Buy a massive diamond with cryptocurrency amid cryptocurrency crackdown
Buy a massive diamond with cryptocurrency amid cryptocurrency crackdown

Luxury auction house Sotheby’s stated that it will accept bids in cryptocurrency for a massive diamond which is the 101.38-carat pear-shaped D colour flawless diamond. It is one of the largest of its kind to have appeared at the auction.

This news comes at a time when there was a massive cryptocurrency crackdown in China and another twist that this auction is taking place in Hong Kong. After putting an end to mining of various cryptocurrencies in China, the country has issued new orders to financial institutions. China's central bank, the People's Bank of China (PBOC) has asked several major banks and payments companies to stop supporting the trading of cryptocurrencies.

The auction house stated, “Today, it takes its biggest stride yet, as Sotheby’s announces that cryptocurrency will be accepted as payment for one of the earth’s rarest and greatest treasures - an exceptional 101.38-carat pear-shaped D Flawless diamond. Diamonds of this importance are exceptionally rare, with fewer than ten 100 carat+ examples ever having come to auction, only two of them pear-shaped - making the appearance of this flawless gem a landmark event in itself.”

The diamond will be offered in a single-lot live sale at Sotheby’s Hong Kong on July 9, 2021, with bidding open online from June 25, 2021. “While fiat will be accepted as is customary, payment in either Ether or Bitcoin will also be possible - facilitated through Coinbase Commerce, one of the world’s largest cryptocurrency exchanges,” the auction house stated.

This exceptional gem will be on exhibition at Sotheby’s Hong Kong Gallery, from 3 until 8 July. It will be the star lot of Sotheby’s inaugural ‘Luxury Edit’ sale series in Asia, bringing together some of the finest luxury items available on the market - everything from jewels to watches, handbags and rare sneakers - all on exhibit and available to purchase via auction at Sotheby’s.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal