Melbourne: A deep-blue diamond ring made by renowned Italian company Bulgari, has been auctioned off for 1.8 million dollars per carat - beating the previous record for a blue diamond, which was sold for 1.68 million dollars per carat.

Graff Diamonds bought the 5.30 carat ‘fancy’ diamond, set in a Trombino ring, in the Bonhams fine jewellery sale in central London, after an intense bidding from around the world ensued on Wednesday, media reported.

The term ‘fancy’ is used to describe a diamond bearing an intense colour, with fancy deep blue being one of the rarest colours in the world.

The ring had been estimated to sell for up to 1.5 million dollars.

Matthew Girling, chief executive of Bonhams UK and Europe, said bidders from the US, the Middle East and Europe took part, with more than 20 phone lines in use during the 10 minute auction.

The ring, believed to have been made in 1965, has a cushion-shaped diamond set horizontally within amount of brilliant-cut diamonds and baguette-cut diamonds.

Blue diamonds are structurally very pure and account for less than one percent of all diamonds mined.

(Agencies)

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