Christie’s is proud to present The Golconda Blue—the largest Fancy Vivid Blue Diamond ever to be offered at auction. Weighing an extraordinary 23.24 carats, this superb historic gemstone will headline Christie’s Magnificent Jewels sale, taking place live on 14 May 2025 at the Four Seasons Hotel des Bergues in Geneva, with an estimate of $35 – 50 million. The Golconda Blue, perfectly mounted in a ring by JAR, is a true masterpiece with its recently uncovered royal provenance, mesmerizing colour, and sensational size.  It ranks among the rarest and most important diamonds ever discovered throughout history. 

This exceptional pear-shaped Golconda diamond boasts a remarkable provenance rooted in Indian Royalty. Yeshwant Rao Holkar, the Maharaja of Indore and a member of the Holkar dynasty, was known—alongside his wife—for a lifestyle defined by elegance and cosmopolitan sophistication in the 1920s and ’30s. A Knight of the Order of the Indian Empire, the Maharaja spent much of his time abroad, cultivating a strong affinity for Western art, design, and jewellery.

In 1913, his father acquired the famed Indore Pear diamonds from Chaumet, marking the beginning of a long-standing relationship with the historic Parisian Maison. In 1923, during another visit to Chaumet, he commissioned a diamond bracelet set with his own 23-carat pear-shaped Golconda blue diamond.

Drawn to the firm’s avant-garde flare, Yeshwant Rao Holkar appointed Mauboussin as his official jeweler in 1933.  Thereafter, Mauboussin reimagined much of the Maharaja’s collection and created the exceptional necklace including the Golconda Blue and the Indore Pears, worn by the Maharani of Indore memorialized in a portrait by Bernard Boutet de Monvel (illustrated on top of release).

Yeshwant Rao Holkar also collaborated with other iconic jewelers, including Harry Winston. In 1946, Mr. Winston purchased the Indore Pears from the Maharaja, and the following year, in January 1947, he acquired this 23-carat blue diamond. Winston later set it in a brooch alongside a matching 23-carat white diamond, which he sold to the Maharaja of Baroda. The brooch was subsequently reacquired by Mr. Winston and resold as a newly designed jewel to its current owner.

Now, over a century later, this legendary blue diamond comes to auction for the very first time, set as a striking contemporary ring by the celebrated Parisian designer JAR.

The legacy of Golconda diamonds begins with a reference found in a 4th-century Sanskrit manuscript. In 327 BC, Alexander the Great brought diamonds from India to Europe, sparking the West’s enduring fascination with these rare gems. By 1292 AD, Marco Polo famously chronicled the captivating beauty of Indian diamonds in his travel writings. Today, The Golconda Blue stands not only as a natural marvel but also as a storied jewel—its provenance bridging continents, dynasties, and centuries.

The Israel Diamond Exchange (IDE) has suspended its membership in the World Federation of Diamond Bourses (WFDB), citing dissatisfaction with the organisation’s conduct during the ongoing US import tariff crisis, Rapaport News reported.

In a letter to WFDB Secretary-General Rony Unterman on 8th April, the IDE board said the decision followed unanswered requests for information and actions that had harmed Israel’s diamond trade. IDE President Nissim Zuaretz told Rapaport the move was triggered by WFDB President Yoram Dvash’s comments in Calcalist, where he criticised country-specific lobbying and promoted a global strategy for tariff exemptions.

Zuaretz accused Dvash of trying to take credit for advocacy led by the World Diamond Council (WDC), potentially jeopardising Israel’s own efforts. Dvash denied the claims, telling Rapaport they were “untrue and frankly absurd,” and emphasised the WFDB’s ongoing collaboration with the WDC.

Zuaretz said the IDE would shift focus to partnerships with the WDC and the International Diamond Manufacturers Association (IDMA), while also saving over $29,000 in annual fees. Dvash described IDE’s withdrawal as “rash,” warning it could weaken global unity at a critical time for the industry.

In a welcome move for Belgium’s diamond industry, the European Council has officially decided not to impose import tariffs on polished diamonds originating from the United States. The decision, hailed as a strategic and balanced one, comes amidst a broader framework of EU countermeasures in response to tariffs introduced by the U.S. during the Trump administration.

The Antwerp World Diamond Centre (AWDC), which represents the interests of the Belgian diamond industry, has applauded the EU’s stance. Karen Rentmeesters, CEO of AWDC, emphasized the importance of this decision, highlighting the potential economic fallout had tariffs been implemented.

“We are extremely pleased and grateful that our efforts over the past weeks have led to the European Council’s decision not to impose tariffs on US diamonds,” said Karen Rentmeesters. Rentmeesters expressed appreciation for the coordinated support from the Flemish and Belgian governments, as well as the EU, in safeguarding the industry’s interests.“This decision demonstrates that the Flemish and Belgian governments, as well as the EU, recognise and actively support both the strategic importance of the diamond sector in Belgium and the principle of free trade in diamonds.”

The United States remains a crucial trading partner for Belgium, accounting for nearly $3.9 billion in polished diamond trade annually — approximately 16% of the country’s total diamond trade. Antwerp, as the epicenter of Belgium’s diamond industry, relies heavily on the fluid movement of diamonds across borders, particularly with the U.S.

Rentmeesters noted that the diamond trade often involves multiple transatlantic shipments, especially for processes like grading and certification performed at U.S.-based labs. Tariffs could have resulted in double taxation — once upon entering the U.S., and again on re-entry into the EU — severely affecting profitability and logistics.

The AWDC also questioned the effectiveness of reciprocal tariffs as a political or economic tool, arguing that such measures would have little to no tangible impact on the U.S., while severely disrupting Belgium’s diamond sector.

Another complexity lies in the origin-based nature of import tariffs in the diamond industry. Since most polished diamonds are not cut in the U.S., any tariffs targeting “US diamonds” would only affect a small fraction of the trade. Nevertheless, enforcement would necessitate rigorous documentation and inspections, resulting in increased administrative burdens and shipment delays.

She concluded with optimism, calling for continued dialogue and negotiated resolutions to broader trade disputes, while encouraging the EU to maintain its measured and trade-friendly policies moving forward.