$20mn blue diamond goes on show in Abu Dhabi

ABU DHABI: A rare blue diamond valued at $20 million went on pre-auction display on Tuesday in Abu Dhabi, capital of the oil-rich United Arab Emirates.

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

“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.