
Rare blue diamond fetches $21.5 mn at auction in Geneva
"The Mediterranean Blue", a fancy vivid blue diamond weighing 10.3 carats with an estimated value of $20 million, attracted an intense bidding battle.
Bidding began at nine million Swiss francs ($10.8 million), with a fierce back and forth before the diamond was ultimately sold to a private US collector, whose name was not given, for 17.9 million francs ($21.5 million), Sotheby's said.
The Mediterranean Blue, which is a brand-new blue diamond recently mined from the legendary Cullinan mines of South Africa, generated huge excitement within the diamond industry ever since it was first announced in March, the auction house said.
Ahead of its final showing in Geneva on Tuesday, it was unveiled as part of a Sotheby's debut exhibition in Abu Dhabi last month, where it was showcased alongside seven other "extraordinary" diamonds and gemstones collectively worth over $100 million.
"At the top of the rarity pyramid are blue diamonds," Quig Bruning, head of jewels for Sotheby's in North America, Europe and the Middle East, said at the Abu Dhabi show.
After serving as auctioneer at Tuesday's event, he hailed the gem as "undoubtedly the defining stone of the season", saying in a statement that it "ranks among the top blue diamonds we have sold".
Tobias Kormind, head of Europe's largest online diamond jeweller 77 Diamonds, was less upbeat, describing the sale as "less dazzling than anticipated".
"The diamond did exceed its $20 million estimate, suggesting there was meaningful interest," he acknowledged.
"But broader uncertainty, including the ongoing US-China trade tensions, may have dampened bidder confidence and muted what could have been a more frenzied atmosphere."

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


France 24
9 hours ago
- France 24
Golf course and trade talks: Donald Trump mixes business & politics in Scotland
00:52 25/07/2025 Zelensky seeks EU support while Ukraine struggles with corruption Europe 24/07/2025 EU-China ties hit 'inflection point' and calls climate chage 'a priority' Europe 24/07/2025 EU says China's links with Russia now 'determining factor' in ties Europe 24/07/2025 EU tariffs on chinese EVs strain trade and diplomatic ties with Beijing Economy 24/07/2025 Spain beats Germany in Women's Euro 2025 and will play England on Sunday Europe 24/07/2025 War in Ukraine : Russia agrees prisoner swap but no deal on ceaserfire Europe 20/07/2025 Zelensky offers to hold new talks for ceasefire Europe 19/07/2025 EU launches new sanctions against Russia for more effective oil price cap Europe 17/07/2025 EU proposes 'most ambitious ever' budget of two trillion euros Europe


France 24
13 hours ago
- France 24
China urges global consensus on balancing AI development, security
His remarks came just days after US President Donald Trump unveiled an aggressive low-regulation strategy aimed at cementing US dominance in the fast-moving field, promising to "remove red tape and onerous regulation" that could hinder private sector AI development. Opening the World AI Conference (WAIC) in Shanghai on Saturday, Li emphasised the need for governance and open-source development, announcing the establishment of a Chinese-led body for international AI cooperation. "The risks and challenges brought by artificial intelligence have drawn widespread attention... How to find a balance between development and security urgently requires further consensus from the entire society," the premier said. Li said China would "actively promote" the development of open-source AI, adding Beijing was willing to share advances with other countries, particularly developing ones. "If we engage in technological monopolies, controls and blockage, artificial intelligence will become the preserve of a few countries and a few enterprises," he said. "Only by adhering to openness, sharing and fairness in access to intelligence can more countries and groups benefit from (AI)." The premier highlighted "insufficient supply of computing power and chips" as a bottleneck. Washington has expanded its efforts in recent years to curb exports of state-of-the-art chips to China, concerned that these can be used to advance Beijing's military systems and erode US tech dominance. For its part, China has made AI a pillar of its plans for technological self-reliance, with the government pledging a raft of measures to boost the sector. In January, Chinese startup DeepSeek unveiled an AI model that performed as well as top US systems despite using less powerful chips. 'Pet tiger cub' At a time when AI is being integrated across virtually all industries, its uses have raised major ethical questions, from the spread of misinformation to its impact on employment, or the potential loss of technological control. In a speech at WAIC on Saturday, Nobel Prize-winning physicist Geoffrey Hinton compared the situation to keeping "a very cute tiger cub as a pet". "To survive", he said, you need to ensure you can train it not to kill you when it grows up. In a video message played at the WAIC opening ceremony, UN Secretary-General Antonio Guterres said AI governance would be "a defining test of international cooperation". The ceremony also saw the French president's AI envoy, Anne Bouverot, underscore the "an urgent need" for global action. At an AI summit in Paris in February, 58 countries including China, France and India -- as well as the European Union and African Union Commission -- called for enhanced coordination on AI governance. But the United States warned against "excessive regulation", and alongside the United Kingdom, refused to sign the summit's appeal for an "open", "inclusive" and "ethical" AI.


France 24
a day ago
- France 24
Over 138,000 flee Thai-Cambodian border as conflict escalates
07:30 25/07/2025 Thai-Cambodian border fighting enters second day Asia / Pacific 25/07/2025 More than 140,000 flee as Thai, Cambodian border clashes escalate Asia / Pacific 25/07/2025 100,000 flee Thai-Cambodian border as troops clash for second day Asia / Pacific 24/07/2025 Thailand-Cambodia border crisis traces roots 'to pre-colonial Southeast Asia" Asia / Pacific 24/07/2025 EU-China ties hit 'inflection point' and calls climate chage 'a priority' Europe 24/07/2025 EU says China's links with Russia now 'determining factor' in ties Europe 24/07/2025 EU tariffs on chinese EVs strain trade and diplomatic ties with Beijing Economy 24/07/2025 Thailand and Cambodia clash with jets and rockets in deadly border row Asia / Pacific 24/07/2025 At least 12 people killed as Thai, Cambodian border tensions spiral Asia / Pacific