A rare blue diamond showcased earlier in Abu Dhabi has sold for $21.5 million (Dh77 million) at a Sotheby's auction in Geneva.
The auction kicked off at $10.8 million, quickly going up to the final sale price as a bidding war unfolded. It was estimated that the Mediterranean Blue diamond would fetch $20 million.
The fancy vivid blue stone weighs 10.3 carats and has VS2 clarity. It is considered one of the most important blue diamonds discovered.
It was part of an exhibition of rare and remarkable gemstones at the Bassam Freiha Art Foundation in Abu Dhabi’s Saadiyat Island last month. Gemstones worth a total of more than $100 million were on display at Beyond: The World’s Rarest Diamond.
Paul Redmayne, Sotheby’s senior jewellery specialist for the Middle East, described the Mediterranean Blue as “one of the most sought-after. The clarity, the provenance, the size, and the fact it’s a cushion cut makes it super-desirable,” he said at the opening of the exhibition in April.
Calling the scale of precious gemstones being exhibited “mind-boggling”, he said the diamonds had never all been in the same room before.
“You’ve got the century stones, 100-carat-plus white diamonds, the 100-carat-plus brown-orange, the 40-carat light pink, the 31-carat vivid orangey pink, the 303-carat Golden Canary and the second-largest red diamond in the world,” he said.
The 5.05-carat red diamond, being displayed in public for the first time, was another highlight of the exhibition.
Red diamonds are so rare that even legendary jeweller Harry Winston never saw one during his lifetime, Redmayne said, making the ownership of emerald-cut fancy brown-red diamond a once-in-a-lifetime opportunity.
What makes this particular stone exceptional is how it “ticks all the boxes”, Redmayne said. Mined in 2023 from the famed Cullinan mine in South Africa, known for producing two stones part of the British Crown Jewel diamonds, the rough stone was studied for a full year before cutting, to maximise its colour.
Other extraordinary stones in the exhibition included the Desert Rose, a 31.68-carat pear-shaped fancy vivid orange Pink diamond of VVS1 clarity; the Golden Canary necklace, set with a 303.10-carat pear-shaped fancy deep brownish-yellow diamond that is internally flawless, and the Ultimate Emerald Cut, a 100.20-carat emerald-cut diamond ring of D colour and internally flawless clarity.
There was also a 102.60-carat round diamond, D colour and VVS1 clarity; a 40.29-carat radiant-cut fancy light pink diamond and diamond ring of VS2 clarity; and a Cartier necklace in 18k white gold, featuring a 100.26-carat pear-shaped fancy deep brown-orange diamond of I1 clarity.
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Vidaamuyarchi
Director: Magizh Thirumeni
Stars: Ajith Kumar, Arjun Sarja, Trisha Krishnan, Regina Cassandra
Rating: 4/5
Results
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Why are asylum seekers being housed in hotels?
The number of asylum applications in the UK has reached a new record high, driven by those illegally entering the country in small boats crossing the English Channel.
A total of 111,084 people applied for asylum in the UK in the year to June 2025, the highest number for any 12-month period since current records began in 2001.
Asylum seekers and their families can be housed in temporary accommodation while their claim is assessed.
The Home Office provides the accommodation, meaning asylum seekers cannot choose where they live.
When there is not enough housing, the Home Office can move people to hotels or large sites like former military bases.
SPECS
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Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
UAE currency: the story behind the money in your pockets
Brief scoreline:
Liverpool 2
Mane 51', Salah 53'
Chelsea 0
Man of the Match: Mohamed Salah (Liverpool)
Brief scores:
Arsenal 4
Xhaka 25', Lacazette 55', Ramsey 79', Aubameyang 83'
Fulham 1
Kamara 69'
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
