Sotheby’s announced on Monday that cryptocurrency can be used to buy a rare pear-shaped diamond estimated to sell for up to 15 million U.S. dollars (approximately 11.117 billion rupees) at an auction next month.

Sotheby’s stated that this will be the first public purchase of diamonds of this size in cryptocurrency. The auction house added that no other physical object with such a high value could be sold in cryptocurrency before.

This 101.38-carat pear-shaped flawless diamond is called The Key 10138, and it is one of ten diamonds with more than 100 carats ever sold at auction. Only two of them are pear-shaped diamonds.

Its pre-sale estimate is USD 10 million (approximately Rs 74.19 crore)-USD 15 million (approximately Rs 111.17 crore) and will be sold in Hong Kong on July 9. Bitcoin or Ethereum and traditional currencies will be accepted as payment methods. As of June 22 (11:16 AM IST), the price of Bitcoin in India was Rs. India’s 2.44 million rupees and the price of ether are rupees. 1.46 million.

“This is a truly symbolic moment. The oldest and most symbolic value denominator can now be purchased for the first time with the latest universal currency of mankind,” Sotheby’s Asia Chairman Patti Wong said in a statement.

Cryptocurrency has experienced a turbulent year, explosive growth and sharp decline. In the United States, the National Republican Congressional Committee said last week that it would accept cryptocurrency donations; El Salvador this month became the first country to adopt Bitcoin as legal tender.

Sotheby’s sold Banksy in May for US$12.9 million (approximately Rs 957.1 billion), the first physical artwork purchased by a large auction house in cryptocurrency.

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Sotheby’s stated that demand for white diamonds, jewellery and other luxury goods has been strong in the past year, especially among young people from Asia.

The name of the colorless diamond-Key 10138-aims to reflect the indispensable role of keys in the cryptocurrency world.

Pear-shaped diamonds are one of the most popular diamonds. The 530-carat Cullinan No. 1 diamond is part of the British crown jewellery and is the most famous example.

At the Sotheby’s Hong Kong auction in 2013, the highest transaction price of a 118.28 carat oval diamond was US$30.8 million (approximately Rs 228.52 crore), and the highest transaction price per carat was US$260,252 (approximately 1.94 million rupees). rupee). .

© Thomson Reuters 2021

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