cean Dream: the name says it all. But long before its latest journey to auction, in May, this exceedingly rare stone had acquired a no less singular history.
The stone was extracted from an 11.7-carat rough that was found in Central Africa in the 1990s. It was acquired by Cora Diamond Corporation in New York, which commissioned Mazhar Saylam to cut and polish it. The process was fraught with risk as, unlike white diamonds, coloured diamonds are highly sensitive to heat. The master cutter therefore had to ensure that the heat from polishing did not irretrievably alter the stone’s blue-green hue. Saylam transformed the rough into a triangular, Type Ia, Fancy Vivid blue-green diamond weighing 5.51 carats. Inspired by its saturated blue-green colour, Cora Diamond Corporation named it the Ocean Dream.
Experts declared the stone to be an absolute geological rarity. In 2003 the Ocean Dream made a rare public appearance in The Splendor of Diamonds, an exhibition held at the Smithsonian Institution’s National Museum of Natural History in Washington, where it was presented in the Harry Winston Gallery alongside seven other of the world’s rarest diamonds, including the De Beers Millennium Star and the Moussaieff Red.
In 2014 the Ocean Dream resurfaced at Christie’s. Recut to 5.5 carats and mounted in a ring, it sold for CHF 7.7 million (US$ 8.5 million) to an Asian collector. Twelve years later, she decided to part with the stone and so in May this year, the Ocean Dream returned to the Geneva saleroom.
With an estimate of CHF 7 million to CHF 10 million, Max Fawcett, Christie’s Global Head of Jewellery, finally brought the hammer down at CHF 13.57 million (US$ 17.37 million), at the end of an intense twenty-minute bidding battle between three, then two collectors. Inside the saleroom, there was a noticeable shift in the mood among spectators (including this author) who felt they had witnessed a once-in-a-lifetime sale and would perhaps never see this diamond again.
This sale tells us something more than one diamond’s story. It reflects changes in the auction market, which must keep pace with growing demand among collectors for beautiful and unique things.
Europa Star Jewellery: The Ocean Dream has a unique blue-green colour and has been described as one of the rarest diamonds ever to appear on the market. What, in your opinion, makes it truly exceptional?
Max Fawcett: I think rarity, of course. When you have a coloured diamond or any piece of jewellery, the first thing to do is to take it in your hand and look at it, study it closely before you read the certificate, before you listen to what someone else has to say about it. Look with your own eyes. The Ocean Dream is the largest vivid blue-green diamond ever certified by the GIA. It ticks all the boxes when it comes to rarity.
What causes this distinctive blue-green?
The colour is produced by naturally occurring elements in Earth’s crust. Red diamonds come from chromium, blue diamonds from boron, and green diamonds from natural irradiation that occurs over millions and millions of years and gives that colour. When you find those naturally irradiated stones, that’s really the crème de la crème.
Where would you place a natural blue-green diamond in relation to other sought-after colours?
I think red is probably the rarest. Red diamonds are never found in big sizes. A one-carat or two-carat stone is big for a red diamond. Most of them came from Argyle, an Australian mine that is no longer in production. But all these gems with a vivid saturation, be it vivid blue, vivid blue-green, vivid green, red or purple, are extremely rare. We’re in the 0.1% of all stones. And to find them in nice shapes, nice sizes and good clarities is extraordinary.
What was your personal reaction on first seeing the Ocean Dream?
When I held the Ocean Dream in my hand, I was mesmerised by that rich saturation of colour. I’ve always been fascinated by coloured diamonds as well as coloured gemstones. The thing I like about colour is that everyone’s perception is different but also everyone’s taste and preferences are different. Your favourite shade of blue may be very different to mine, and that’s what makes the price relatively subjective compared to a white diamond, where it’s a D, E, F or G. The Ocean Dream has a truly special colour: that deep, rich blue-green hue is something which I immediately knew was unique and valuable.
What was it like to conduct the sale?
That’s the magic of auction: we have an educated idea of what is going to happen in the sale, but when you bring to auction masterpieces like the Ocean Dream or the Oppenheimer Blue, there’s no real price prediction to be made. It depends entirely on how much someone is willing to pay to own that stone. Over the course of the last ten, 15 years, we have witnessed a real flight to quality. Our top-tier global collectors want the rarest objects available in the world and when you bring those objects to auction, be it the largest blue diamond, or in this case, the largest vivid blue-green diamond, there’s an extraordinary amount of demand, hence the prices can largely exceed expectations. When we offered the Ocean Dream in 2014 for the first time — it was the sale before I started at Christie’s — people were very excited and it sold for US$ 8.5 million. In 2026 it achieved US$ 17.3 million. This really underlines the growth in demand for these unique, once-in-a-lifetime masterpieces. We won’t have an Ocean Dream in every auction, but when we do, it’s very exciting.
How did the Ocean Dream come to auction? What is its history?
After it was found in Central Africa, the stone was bought by a conglomerate of trade dealers who cut the stone and sold it at the beginning of the century. It was then exhibited in 2003 at the Smithsonian Institution as part of The Splendor of Diamonds, an exhibition of seven of the rarest coloured diamonds in the world, and one colourless diamond. The then owner sold it to a private client who consigned it to Christie’s Geneva Magnificent Jewels auction in 2014, where it was bought by an Asian private collector. After the auction, we offered to help remount the stone into a new ring setting, which the new owner loved and enjoyed wearing a lot. Then, at the beginning of this year, she noticed she wasn’t wearing it as much as she used to and decided the time had come to find a new home for the ring. That’s how it came back to us for sale, 12 years after the first auction.
