Sotheby’s to Accept Cryptocurrency for 100+ Carat Diamond in World First

Sotheby’s has announced that cryptocurrency will be accepted as payment for an outstanding 101.38-carat pear-shaped D Flawless diamond, one of the world’s rarest and finest jewels.

Only ten 100 carat+ diamonds have ever gone to auction, and only two of them are pear-shaped, making the unveiling of this perfect gem a momentous event in and of itself.

The fact that cryptocurrency will be accepted as payment is also a watershed point in the market’s evolution. No other tangible object with an estimated value of anywhere close to the US$10-15 million (A$13.1-19.8 million) that this diamond enjoys, has ever been publicly offered for purchase with cryptocurrency, according to Sotheby’s.

On July 9, the diamond will be auctioned at a single-lot live auction at Sotheby’s Hong Kong, with bidding available online. Payment in either Ether or Bitcoin will be accepted and will be facilitated by Coinbase Commerce, alongside fiat currency.

The 101.38-carat pear-shaped D Flawless diamond. Source: Sotheby’s

“The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency,” Sotheby’s Jewellery in Asia deputy chairman Wehanhao Yu said.

“Never was there a better moment to bring a world-class diamond such as this to the market.”

The sale of the diamond, which coincides with the launch of Sotheby’s Luxury Edit series in Hong Kong, comes at a time when demand for white diamonds is particularly strong, with 80 per cent of white diamonds offered in Sotheby’s Magnificent Jewels auctions this year finding buyers, and 30 per cent of those buyers being new to the company.

Indeed, the news of the ‘The Key 10138′ comes only days after a new record price for any jewel sold in an online auction, with a 50.03 carat round diamond selling for US$2.7 million (A$3.5 million) at Sotheby’s last week.

Highlights from the Hong Kong ‘Luxury Edit’ display include the F.P. Journe Tourbillon Souverain, the highly desired Hermes Himalaya Birkin, and the Nike Air Force 1 1World CLOT Special Box, in addition to the 101.38 carat D Colour Flawless Diamond.

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