The 23.24-carat Golconda Blue diamond Christie’s originally billed as the lead of its upcoming Geneva auction — and gave a $50 million price tag — is now off the market.
The company promoted the pear-shaped stone, set into a ring by famed designer JAR, as the largest fancy-vivid-blue diamond ever offered at auction. Its already highly sought-after traits received a boost from its royal Indian provenance, having previously belonged to Sanyogitabai Devi, the maharni of Indore. Some experts predicted the blue stone could even fetch up to $100 million.
However, the stone’s owners decided to remove the diamond from the May 14 Magnificent Jewels sale at Christie’s Geneva, the auction house told Rapaport News Friday. Although it had already generated “considerable market interest and much excitement globally,” according to Christie’s, the owner decided to sell the diamond to a family member.
It’s not the first time an auction house has taken a lead piece out of an auction shortly before the scheduled date. In November 2022, Christie’s removed an emerald-cut, 13.15-carat, fancy-vivid-pink, VVS1-clarity diamond with a high estimate of $35 million that was set to lead its New York Magnificent Jewels sale. It later emerged that the stone was allegedly stolen property. Last year, Sotheby’s pulled the top item at its Geneva Magnificent Jewels and Noble Jewels sale after the consignor withdrew it. The round-cornered square brilliant-cut stone, known as the Allnatt diamond and set into a brooch by Cartier, carried an estimated of up to CHF 6.5 million ($7.2 million).
Meanwhile, another impressive blue diamond will still make it to a rival Geneva auction. Sotheby’s will offer the cushion modified brilliant-cut, 10.03-carat, fancy-vivid-blue, VS2-clarity, type IIb Mediterranean Blue at its May 13 High Jewelry sale. The auction house has said it will fetch “in the region” of $20 million, but experts believe it may nab up to $30 million.
Image: The Golconda Blue diamond. (Christie’s)
