New York, NY 10016

Sotheby`s is offering a 7.03 carat fancy vivid blue diamond for auction on May 12 at its "Magnificent Jewels" event in Geneva, Switzerland.  The diamond is expected to fetch up to $8.5 million, and prior to the auction it will be on display in Hong Kong, Paris, London, and New York.

The rare blue diamond belongs to Petra Diamonds Ltd and was found in 2008 at the Cullinan diamond mine in South Africa, which is known for producing blue diamonds.  The 7.03 carat diamond was cut from a larger 26.58 rough stone.

David Bennett, head of Sotheby`s jewelry in Europe and the Middle East stated that the blue diamond up for auction "certainly ranks among the most important blue diamonds that I have had the privilege of offering for sale."  The Gemological Institute of America has graded the diamond as fancy vivid blue in color and internally flawless in clarity. 

In October 2007, Sotheby`s sold a 6-carat blue emerald diamond in Hong Kong for nearly $8 million.