Rare 10.3-carat Mediterranean Blue diamond discovered in South Africa

In April 2023, Sotheby’s announced the discovery of a remarkable diamond in the Cullinan mine in South Africa. The diamond, named the Mediterranean Blue, weighs 10.3 carats and is classified as a fancy vivid blue with VS2 clarity, marking it as one of the finest examples of blue diamonds. This diamond is noteworthy not only for its size but also for its Type IIb classification, which includes less than 0.5% of all diamonds worldwide. Following a year of study on the rough diamond and a meticulous cutting process lasting six months, the Mediterranean Blue became ready for auction. Scheduled for May 13, 2025, the Mediterranean Blue diamond will be the highlight of Sotheby’s Geneva High Jewelry sale with a projected auction estimate of about $20 million. Prior to the auction, the diamond is set for public exhibition at the Bassam Freiha Art Foundation in Abu Dhabi, beginning on April 8, 2025. This exhibition is of significant importance as it marks the first time Sotheby’s has held a public display in Abu Dhabi since 2009. The venue itself is notable and described as an architectural marvel set on Saadiyat Island, hosting extensive collections of art. The Mediterranean Blue stands apart in the highly competitive diamond market as it exemplifies the criteria for rare gems, generating excitement among collectors and connoisseurs. Sotheby’s head of Jewelry remarked on the unique attributes of this diamond, emphasizing its charm and ocean-blue color. Diamonds like this are not only rare; their presence in auctions stirs interest due to their investment potential, especially given that two blue diamonds have previously fetched record prices at auctions. The diamond's origin, the Cullinan mine, is historically significant, as it has produced several of the world’s most famous diamonds, including the Great Star of Africa. Other notable blue diamonds from this mine have set auction records, indicating that the Mediterranean Blue could follow a similar path when it enters the auction circuit in May. The global market for fancy vivid blue diamonds remains robust, and the arrival of this new gem is a noteworthy event in the world of high-end jewelry and auctions.