Blue Moon Diamond Expected to Fetch Up to $55 Million at Auction

Sotheby's announced Thursday that the Blue Moon diamond will go up for auction in November, and is expected to fetch $35 million to $55 million.

According to The Mirror U.K., the sale of the 12.03-carat gem — graded Fancy Vivid Blue, the highest possible — will likely make it the world's most expensive jewel. Gemological Institute of America has also graded the gem "internally flawless."

Currently, the record is held by the 24.78-carat Graff Pink, a pink diamond that sold for $46.1 million in 2010. Similarly, the Zoe Diamond sold for $32.6 million just last year.

"Blue, for me, is the most mysterious and magical of all the colors of diamond, and the Blue Moon will now take its place among the most famous gems in the world," said David Bennett, worldwide chairman of Sotheby's international jewelry division.

The jewel is relatively new, having been unearthed in January 2014 by Petra Diamonds at South Africa's Cullinan Mine. Its rarity helped inspire its name, which comes from the saying, "once in a blue moon." Before it was given a cushion-cut, it weighed 29.62 carats. After spending six months being cut, it measures 0.61 inches by 0.53 inches.

Red, orange, green, blue, and pink diamonds are very rare, accounting for only one in every 10,000 diamonds, the Daily Mail reported.

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