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.

20210714_Petra 39 ct blue diamond.jpg
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

18th century diamond necklace
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M

Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.

Saks Fifth Avenue Holiday Window
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light Display

Instead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.

Grand Seiko store in Honolulu Hawaii
WatchesNov 14, 2024
Grand Seiko Partners With Ben Bridge on First Hawaii Store

The new Grand Seiko boutique is located in Honolulu’s Waikiki neighborhood.

Jewelers Mutual Group Cybersecurity
Brought to you by
Navigating Cybersecurity: Essential Guidance for Jewelers

From protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.

Aga Khan Emerald
AuctionsNov 13, 2024
Aga Khan Emerald Sells for $8.8M, Sets Record

The emerald brooch-turned-pendant returned to auction after 55 years, setting a world record for most expensive emerald sold at auction.

Weekly QuizNov 14, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
17.97-carat Burmese ruby ring with pear-shaped diamonds
AuctionsNov 13, 2024
‘Exceptional’ Burmese Ruby Ring Tops $5M at Auction

Phillips also sold a 1.21-carat fancy red diamond dubbed the “Red Miracle” for more than $1 million at its jewelry auction in Geneva.

Ariana Grande and Anya Taylor-Joy
MajorsNov 13, 2024
Ariana Grande, Anya Taylor-Joy Star in Holiday Jewelry Campaigns

From Swarovski to Tiffany & Co., jewelry retailers are enlisting celebrities to highlight their holiday offerings.

Article-Top-Image.jpg
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYC

This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.

2024-2025 Royal Chain Catalog
MajorsNov 13, 2024
Royal Chain’s New Catalog Is Out Now

The 2024-2025 book introduces hundreds of new designs.

Vhernier Calla necklace
FinancialsNov 12, 2024
Cartier, Van Cleef & Arpels Continue to Shine for Richemont

Richemont’s jewelry sales ticked up 2 percent in the first half of the year, while watch sales plummeted 17 percent.

The Gemological Institute of America’s logo
GradingNov 12, 2024
GIA’s Next-Day Services Return for the Holidays

Offered by the lab since 2016, the holiday season special is good from now through mid-December.

Model wearing Mikimoto Chrome Hearts Exclusive Pearl Necklace
CollectionsNov 12, 2024
Mikimoto and Chrome Hearts Blend Aesthetics in New Collaboration

The “Mikimoto Chrome Hearts” jewelry brings pearls from Mikimoto together with distinctive motifs from Chrome Hearts.

Larkspur & Hawk Lily Tapestry Earrings
CollectionsNov 08, 2024
Piece of the Week: Larkspur & Hawk’s ‘Tapestry Lily’ Earrings

These earrings use flat-backed white quartz to create a window onto an antique ribbon embroidered with a floral design.

AGTA Spectrum winners
Events & AwardsNov 08, 2024
AGTA Reveals Spectrum, Cutting Edge Award Winners for 2024

This year’s AGTA Spectrum & Cutting Edge Awards included a new category for engagement rings and a new award highlighting female designers.

Brilliant Earth Jane Goodall jewelry
FinancialsNov 08, 2024
Brilliant Earth’s Q3 Sales Fall 13%

Plus, CEO Beth Gerstein shares her insight on the holiday season and the possibility of new tariffs.

Aurelia Demark London blue topaz bow earrings
TrendsNov 07, 2024
Amanda’s Style File: Golden and Blue November Hues

The month’s birthstones, citrine and blue topaz, reflect the changing colors of the season.

Jewelry designer Sidney Garber and ceramicist Carey Lowell
CollectionsNov 07, 2024
Sidney Garber Collaborates With Carey Lowell on Capsule Collection

The “Carey Lowell x Sidney Garber” collection stems from the friendship between the jewelry designer and ceramicist.

Ritani holiday ad campaign still image
MajorsNov 07, 2024
Ritani Debuts ‘No-Fuss’ Holiday TV Campaign

The two ads highlight diamond engagement rings and diamond studs with a straightforward approach.

American India Foundation
Policies & IssuesNov 07, 2024
Diamonds Do Good To Distribute $250K+ In Grants Next Year

In 2025, the nonprofit plans to continue its support of longstanding partners while also allocating some funds to a new initiative.

Alfred ‘Al’ Giddings Rolex Submariner watches Titanic
AuctionsNov 06, 2024
Two Rolexes With Ties to Titanic Head to Auction

The Rolex watches are from the collection of “Titanic” co-producer Alfred “Al” Giddings and will go up for sale at Sotheby’s next month.

Pandora cuban link bracelet
FinancialsNov 06, 2024
Pandora Posts Double-Digit Revenue Growth in Q3

The Danish jewelry company plans to open up to 150 concept stores this fiscal year.

Gemological Institute of America logo
GradingNov 06, 2024
GIA to Close Lab in Ramat Gan, Israel

The location will close by the end of the year due to it being financially unsustainable, GIA said.

Iris Law and Hero Fiennes in Moments of Joy campaign
MajorsNov 06, 2024
David Yurman’s Holiday Campaign Celebrates ‘Moments of Joy’

The new campaign stars Sterling K. Brown, Hero Fiennes Tiffin, Winnie Harlow, Kyle Kuzma, Arizona Muse, and Iris Law.

Jacquie Aiche Lizzie Bracelet
CollectionsNov 05, 2024
Jacquie Aiche is Hosting an Online Treasure Hunt

One lucky winner will receive a “Lizzie” diamond bracelet.

Samantha Larson
IndependentsNov 05, 2024
Long's Jewelers Names New Director of Buying

Samantha Larson has joined the Boston-based retailer.

Emerging Jewelers Accelerator Program logo
Events & AwardsNov 05, 2024
JA, BIJC Now Accepting EJAP Applications for 2025

The Emerging Jewelers Accelerator Program will guide retail jewelry entrepreneurs through an eight-month educational curriculum.

Tiffany & Co. x CFDA Jewelry Designer Award
Events & AwardsNov 05, 2024
Tiffany & Co., CDFA Announce Design Award Finalists

Ten chosen designers will receive mentorship and participate in a design contest for the Tiffany & Co. x CFDA Jewelry Designer Award.

×

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