Blue Diamond Sells for Record $8.4M

As the diamond market tumbles, at least it seems a blue one is forever, reports GlobalPost. A 7.03-carat rock unearthed in South Africa last year sold for more than $8.4 million at a Geneva auction today—setting a world record in price per karat for a gem of its kind. But other jewels sold for 10% less than hoped, signaling that the industry's woes aren't over, the AP notes.

“Blue diamonds are in a sense outside the whole diamond market simply because they are so rare,” said a Sotheby's official. “If you’re a buyer for a blue diamond you don’t get many opportunities.” Still, peddlers of regular diamonds are hoping a turnaround comes soon. De Beers has pushed production down 91% in the face of reduced demand. Other miners have followed, shuttering whole mines and laying off hundreds of thousands of employees.
(More diamond stories.)