Purchase the Largest Diamond with Crypto

Sotheby is ready to accept bitcoin

Sotheby is currently auctioning, a 555.55-carat black diamond with the use of crypto. The Enigma is a gem in the Guinness Book of World Records. Sotheby is a British-founded American corporation in New York City. They are one of the largest brokers of luxury products, providing their clients with decorative arts, jewelry, and various forms of collectibles. The book has claimed Enigma as the world’s biggest cut diamond. It will now be up for auction with the use of cryptocurrency. According to Coindesk, Sotheby is ready to accept bitcoin, Ethereum, and stable coin USDC. In addition, they will be accepting more currencies that will take a part in the auction.

The diamond has 55 facets and according to Sotheby’s calculations, therefore worth at least 5 million British pounds or $6.8 million.

Shaping the Future of Luxury

A jewelry specialist Sophie Stevens, from Sotheby’s Dubai location, believes that this diamond could be from space. In Sophie’s words, “With the carbonado diamonds, we believe that they were formed through extra-terrestrial origins, with meteorites colliding with the Earth and either forming chemical vapor disposition or indeed coming from the meteorites themselves.” 

This is not the first time that Sotheby is accepting cryptocurrency bids for one of their auctions. A previous auction consisted of a gemstone worth $12.3 million. A mystery buyer paid in cryptocurrency for the 101.38-carat diamond.

Sotheby has adopted this crypto notion in good thought. By accepting crypto payments, they attract an audience. However, not just any audience most importantly, the younger generation that is ready to try new trends.  

The chairman of Sotheby jewelry in China, Wenhao Yu told CoinDesk. “By introducing this innovative payment option to our luxury sale, we open up new possibilities and expand our reach into a whole new clientele, many of whom are from the digitally savvy generation.” 

The Enigma diamond will be on display a few times. Firstly it will be in Dubai until January 20th and then will be shown in Los Angeles. Lastly, it will be in London before the bidding occurs on February 3rd via an online auction.