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GENEVA, Switzerland--A 10.3-carat fancy vivid blue diamond sold for $21.5 million during Sotheby’s High Jewelry auction in Geneva held Tuesday.

Named “The Mediterranean Blue, the cushion modified brilliant-cut diamond had an estimate of $20 million.

The Mediterranean Blue was crafted from a 31.94 carat rough diamond mined in 2023 from the legendary Cullinan mines of South Africa. The rough was studied for a year and cutting and polishing the gem from the rough took another six months, Sotheby’s said.

Ahead of its final showing in Geneva, the diamond was unveiled as part of Sotheby’s debut exhibition in Abu Dhabi. It was showcased alongside seven other important diamonds and gemstones, collectively worth well over $100 million. Then the diamond made other stops in the Middle East then onto Asia and the United States.

“It is undoubtedly the defining stone of the season and ranks among the top blue diamonds we have sold, Quig Bruning, Sotheby’s head of Jewelry, Americas & EMEA, said in a statement. “To witness the excitement it has generated throughout its global exhibition tour, culminating in today’s result, clearly reflects the growing global appetite for rare and impeccable diamonds, and a marked flight to quality among collectors who continue to seek the very best in the world.”

The sale of The Mediterranean Blue diamond was the highlight of Sotheby’s High Jewelry auction held at the Mandarin Oriental Geneva hotel. The auction of 93 lots achieved 42 million Swiss francs ($50 million) with a 99% sell through by value and 97% by number of lots sold.