Sotheby’s, an old British auction house, said it will be accepting bitcoin (BTC), Ethereum (ETH) and the stablecoin USDC for the sale of a rare black diamond from the depths of the outer universe also known as “The Enigma.”
The stone, known as “The Enigma,” is a rare 555-carat black diamond. It’s remained in the same collection for nearly two decades. At a Sotheby’s auction in Dubai, the jewel is projected to sell for between US$4.1 million to US$6.8 million.
About the rare black diamond
The insanely stunning and rare black diamond has a long and illustrious history. It was named the world’s largest and most spectacular black natural-colour diamond by the Gemological Institute of America and Gübelin, a Swiss gem house, in 2004.
According to the Guinness Book of World Records, it was recognized as the world’s largest cut diamond two years later, in 2006.
A naturally faceted black diamond of this size, according to Sotheby’s, is exceptionally rare. “Its origins are shrouded in mystery — it’s said to have been formed by a meteoric impact or to have come from a diamond-bearing asteroid colliding with Earth.”
Between January 17th and 20th, the diamond will be on exhibit for the first time in Dubai. It then travels to Los Angeles, where it will be on display from January 24 to January 26. Then it’s off to London from February 2nd through February 9th, with online bidding beginning in February.
The diamond is 555.55 carats in weight and has 55 facets. The human hand serves as inspiration for the design. It is an emblem of the Kamsa palm in the Middle East. Its purpose is to provide strength and protection.
Sotheby’s is already working with cryptocurrencies, non-fungible tokens (NFTs), and the metaverse. So it’s no surprise that crypto assets were accepted as a means of payment on the market floor of such a rare and unusual stone.
The Key 10138 diamond, another 101-carat rare treasure, was purchased for a record price of $12.3 million in cryptocurrencies by the jewellery market leader last year. This makes the stone the most valuable jewel ever acquired with cryptocurrency. Until now, that is.
The auction house sold two paintings by the elusive artist Banksy for around 3,100 ETH in November 2021, roughly $10 million at today’s pricing. Sotheby’s isn’t the only auction house that takes ETH bids. In September 2021, Christie’s did the same, offering rare NFTs.
As a result of the pandemic’s restrictions, Sotheby’s experimentation with the digital world began in 2020. By hosting a live streaming auction in June 2020, the auction house established itself as an industry leader. The event brought together New York, Hong Kong, and London, and was broadcast live to millions of people around the world.