Blue Diamond Sells for Record $8.4M

Industry hopes sale will stimulate trade slump
By Ambreen Ali,  Newser User
Posted May 12, 2009 4:36 PM CDT
A Sotheby's employee displays the rare vivid blue diamond ring weighing 7.03 carats.   (AP Photo/Keystone, Martial Trezzini)
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(Newser) – 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.
(Read more diamond stories.)