The Stunning Rarity and Allure of Blue Diamonds

In May of this year, one of the rarest gems in the world went up for auction at Sotheby's in Geneva. Despite its considerable 10 million price tag, many of those in the industry deemed it to be rather cheap. That it was one of the rare blue diamonds, and has apparent beauty, perhaps this was to be expected.

The reasons for this somewhat remarkable argument are more likely to be found in the relevant stability in the trade of precious gems and metals however. The rich will always have money of course or, more accurately, rich people will always spend. And in these fields of life, wealth is generally determined by the assets one owns.

This is not the first time one of the worlds blue diamonds has caused news agencies to clamor their allure however.

Unverified and murky reports aside, as far back as the mid sixteen hundreds in Europe, blue diamonds have caused much attention and lust. An apparent beautifully colored stone was delivered to the court of King Louis XIV of France, who had the stone finely cut and set. Used only for ceremonial occasions, it went off the records for a considerable amount of time.

Indeed, it was not seen for about one hundred and fifty years or so; following its theft during the French Revolution. However, it was not lost to royalty, turning up instead in the eventual possession of the then English King, George IV. Or so the story goes.

Upon his death, the gem was included in a lot of jewelry and other valuables sold off to cover his debts. From here, it passed into the ownership of Henry Philip Hope. Since known to the world as the Hope Diamond, it rested in the family's possession for many a year.

In keeping with its past, the Hope Diamond continued to be traded, and eventually made its way across the Atlantic where it still resides today. On display at the Smithsonian Institute, it has been out of the walls on only four occasions since 1958.

Despite being reset many times, and occasionally re-cut, the gem's true value was not known until being weighed in 1974. Experts were stunned to discover its 45. 52 carat weighting. Considering the recent auction of the unnamed blue diamond, conservative estimates would give this a retail value of 65 million dollars. With the story attached however, this could prove nothing more than pin money.

Whilst it remains buoyant, the trade in precious stones is not unaffected by the recent global downturn. Far from it; the major closure of mines across the world, and the cutting of workforces worldwide, being indicative of this.

More bad news still, is the fact that mining of diamonds has been reduced; down from one hundred and sixty million carats, to around 90 million carats in the next year, if forecasts by the trade are to be believed.

The future is still as bright and sparkling as the light emitted from the blue diamonds, however, with the Asian economy filling any voids left by other continents reigning in the purse strings.