A Rare Blue Diamond Sells at a Record Price

A rare flawless vivid blue diamond weighing 7.03 carats sold last week for $9.49 million Swiss francs (including commission), which marks the highest price ever paid for a gem of its kind. According to auctioneer David Bennett, chairman of Sotheby's jewelry department in Europe and the Middle East, the gem was discovered last year at the historic Cullinan mine in South Africa and has been graded highly for its vivid color and clarity.

After hectic bidding see-sawed between two callers for 15 minutes, the rectangular-shaped blue stone, the rarest to enter the international market this year, went to an anonymous buyer. The new owner will have the right to name the stone, which is mounted in a platinum ring.

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