A remarkable jewel from India’s royal legacy is set to captivate collectors worldwide once again. The Golconda Blue, a rare and vivid blue diamond once owned by the maharajas of Indore and Baroda, will be auctioned at Christie’s 'Magnificent Jewels' sale in Geneva on May 14.

Weighing 23.24 carats and elegantly mounted in a modern ring designed by renowned Parisian jeweller JAR, the diamond is expected to fetch between $35 million and $50 million (approximately 300 crore Indian rupees to 430 crore Indian rupees), according to Christie’s.

“Exceptional noble gems of this calibre come to market once in a lifetime. Over the course of its 259-year history, Christie's has had the honour of offering some of the world's most important Golconda diamonds, including the Archduke Joseph, the Princie, and the Wittelsbach.

"With its Royal heritage, extraordinary colour, and exceptional size, 'The Golconda Blue' is truly one of the rarest blue diamonds in the world,” said Rahul Kadakia, Christie’s international head of jewellery.

Gem steeped in royal and historical legacy

The Golconda Blue’s story traces back to the legendary Golconda mines in present-day Telangana, India — the same source of world-famous diamonds like the Koh-i-Noor and the Hope Diamond. Golconda diamonds were first referenced in a 4th-century Sanskrit manuscript, and by 327 BC, Alexander the Great had introduced Indian diamonds to Europe. Marco Polo further documented their brilliance in 1292 AD, sparking centuries of fascination in the West.

The Golconda Blue was once owned by Maharaja Yeshwant Rao Holkar II of Indore, a visionary royal known for his refined taste and modern sensibilities. Originally set in a bracelet crafted by French jeweller Chaumet in 1923, the diamond later became part of a grand necklace made by Mauboussin, the Maharaja’s official jeweller. This iconic necklace, which also included the famed Indore Pears, was famously featured in a portrait of the Maharani of Indore by artist Bernard Boutet de Monvel, showcasing the opulence of Indian royalty fused with French elegance.

The diamond journeyed to the United States in 1947, where it was acquired by legendary jeweler Harry Winston, who fashioned it into a striking brooch paired with a matching white diamond. It would later return to India, becoming part of the Baroda royal family’s collection, before eventually transitioning into private ownership.

Now, the Golconda Blue is poised to write its next chapter on the global stage as it heads to auction at the Four Seasons Hotel des Bergues, Geneva.

In league of legends: Other notable blue diamonds

While the Golconda Blue is the largest diamond being offered at the upcoming auction, it is not the largest fancy blue diamond known. That title belongs to the Hope Diamond, a 45.52-carat gem housed at the Smithsonian National Museum of Natural History in Washington, D.C., also donated by Harry Winston.

The Oppenheimer Blue, a 14.62-carat stone, holds the record as the most expensive fancy vivid blue diamond ever sold at auction, fetching $57.5 million at Christie’s Geneva in May 2016. Close behind is the 15.10-carat De Beers Blue, which realized $57.4 million at Sotheby’s Hong Kong in April 2022.