May 2, 2013
Original Source: broadwayworld.com
By: Fashion News Desk

Rare Blue Diamond Unveiled by One and Only One

A rare Long Oval-Shaped Fancy Vivid Blue Diamond of nearly 3.5 carats will be unveiled by The One and Only One on May 3 at the company's select locations nationwide. The Natural Blue Diamond, the center stone of a custom-designed ring featuring a pair of Fancy Intense Argyle Pink Diamonds (.93 carats), is accompanied by a certification from the Gemological Institute of America.

The Fancy Vivid Blue Diamond Ring is available for viewing by appointment only, price upon request.

"This vibrant Sky Blue stone is one of only three Fancy Vivid Blue Diamonds over three carats on the world market today," said Joe Padulo, CEO of Padulo Prive, an adviser to elite jewelers and luxury brands. "Considering that a Fancy Deep Blue Diamond just broke the world auction record at $1.8 million per carat, this Long Oval Fancy Vivid Blue is a tremendous investment. Fancy Vivid is the most valuable color saturation designated by the GIA," he added.

On April 24, at Bonhams Fine Jewelry sale in central London, a 5.3-carat Fancy Deep Blue Diamond "Trombino" ring designed by Bulgari in the 1960s fetched $9.5 million. The $1.8 million per carat price broke the previous blue diamond record of $1.68 million per carat.

According to the GIA, of the millions of diamonds mined each year, only .0001% can qualify as Fancy Color Diamonds, and only a handful of these can achieve the top grade of Vivid. An even smaller percent are larger than one carat.

Less than 0.1% of all Fancy Color Diamonds are blue diamonds, and nearly all come from one source the Cullinan mine owned by Petra Diamonds Limited in South Africa. The mine produces blue diamonds only periodically, and fewer than five a year weigh over one carat.

Speaking of the performance of colored diamonds at acution, Rahul Kadakia, Head of Jewelry for Christie's Americas and Switzerland, recently reported: "Over the past ten years, Fancy Color Diamonds have jumped ten-fold. What was $100,000, $200,000 or $300,000 per carat can now be worth $1.7 to $1.8 to $2 million per carat, and more."

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