An extremely rare 12 carat, flawless blue diamond, named the Blue Moon, will be sold at a Sotheby’s auction on November 11th in Geneva, and is expected to become the world’s most expensive diamond ever sold. Sotheby’s expects the Blue Moon to fetch up to $55 Million.
The Cullinan Mine has produced some of the world’s largest diamonds in the past and is one of Petra’s largest pit mines. Petra Diamonds is the largest rough diamonds producer is South Africa. Petra has seen a 33% drop in sales from the same period last year.
The Blue Moon’s original size was 29.62 CTS and was purchased, cut and polished by Cora International, a New York Cutting House, who took 6 months to polished the stones, and will be selling it in Geneva. Current world record is being held by The Graff Pink which went for $46.2 million in 2010.
Latest updates from the DRC’s Ministry of Mines are as follows:
The Ministry of Mines has issued roughly 200 purchases & sales licenses, out of these 200 licenses issued in the DRC, only 15 to 20% of licensees have their licenses up to date.
The rest leases or sub lease other people’s license. There are only 30 to 40 companies in the DRC with up to date valid licenses, out of which 50% of these have export licenses, reducing the amount of licensees who can legally export diamonds from the DRC to 15 to 20 companies in the whole Country.
In our experience, the DRC is a very difficult place to do business and purchase diamonds, further more, we find DRC seller’s prices to be completely out of line with the rest of the African market, and fraud to be as high as it can get.
For these reasons, we have made the conscious decision to stay away from DRC Diamonds all together, doing business there is too challenging for our taste. If you decide to do business in the DRC, make sure you have proper security with you, and be ready to pay a premium price.