Blue Diamonds – Here Through History, Here For the Future

Back in the middle of May, one of the world’s rarest colored gems was auctioned for over 10 million US dollars. At seven carats, with fascinating clarity and a 58 faceted cutting, it was one of only handful of blue diamonds to come to public attention in recent years. For many in the industry however, this was thought to be somewhat of a steal for the lucky new owner.

This is very much due to the continuing stability of prices that metals such as gold, and gems such as diamonds continue to attract. That the market is held up by the pockets of the rich is key to this of course. There is no telling what a famous stone like the Hope Diamond would go for.

That Hope Diamond, probably the most famous and largest blue diamond in the world, is located in Washington D. C.’s Smithsonian Institution. At 45.52 carats, it is huge and beautiful, and give you an idea of how special these diamonds are, not to mention how much people strive to get them and how much they cost when they are ever available.

The Hope Diamond was found in the Golconda, India in the 1600s but it is over a million years old. It has traveled the world all through its existence, getting cut different ways all the while. It has been owned by everyone from kings to common people, though all have paid great amounts for it until it came to its current home for the world to see.

Of course, the Hope Diamond isn’t the only famous blue diamond in the world. Diamonds like the Queen of Holland, the Blue Empress, and the Regent Diamond are celebrated by people all over the world. Their past travels will probably not be continued as their current owners would rarely be willing to let go of these valuable possessions.

Blue diamonds, whilst rare, continue to be amongst the most valued of precious materials. However, even they are not immune to the current global crisis; with the entire diamond industry having to make severe cut backs in their mining.

Indeed, so virulent have mine closures been; production of all diamonds is set to go down to 90 million carats in 2009, from 160 million in the previous year.

Whilst affected however, blue diamonds continue to attract those looking for something special for weddings and engagements; whilst the burgeoning economies of the East help keep the trade liquid. The future is looking as shimmering as ever.