"This is a Truly Symbolic Moment" - A Rare Pear-Shaped Diamond Sold for $12 Million in Cryptocurrency

The impeccable 101.38-carat pear-shaped diamond, nicknamed "The Key 10138", was recently sold for 12.3 million dollars in cryptocurrency by Sotheby's in Hong Kong.

The famous auction house said this is the first time a diamond of such a big size was offered for purchase with cryptocurrencies. No other physical object of such high value was previously available for sale in cryptocurrencies, the auction house added.

"This is a truly symbolic moment. The oldest and most emblematic denominator of value can now be purchased, for the first time, using humanity's newest universal currency," said Patti Wong, president of Sotheby's Asia, in a statement, prior to the sale.

The auction house announced at that point that it would accept Bitcoin or Ether as payment for the diamond.

"The Key 10138" is one of the ten diamonds over 100-carat that were ever auctioned, of which only two were pear-shaped. It was sold on July 9 to an anonymous buyer for $12.3 million at the auction that took place in Hong Kong, being the most expensive piece of jewelry to be ever peddled through cryptocurrency.
diamonds gemstones

A Sotheby’s employee shows off the stone, which has been dubbed “The Key 10138” and is one of just 10 diamonds of more than 100 carats ever to come to auction. Reuters

The auction was live-streamed, and, reportedly, not more than a dozen bids joined the session.

The name of the colorless diamond - Key 10138 - is intended to reflect the integral role that keys play in the world of cryptocurrencies. Pear-shaped diamonds are among the most sought-after.

As times are changing, international auction houses are increasingly accepting cryptocurrencies for payment.

The famous 530-carat Cullinan 1 Diamond, which is part of the British Crown Jewelry, is the most famous example.

The highest price ever paid for a colorless diamond - a 118.28-carat oval precious gemstone - at a Sotheby's auction was 30.8 million dollars. That is to say, a record price of 260,252 dollars per carat. The auction took place in Hong Kong in 2013.

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