US$20 million blue diamond goes on show in Abu Dhabi

[ABU DHABI] A rare blue diamond valued at US$20 million went on pre-auction display on Tuesday ( Apr 8) in Abu Dhabi, capital of the oil-rich United Arab Emirates (UAE).

The 10-carat Mediterranean Blue, which will go on sale in Geneva next month, is the showpiece of a collection estimated at US$100 million, organisers said.

“Included in the group are the largest flawless diamond in the world... the second-largest red diamond known to exist and several diamonds over 100 carats,” Sotheby’s auction house said in a statement.

The chiselled stones were on display next to lavish jewellery, including a white-diamond encrusted necklace featuring a 100.26-carat pear-shaped brown-diamond pendant.

The blue diamond will be showcased in Taipei, Hong Kong and New York before its exhibition and sale in Geneva in mid-May.

“At the top of the rarity pyramid are blue diamonds,” said Quig Bruning, head of jewels for Sotheby’s in North America, Europe and the Middle East.

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“The Gulf is, in my mind, the core of where the luxury market is headed,” he added.

The resource-rich, largely tax-free Gulf, including the UAE’s trade and tourism hub Dubai, has long been a magnet for high-net-worth individuals and the ultra-wealthy.