Rare Blue Diamond Bulgari Ring Ffetches £1.9m After Appearing at Auction for the First Time

Boasting one of the rarest stones in the world, a unique blue diamond ring by Bulgari has fetched £1,889,250 at auction - over double the original estimate.

Seen in public for the first time the eye-catching accessory, commissioned in the mid 1960s was expected to fetch £800,000 but widespread interest created a bidding frenzy.With collectors battling it out for the top lot the diamond and blue diamond crossover ring finally sold to a phone bidder this afternoon.

The sought-after design came from a private European collector and had the highest estimate of all 200 items included in the fine jewellery sale held at Bonham's.The size L ring boasts an obliquely set, pear-shaped, fancy vivid blue diamond weighing 3.78 carats with the final sale price putting it at £492,000 per carat. Only one in about 10 blue diamonds of this size has a colour pure enough to qualify as fancy vivid. 

Founded in Rome in 1884, Bulgari's designs are coveted by millions and Richard Burton is alleged to have claimed that the brand name was the only word his jewellery obsessed wife Elizabeth Taylor knew in Italian.

Jean Ghika, Director of jewellery at Bonham's said: 'Not only was this jewel an exquisite example of Bulgari’s craftsmanship at this period, but the fancy vivid blue diamond is an incredibly rare gem in its own right.  'The sale of this magnificent ring, and the final price realised demonstrates the demand, at an international level, in pieces of this quality.'

The piece was commissioned by the private collector's father as a gift to his wife during the 1960s, when the luxury label was at the height of fashion and innovation. Last year another blue diamond ring made by Bulgari in the 1970s set a record price selling at a New York auction house for £886,000 per carat, making it the top seller in the Christie's sale which featured over 450 items.

Diamond prices have remained relatively stable throughout the recession making them a good hedge for investors. Jean Ghika added: 'Despite tough economic times, interest in pieces of jewellery of the highest quality is increasing. 

'It is clear from the results of this sale that there are certainly some clients who are attracted by the fact that jewellery is a tangible asset which may grow in value in years to come.'

Other items also surprised auctioneers, including a rare peacock brooch set with diamonds and gems by the French Imperial jeweller Gustave Baugrand circa 1867 which made four times over the pre-sale price, selling for £56,450.