Rare blue diamond sells for record $48.5 million at auction

On November 11th, Sotheby's says a rare blue diamond has sold for a record 48.6 million Swiss francs ($48.5 million) at a Geneva auction, including fees.
The 12.03-carat 'Blue Moon' Diamond is said to be among the largest known fancy vivid blue diamonds and was the showpiece gem at Wednesday's auction. The price fell within the pre-auction estimate of $35-$55 million. Excluding fees, it sold for 43.2 million Swiss francs.

The Blue Moon, whose name plays off the expression "once in a blue moon" has the polished blue gem cut from a 29.6-carat diamond discovered last year in South Africa's Cullinan mine, which also yielded the Star of Africa blue diamond in the British crown jewels.

On its Twitter account, Sotheby's said the jewel was purchased by a Hong Kong private collector and promptly renamed 'The Blue Moon of Josephine'.