“Blue Moon Diamond” sells for world record $48.4 million

A large blue diamond has become the most expensive piece of jewellery after being sold at an auction for £32million ($48.4million).

The 12.03 carat gemstone, dubbed The Blue Moon Diamond, was bought after a tense eight-minute showdown in Geneva, with a total of 30 bids.

It was given the highest possible grading, Fancy Vivid Blue, after being declared internally flawless by the Gemological Institute of America.

Yesterday, it was purchased by a Hong Kong collector who has since renamed the diamond The Blue Moon of Josephine.

The Blue Moon was discovered in January 2014 by Petra Diamonds, which owns the Cullinan Mine in South Africa.

Then a 29.62-carat rough diamond, it was bought by New York-based Cora International which spent six months cutting and polishing the Blue Moon.

Read More: Mail Online