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Historic Farnese Blue diamond sold at Geneva auction for £5m

City A.M. Wednesday, 16 May 2018 ()
Historic Farnese Blue diamond sold at Geneva auction for £5mThe historic Farnese Blue diamond, which has been passed down through European royal families for the last three centuries, was put up for auction on Tuesday in Geneva and fetched $6.7m (£5m).

Auction house Sotheby's, who auctioned off the item at its Geneva branch, predicted that the diamond would go for between £2.7m and £3.9m as this was the first time the diamond had ever been put up for auction.

After four minutes of bidding at the Geneva auction, the gem went for more or less double the amount it was expected to fetch.

*Read more*: The world's purest diamond has sold for a record amount

Philipp Herzog von Wurttemberg, chairman of Sotheby's Europe, said: “With its incredible pedigree, the Farnese Blue ranks among the most important historic diamonds in the world.”

“From the first minute I saw the stone, I could not resist its magic and as such, it is a huge privilege to have been entrusted with this sale,” he said.

The 6.16 carat diamond originates from the Golconda mines in India and was first given to Elisabeth Farnese when she married Spanish king Philip V in 1715.

In the last three centuries, the gem has passed through Spanish, Italian, French and Austrian royalty for more than seven generations.

*Read more*: Elvis's 1960 Omega diamond watch sold for $1.8m at auction
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News video: One of World's Rarest Diamonds Sells For Unbelievable Price

▶ One of World's Rarest Diamonds Sells For Unbelievable Price 00:54

Would you pay this much? The historic Farnese Blue diamond traveled all over the world leading up to the sale at Sotheby's Geneva on Tuesday.

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