The Geneva jewellery auctions held Tuesday and Wednesday solid a shadow over what was up till this level a yr marked by exceptionally sturdy demand and record- or near-record breaking costs for uncommon, high-quality fancy-colored diamonds.

On November 8, The Fortune Pink, the world’s largest pear-shaped Fancy Vivid pink diamond ever to be provided at public sale, offered for roughly $28.5 million at Christie’s Geneva Magnificent Jewels public sale. It was on the low finish of its $25 million – $35 million estimate. The ultimate value contains the customer’s premium, the price paid to the public sale home. On the hammer value, the precise value realized at public sale, it fell under its low estimate.

Whereas nonetheless a hefty quantity for the uncommon 18.18-carat Kind IIa diamond with its stable VVS2 readability grading, it fell wanting lofty expectations in what was wanting like banner yr for pink and blue diamonds.

This was adopted the following day by a 5.53-carat cushion brilliant-cut Fancy Vivid blue diamond, which was the highest lot at Sotheby’s Geneva Magnificent and Noble Jewels sale. It did not promote after bidding stalled at $10.4 million Swiss francs ($10.7 million). Its estimate was $11 million – $15 million.

It’s the first of eight blue diamonds provided by means of a partnership by diamond mining big, De Beers, which sourced and assembled the tough diamonds, and Diacore, which crafted and polished the roughs into completed gems. The diamonds are being offered throughout Sotheby’s Magnificent Jewels auctions in New York, Geneva and Hong Kong by means of the Spring of 2023. The 5.53-carat blue diamond was the primary to be provided.

The Geneva auctions adopted two gross sales in August the place a pink and blue achieved distinctive costs.

The Williamson Pink diamond, an 11.15-carat internally flawless fancy vivid pink diamond, fetched a outstanding $57.7 million at Sotheby’s Hong Kong in October, shattering its $21 million excessive estimate whereas setting a per-carat world-record value for a Fancy pink diamond. It was the second highest value achieved for any jewel or gemstone offered at public sale. The sale itself newest for 20 minutes (an eternity within the public sale world) with a number of bidders vying for the gem. This gem not solely had measurement however distinctive provenance. Nonetheless the worth and variety of bidders for such a diamond was sudden. This left many predicting that The Fortune Pink would fare higher.

In the meantime, the De Beers Blue diamond, the most important vivid blue diamond ever to look at public sale, fetched greater than $57.4 million and roughly $3.8 million per carat, making it one of many highest costs ever achieved for a diamond at public sale. Each costs for the 15.10-carat internally flawless step-cut gem fell simply shy of world information for Fancy Vivid Blue diamonds. The whole value was effectively above the gem’s estimate of greater than $48 million.

The De Beers Blue shared quite a lot of the identical traits with the 5.53-carat Fancy Vivid blue that failed to draw bidders.

The 5.53-carat blue diamond shared an analogous historical past with the De Beers Blue. The roughs for these diamonds have been unearthed throughout the final two years on the Cullinan mine, one of many only a few mines on the earth identified to comprise distinctive blue diamonds. Whereas the De Beers Blue had distinctive readability of the 2, its efficiency at public sale exceeded expectations whereas the 5.53-carat blue diamond underachieved.

The bizarre choice of Sotheby’s, De Beers and Diacore to promote the eight gems over a number of auctions inside a yr’s time additionally presents inquiries to how the remaining gems will carry out. One diamond vendor described it as “uncharted” territory.

Subsequent up is the Golden Canary, a 303.10-carat a elaborate deep brownish-yellow diamond. It is among the largest polished diamonds on the earth and the most important flawless or internally flawless diamond ever graded by the Gemological Institute of America. Will probably be the highest lot of Sotheby’s New York Magnificent Jewels sale in on December 7. Its estimate is $15 million, and it’s being provided with out reserve, with bidding beginning at simply $1.

Nonetheless, anticipate yet another high-quality fancy-colored diamond to be provided at public sale earlier than the yr’s finish.