“A Stellar Result”: Rare African Diamond Sells for R283 Million While SA Gem Fails To Find Buyer

• A rare Ocean Dream diamond stunned the auction world after selling for almost double what experts expected
• In contrast, a valuable Cullinan mine diamond from South Africa didn’t find a buyer, even though interest in it is still ongoing
• The contrasting outcomes highlight Africa’s continued dominance in diamond production and its importance in the global luxury market

A rare blue-green diamond has made headlines after selling for almost double its value at an auction in France, while a valuable South African diamond failed to attract a buyer. APN News reported the auction on 13 May 2026.

The 5.5-carat stone called the Ocean Dream is described as the world’s largest fancy vivid blue-green diamond. It was reportedly discovered in Central Africa in the 1990s. Bidding lasted around 20 minutes before a private collector bought the stone for over R283 million. That price was far above its expected value of between $9 million and $13 million (around R148 million to R214 million). Tobias Kormind, co-founder of online jeweler 77 Diamonds, said in a statement.

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“A stellar result worthy of the world’s rarest blue-green diamond”

Meanwhile, at another auction in Geneva, a South African diamond did not sell during bidding. The 6-carat fancy vivid blue diamond from the famous Cullinan mine in South Africa is valued at up to $12.3 million (around R228 million). Sotheby's, one of the world's largest brokers of fine and decorative art, said:

"Although the diamond didn’t find a buyer during the auction, we are now in conversations with several interested parties and are confident that it will find a new home soon.”

Africa continues to dominate global diamond production

According to beldiamond.com, Africa remains the world’s diamond powerhouse, with several countries ranking among the biggest producers globally. Botswana, the Democratic Republic of Congo, Zimbabwe, Angola, South Africa, Namibia, and Sierra Leone all contribute millions of carats each year, cementing the continent’s reputation as the heart of the diamond industry. Russia is currently the world’s top producer, while South Africa continues to stand out for iconic mines like Cullinan.

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While some countries produce more diamonds than others, the value of those diamonds tells a different story. Namibia tops the list with diamonds worth about $805 (around R14,900) per carat, followed by Sierra Leone at roughly $302 (about R5,600) per carat.

South Africa’s diamonds are also among the world’s most valuable, averaging around $145 (about R2,700) per carat. Interestingly, countries like Namibia and Sierra Leone produce far fewer diamonds overall, but their stones are considered some of the highest quality and are often used in luxury jewellery rather than industrial manufacturing.

Read the full AP News story here.

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Source: Briefly News