Diamond prices have remained relatively stable throughout the recession making them a good hedge for investors. But when it is a rare and unique piece it can create a bidding frenzy at an auction. A unique blue diamond ring by Bulgari commissioned in the mid 1960s fetched £1,889,250 at auction, more than doubling the original estimate of £800,000. This eye catching accessory was seen in public for the first time. The diamond and blue diamond crossover ring was finally sold to a phone bidder. It came from a private European collector.
The fancy vivid blue diamond weighing 3.78 carats makes it very rare as there are only ten known blue diamond of this size which has a color pure enough to be declared fancy vivid. Bonham’s, who had organized the jewelry auction, had put a collection of 200 items on the block. The Bulgari ring had the highest estimate and it set a new record of the sale price at £492,000 per carat. The size L ring is an exquisite example of Bulgari’s craftsmanship and the pear-shaped, fancy vivid blue diamond makes it an incredibly rare piece.
There is a very strong demand internationally for pieces of this quality and the final price received for the ring proves this point. The ring was commissioned by the private collector’s father as a gift to his wife during the 1960s which could be described as the golden period in Bulgari’s history. There was another blue diamond ring made by Bulgari in 1970s which set a record last year when it fetched a price of £886,000 per carat. There were other surprises in the Bonham’s auction including a rare peacock brooch set with diamonds and gems by the French Imperial jeweler Gustave Baugrand.