Rare blue diamond likely to hit US$5.9 million at Hong Kong auction

In Hong Kong, Sotheby's and Christie's tit-for-tat battle to auction off every known rare colored diamond continues next week. 

Sotheby's will be housing the auction of a 5.18 carat, rare, pear-shaped blue diamond from the De Beers Millennium collection. The jewels were personally selected by President Andrew Coxen of the De Beers Institute of Diamonds, who has been picking out diamonds from the rough for over 40 years.

The Millennium Blue Collection took 20 years to be completed with the star of the collection, the "Millennium Blue Diamond," as vibrant and intense in color as the famed Hope and Wittelsbach. According to Coxen, “exceptional Vivid Blue diamonds are a wonder of nature and only found very occasionally. No more than two a year."

Sold for US$11 million (HK$85.5 million) at Christie’s auction last year, we were stunned by how well received "The Vivid Pink" diamond ring was, despite looking like it was inspired by a Hello Kitty jewelery range. Given that, the auction house estimate that the De Beers Millennium Blue Diamond will rack up US$4.6-5.9 million (HK$36-46 million) is probably quite accurate.

Magnificent Jewels and Jadeite by Sotheby's