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Why a Single 5.51-Carat Diamond Commanded $17.3 Million in Geneva

When an ultra-rare blue-green stone with no comparables returns to market, collectors take notice.

There are high-quality diamonds, and then there are the diamonds that exist in a category so singular that the usual vocabulary of the trade barely applies. The fancy, vivid blue-green Ocean Dream, which sold yesterday (May 13) in Christie's Magnificent Jewels auction in Geneva for $17.3 million, is one of the latter. This 5.51-carat triangular-cut stone has a color so improbable that, as the Gemological Institute of America (GIA) has noted in its materials, some might assume it has been artificially enhanced.

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But the stone’s uniquely arresting color isn’t a quirk of man-made chemistry. Tom Moses, GIA executive vice........

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