Capital Investment Advisors

This Blue Diamond Sold For A Record $57.6 MILLION!

How much is a story worth?

The Oppenheimer Blue diamond recently sold at auction for a record $57.6 million.  Yes, the stone is huge at 14.62 carats, but it’s not considered perfect — just “nearly flawless.”  So, why the record price?  Because the diamond comes with a cool back story, or “provenance.”

The Oppenheimer Blue takes its name from Sir Philip Oppenheimer, long-time senior executive of the DeBeers diamond company.  For fifty years, Oppenheimer had access to the best diamonds in the world, and when he decided to give his wife a diamond, he chose the Oppenheimer Blue.

The record-setting diamond is currently set in a ring with two smaller diamonds.  The unidentified winner prevailed after 25 minutes of bidding.  The Oppenheimer didn’t just set a new record; it shattered the old by nearly $10 million.

I think there’s a lesson here for those looking to buy an engagement ring.  Skip the old (and silly) rule about spending two months salary on a diamond.  Look instead for a ring that has special meaning to you as a couple – diamond, or not.  It may never sell for $57 million, but you’ll always cherish the provenance.  And you can’t put a price on that.

A Christie’s employee holds Oppenheimer Blue diamond of 14.62 carats, which is estimated to be sold between 38,000,000 to 45,000,000 US Dollar, during a preview at the auction house Christie’s, in Geneva, Switzerland, Thursday, May 12, 2016. The auction will take place on May 18, 2016 in Geneva. (Martial Trezzini/Keystone via AP)

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