Auctions

Sotheby’s to accept crypto payment for £10m diamond

Known as The Key 10138, the diamond is only one of 10 diamonds of over 100 carats to come to auction, and will be offered in a single-lot live sale in Hong Kong on 9 July

Sotheby’s has revealed that it will accept cryptocurrency payment for a diamond that may sell for over £10m.

According to Sky News, the 101.38-carat pear-shaped diamond will be the first stone of such a value to be available to purchase using cryptocurrency, although it is also listed for traditional payments.

Known as The Key 10138, the diamond is only one of 10 diamonds of over 100 carats to come to auction, and will be offered in a single-lot live sale in Hong Kong on 9 July.

With an estimated sale price of between £7.1m and £10.7m, the diamond belongs to the subgroup Type IIa, which comprises less than 2% of all gem diamonds.

Yu Wenhao, deputy chairman of the group’s Asia operations, called the possibility of the crypto sale “a truly symbolic moment”.

He added: “The most ancient and emblematic denominator of value can now, for the first time, be purchased using humanity’s newest universal currency.

“Never was there a better moment to bring a world-class diamond such as this to the market.”

Jewellery Focus has contacted Sotheby’s for further comment.

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