Blue Moon at a previous job, said this 39-carat blue diamond looks “very similar” to the rough that became the Blue Moon. 
 
Blue diamonds from Cullinan, he said, possess a “special tone of blue” that’s not comparable to any other diamonds.  
Though Togholian declined to share his estimate, others predicted the diamond would sell for upward of $1 million a carat, with one diamantaire telling National Jeweler the stone could go for as much as $65 million.
 
It fell well short of that mark at $40 million. 
 
Larry West, owner of L.J. West Diamonds, said the rough diamond’s sale price is indicative of where the market is right now. 
 
The Blue Moon, sold as rough in 2014 and auctioned as a polished diamond for $4 million per carat the following year, was purchased at a high point. 
 
Today, travel limitations and lingering concerns around COVID-19 are “putting a little damper” on the sale of extremely rare natural color diamonds, West said, holding down prices slightly. 
 
Damper, however, is a relative term when it comes to these sought-after stones. 
 
While more and more large colorless diamonds are being found, the supply of exceptional natural color diamonds is dwindling. West cited both the closure of the Argyle mine and Cullinan, where Petra has to keep going deeper to find diamonds like the 39-carat blue, as examples. 
 
“In general, [the 39-carat diamond’s $40 million sale] still shows how strong [the market for] vivid blues is ... as  a commodity, they generate strong interest,” he said.   
 
Michelle Graffis the editor-in-chief at National Jeweler, directing the publication’s coverage both online and in print.

The Latest

AuctionsMar 27, 2023
Jewels to Shine in Upcoming ‘Golden Age’ of Hollywood Auction

The Kruse GWS Auctions sale will include the replica “Taj Mahal” necklace Elizabeth Taylor made with Avon as well as a costume piece Marilyn Monroe wore.

MajorsMar 27, 2023
Pandora Promotes GM to Chief of Retail Operations

Massimo Basei is moving up, while Chief Commercial Officer Martino Pessina is stepping down.

Events & AwardsMar 27, 2023
Registration Is Open for the HardRock Summit

AGTA GemFair and the Denver Gem & Mineral Show also will have a presence on the show floor.

Brought to you by
Full Disclosure at Your Fingertips

Distinguishing natural diamonds from laboratory-grown stones – now more available than ever – has been difficult for jewelers. Until now.

AuctionsMar 24, 2023
Piece of the Week: The $5.8M Patek Philippe ‘Sky Moon Tourbillon’

Sold by Christie’s Hong Kong, this masterwork of complications now holds the record for most expensive watch ever auctioned online.

Weekly QuizMar 23, 2023
This Week’s Quiz
Test your jewelry news knowledge with this short test.
Take the Quiz
FinancialsMar 24, 2023
Movado Predicts Declining Sales Amid ‘Volatile’ Retail Environment

The watch company expects first-quarter sales to fall as much as 15 percent due to inflation and tough comps.

Lab-GrownMar 24, 2023
Lightbox Promotes General Manager to COO

Adam O’Grady, general manager of the Lightbox Lab, has taken on the new role and will report directly to Lightbox CEO Antoine Borde.

Brought to you by
Bringing Over 130 Years of Diamond Expertise to Modern Grading

De Beers Institute of Diamonds provides the very best in diamond verification, education and diamond services.

WatchesMar 23, 2023
Which Brands Do Watch Enthusiasts Love Most? Chrono24 Takes a Look

The watch marketplace gathered data from 1.3 million collectors, highlighting the most popular timepieces and exploring value appreciation.

GradingMar 23, 2023
GCAL Introduces 8X Cut Grade for Proprietary Cuts

Patented and specialty cuts now can receive an 8X Proprietary Certificate, which can be customized to include a company’s brand and logo.

Events & AwardsMar 23, 2023
Diamonds Do Good Names 2023 Award Recipients

The organization said it will recognize those who exemplify the idea that doing good is good business.

CollectionsMar 22, 2023
Messika’s 2023 Campaign Pairs New Jewelry With Vintage Cars

Kendall Jenner once again is fronting the French brand’s campaign, joined by model and dancer Alton Mason.

Events & AwardsMar 22, 2023
Hari Krishna Exports Hosts Gala Amid UN Water Conference

The CEOs of Signet, Helzberg, and GIA spoke on a water conservation panel, and had lakes named in their companies’ honor.

Policies & IssuesMar 22, 2023
See Kwiat’s Bracelet for World Water Day

Sales of the sleek sterling silver and diamond design will go to nonprofit organization charity: water.

AuctionsMar 21, 2023
Marlene Dietrich’s Van Cleef & Arpels Bracelet Going Up for Auction

Expected to earn up to $4.5 million, the “Jarretière” bracelet is the star of Christie’s “The Magnificent Jewels of Anne Eisenhower” sale.

ColumnistsMar 21, 2023
Squirrel Spotting: Customer Retention Mindset—The New CRM

With jewelry sales coming down from their pandemic highs, retailers need to do all they can to retain existing customers, Peter Smith says.

Events & AwardsMar 21, 2023
ASJRA’s May Conference Examines ‘Iconic’ Jewelry Companies

Jewelry historians, authors, and experts will explore the works of Tiffany & Co., Oscar Heyman, Verdura, and more.

IndependentsMar 21, 2023
Borsheims Executive Jennifer Johnson Retires

Johnson joined the retailer in 1987, establishing its first human resources department.

Recorded WebinarsMar 20, 2023
Watch: Lab Grown Diamonds: What's Now? What's New? What's Next?

Supplier Spotlight Presented by IGI

Events & AwardsMar 20, 2023
Gem Awards Shine Spotlight on Design, Dedication, and Family

The industry gathered to celebrate those who elevate the jewelry and watch industries.

CrimeMar 20, 2023
Jewelry Crime Reached Record Level in 2022, JSA Says

At JSA’s annual luncheon, President John J. Kennedy said the organization recorded more than 2,000 cases last year.

CollectionsMar 20, 2023
A New Book on Chanel Is a High Jewelry Lover’s Dream

It highlights Gabrielle “Coco” Chanel’s lasting influence on modern design.

Recorded WebinarsMar 17, 2023
Watch: Lessons From Gems

Jewelers of America’s Amanda Gizzi explores the qualities and accomplishments that make this year’s Gem Award nominees shine.

Events & AwardsMar 17, 2023
JCK Industry Fund Announces Grant Recipients

Here’s what the nine chosen organizations plan to do with the funds.

TrendsMar 17, 2023
Piece of the Week: Anita Ko’s Award-Ready Earrings

The designer is nominated for a Gem Award for Jewelry Design.

FinancialsMar 16, 2023
Winter Weather, Declining Engagements Weigh on Signet’s Results

The jewelry giant’s full-year sales were essentially flat, brought down by fourth-quarter declines.

FinancialsMar 16, 2023
Brilliant Earth Took a Record Number of Orders in 2022

In its recent results, the company highlighted non-bridal jewelry sales and said its “inventory-light” showroom model may change.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy