Iconic Rainbow Collection Sells Just Above Low Estimate at Christie’s Geneva

The legendary Rainbow Collection more than 300 fancy coloured diamonds amassed over four decades by the late Eddy Elzas sold for just above its low estimate at Christie’s Geneva on 11 November, achieving $2.19 million against a pre-sale estimate of $1.98 million to $2.98 million.

Comprising around 350 carats and spanning the full colour spectrum, the collection was once hailed as one of the world’s most extraordinary private assemblages of fancy coloured diamonds. Over the years, press reports placed its value between $60 million and $100 million.

Elzas, affectionately known as “The King of Coloured Diamonds,” famously declined a lavish offer from a Saudi prince who reportedly wished to purchase the collection as a wedding gift for Prince Charles and Lady Diana.

A true pioneer in the fancy colour diamond trade, Eddy Elzas was instrumental in elevating global recognition of coloured diamonds during his 40-year career. He passed away in November 2021 at the age of 79.

Christie’s described the Rainbow Collection as “an impressive collection of unmounted coloured and treated coloured diamonds,” featuring 300 stones across an array of hues and shapes. The lot included 291 GIA reports dated between 2008 and 2025, with diamonds ranging from 0.24 carats to 4.89 carats in yellow, orange, blue, pink, red, brown, and grey tones.

For the DCLA, this sale highlights not only the enduring fascination with fancy colour diamonds but also the evolving market perception of rarity and provenance in today’s auction landscape.

Vanderbilt Sapphire Brooch Sells for $3.6 Million at Phillips Geneva

The magnificent 42.68-carat Vanderbilt Sapphire, a gem steeped in the legacy of the Vanderbilt shipping and railroad dynasty, achieved an impressive $3.6 million at Phillips Geneva Jewels Auction: V more than double its high estimate of $1.5 million.

This sugarloaf-cut, unheated Kashmir sapphire, renowned for its velvety royal blue hue, was mounted in a 20th-century Tiffany & Co. brooch of elegant openwork scroll design, accented with white diamonds.

The sapphire was the undisputed highlight of the Geneva sale, held on 10 November, which totalled $17 million with 85% of the 114 lots sold.

While the highly anticipated 6.95-carat Golconda fancy vivid purplish pink diamond was withdrawn by mutual agreement between Phillips and the consignor, other notable results included a 10.08-carat light pink-brown diamond that achieved an auction record for its colour category, selling for $881,000 against an estimate of $650,000.

The event drew over 1,600 visitors to the preview and sale, with bidders from 44 countries, underscoring the strong global demand for exceptional natural gemstones and historic jewels.

Benoit Repellin, Phillips’ Worldwide Head of Jewellery, commented:

“The results of today’s sale attest to the enduring appeal of period jewels and the discerning eye of our international clients. To bring the jewels of the Vanderbilt family to the world’s stage was a moment of profound privilege.”

For collectors and connoisseurs, the Vanderbilt Sapphire’s result reaffirms the continued strength of the market for unheated Kashmir sapphires and heritage pieces with notable provenance a testament to their rarity, beauty, and timeless allure.

‘Mellon Blue’ Diamond Expected to Fetch Up to $30 Million at Geneva Auction

Geneva’s prestigious November auction season is set to dazzle the world once again, with the spotlight firmly on one of the rarest gems ever to appear on the market the 9.51-carat “Mellon Blue” diamond. This exceptional Fancy Vivid Blue diamond, expected to sell for between US$20 million and US$30 million, will take centre stage at Christie’s Magnificent Jewels Auction on 11 November.

The “Mellon Blue” was once part of the private collection of Rachel “Bunny” Mellon, the American philanthropist, horticulturist, and style icon whose refined taste defined 20th-century elegance. The pear-shaped gem exemplifies the extraordinary rarity and beauty of natural blue diamonds, a category that represents less than 0.02% of all diamonds mined worldwide. Its vivid saturation, flawless symmetry, and provenance place it among the most significant blue diamonds ever graded.

According to diamond experts, Fancy Vivid Blue diamonds of this size and clarity are virtually never seen at auction. Certified by the Gemological Institute of America (GIA), the Mellon Blue ranks alongside legendary stones such as the Oppenheimer Blue and De Beers Blue, both of which achieved record-breaking prices exceeding US$50 million.

Following Christie’s event, Sotheby’s Geneva will host its own major sale featuring the 10-carat “Glowing Rose” pink diamond and a selection of historic royal jewels once owned by Napoleon Bonaparte. Together, these back-to-back auctions reaffirm Geneva’s status as the global epicentre of fine jewellery and rare diamond sales.

The Diamond Certification Laboratory of Australia (DCLA) notes that the increasing global demand for coloured diamonds, particularly blue and pink stones, continues to drive record prices across international auctions. With limited supply and strong interest from collectors and investors alike, these rare gems remain among the most secure and sought-after assets in the luxury market.

For more updates on the world’s most important diamond discoveries, auctions, and grading insights, visit DCLA News — Australia’s trusted source for verified diamond information and international market trends.