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| Rare blue diamond goes on display | Rare blue diamond goes on display |
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| A rare blue diamond which could set a world record price per carat when it is sold in May has gone on show in London. | A rare blue diamond which could set a world record price per carat when it is sold in May has gone on show in London. |
| Smaller than a penny piece, it is worth between $5.8m (£3.9m) and $8.5m (£5.7m) according to estimates by its sellers. | Smaller than a penny piece, it is worth between $5.8m (£3.9m) and $8.5m (£5.7m) according to estimates by its sellers. |
| It weighs 7.03 carats and is one of only a handful of blue diamonds in existence in the world. | It weighs 7.03 carats and is one of only a handful of blue diamonds in existence in the world. |
| The diamond was found in South Africa last year and is on show at Sotheby's, in Mayfair, until Tuesday. It will be auctioned in Geneva on 12 May. | The diamond was found in South Africa last year and is on show at Sotheby's, in Mayfair, until Tuesday. It will be auctioned in Geneva on 12 May. |
| The gem, which was cut from a 26.58 carat rough diamond, was discovered in 2008 at the Cullinan mine. | The gem, which was cut from a 26.58 carat rough diamond, was discovered in 2008 at the Cullinan mine. |
| 'Flawless' | 'Flawless' |
| The mine also produced the 530 carat Great Star of Africa diamond, which is set in the Crown Jewels. | The mine also produced the 530 carat Great Star of Africa diamond, which is set in the Crown Jewels. |
| The Gemological Institute of America (GIA) has graded the blue diamond as flawless in clarity, the highest ranking it can give to a diamond. | The Gemological Institute of America (GIA) has graded the blue diamond as flawless in clarity, the highest ranking it can give to a diamond. |
| Cathy Malins, from Petra Diamonds, the company which mined the gem, described it as a unique find. | Cathy Malins, from Petra Diamonds, the company which mined the gem, described it as a unique find. |
| She said: "At our mine in South Africa we mine between two and three million tonnes of rock a year but we would be very lucky to get maybe one, maybe two, blue diamonds out of that. | She said: "At our mine in South Africa we mine between two and three million tonnes of rock a year but we would be very lucky to get maybe one, maybe two, blue diamonds out of that. |
| "Quite simply we don't know when we'll mine another one". | "Quite simply we don't know when we'll mine another one". |
| The scarcity of the gems is in part down to the fact so few places in the world mine for blue diamonds. | The scarcity of the gems is in part down to the fact so few places in the world mine for blue diamonds. |
| The stones get their colour when the chemical boron is present during formation. | The stones get their colour when the chemical boron is present during formation. |
| Record target | |
| Auctioneers say that despite the current economic climate, they have had plenty of interest from prospective buyers across the globe. | Auctioneers say that despite the current economic climate, they have had plenty of interest from prospective buyers across the globe. |
| David Bennett, Sotheby's Europe and Middle East chairman, said: "It will be bought by somebody who wants the cachet of something that nobody else has - somebody who wants something that is exceptionally beautiful and exceptionally rare. | David Bennett, Sotheby's Europe and Middle East chairman, said: "It will be bought by somebody who wants the cachet of something that nobody else has - somebody who wants something that is exceptionally beautiful and exceptionally rare. |
| "I'm optimistic that even in this market the rarity of the stone will carry it along." | "I'm optimistic that even in this market the rarity of the stone will carry it along." |
| In May 2008 a 3.73 carat diamond was sold by Sotheby's at auction for $1,328,444, (£900,000 at today's exchange rate) setting the world record price per carat for any gemstone at auction. | In May 2008 a 3.73 carat diamond was sold by Sotheby's at auction for $1,328,444, (£900,000 at today's exchange rate) setting the world record price per carat for any gemstone at auction. |
| If this diamond sells for the top estimate of $8.5m (£5.7m) it would break that record. | If this diamond sells for the top estimate of $8.5m (£5.7m) it would break that record. |
| The person who buys it will also get to name the stone. | The person who buys it will also get to name the stone. |