It’s extraordinary to hear that the owner wore such a priceless stone. Perhaps because its blue-green colour makes it less recognisable as a diamond and therefore less likely to draw unwanted attention?
There are still plenty of events where you can wear these stones and types of jewellery, although locations might have shifted from Europe towards Dubai, Hong Kong or Shanghai. Twenty, thirty years ago, you would have seen great jewellery being worn privately all over Europe and people felt comfortable doing so. Now taste and cultural attitudes towards showcasing wealth have changed.
Had you seen a blue-green diamond before?
I had, in smaller sizes, but five carats and above, never. Back in the 1970s, 1980s, people thought white diamonds were the rarest and didn’t pay too much attention to coloured diamonds, which they considered to be impure. Since then, demand for and appreciation of coloured diamonds have grown exponentially. However, these gemstones are extraordinarily rare: we see few yellow and brown diamonds, very few pink and blue diamonds, and very, very few green diamonds. A gem such as the Ocean Dream, in a large size, top quality, vivid saturation and beautiful shape, is the Mona Lisa of coloured diamonds.
To what extent does storytelling shape the destiny of an exceptional stone?
The Ocean Dream is a one-off gemstone. There’s never been a larger vivid blue-green diamond and maybe there never will be. The GIA was founded in 1931 and they had never seen one. We have to make sure people understand the degree of rarity, and that we narrate the diamond’s journey in the right way if we are to attract the level of demand such a stone deserves, including the rare opportunity to shape the next chapter in the life of a truly exceptional gemstone.
Are we seeing a shift among collectors towards the rarest coloured diamonds, which are almost regarded as natural works of art?
I think the shift is towards rarity. The internet makes vast amounts of information freely available, and auction houses are a rich source of knowledge. Many more people than ever before value rarity, which has contributed to greater global competition when rare pieces come to market. Meanwhile, medium quality attracts less competition and has therefore become more difficult to sell.
How does the market react to stones that are practically impossible to find?
The prices speak for themselves: US$ 8.5 million in 2014; US$ 17.3 million in 2026! Our aim is to source these treasures for our clients and to provide the rarest, most interesting, highest quality objects, backed by great provenance and wonderful stories. At Christie’s, we have a global specialist team based here in Switzerland, in France, in Germany, in Italy, wherever it may be, who spend all year hunting for these pieces.
Have you observed a change in where the buyers of ultra-rare stones are located?
Yes. Most of the great jewellery collections in the world were started in Europe and most of the top jewellers — Van Cleef & Arpels, Cartier, Boucheron, Chaumet — are French. European aristocracy started collecting amazing gemstones, amazing jewellery, but the centre of collecting has moved over time and followed the money. There’s been a geographic shift in wealth from Europe and the West towards the Middle East and the Far East. Culturally, there are differing views on luxury and ostentatious forms of wealth, as well. Lately we have welcomed a substantial number of buyers from India, the Middle East and the Far East to our global auctions or Private Sale channel: much more than ever before. Still, in terms of sourcing, I’d say that Europe is home to the greatest collections of coloured gemstones and fine jewellery in the world.
Why does Geneva remain a major hub for sales in fine jewellery, high jewellery and exceptional stones?
Geographically, Geneva is extremely well located between America — which is still a juggernaut of demand and also has a lot of collectors —, the Middle East and the Far East.
In 1969, when Christie’s held its first auction here in Geneva, it offered the private collection of Nina Dyer, who was a famous socialite. In the second half of the 1960s, Christie’s had one saleroom, in London, but to offer the Nina Dyer collection in London would mean a large tax liability: not the ideal outcome as the money from the auction was to benefit charitable causes. The question was: where in the world could Christie’s open another saleroom in order to offer the collection? Hong Kong, also a tax haven, was an option but not easily reached in the late 1960s. The decision to open in Geneva was taken by the then CEO. Geneva still has that freeport system which allows us to bring pieces in temporarily to sell on bond. So Geneva remains a great home for luxury objects.
After years at Christie’s, what continues to amaze you?
I’m always amazed by how many great objects have been created and are still out there, waiting to be found! Jewellery books are full of the most extraordinary jewels, which we have never seen in any institutional exhibition, let alone at auction. I always wonder: where are they? Have they disappeared? I wish I knew where to find them so we could approach these owners to research their jewels, offer them a valuation and see if they might be interested in selling. There are still so many beautiful things yet to be rediscovered: objects in safe deposit boxes here in Geneva or in private collections around the world.
Years ago, jewellery was being broken up. Do you think auctions help people understand that they should sell their jewellery intact, in its original state?
I think that’s obviously very unfortunate. One of the reasons jewellery is so hard to trace back, unlike paintings, is because 100 years ago, great gems would have been made into a beautiful tiara, but then 80 years ago, tiaras were out of fashion and would be broken up into rings, bracelets and necklaces. The owners never imagined that another 80 years later, people would want to buy that original tiara. Finding jewels that have never been altered is extremely rare and it’s what we are looking for. Given the information available about antique jewellery, and the high prices these items fetch at auction, going forward I think people will be less likely to break up jewels.
The Ocean Dream had been sold at Christie’s once already. Is there a gemstone you would love to see appear or reappear?
Most of the great stones Christie’s has sold have gone to private collections. The Archduke Joseph Diamond (76.02 carats), for example, is a stone which I never got to see. We sold it in 2012 and it would be a phenomenal diamond to come back. Or Le Grand Mazarin Diamond which we sold in 2017 and which hadn’t been seen for the last hundred years. The Wittelsbach blue-grey diamond is something I would absolutely love to see come back for auction. I’m sure there is another great stone, one that is still hidden in a private collection, that sooner or later will appear, or reappear, at auction.
