Sotheby’s to Accept Cryptocurrency in Rare 100-Carat Diamond Auction

by Emily on July 8, 2021

in Cryptocurrency, Tech News

The large “Key 10138” rare diamond will be auctioned off by Sotheby’s on Friday, July 9, 2021.

Sotheby’s is scheduled to auction off a diamond that is over 100 carats on Friday in Hong Kong, and while its exceptionally large size and clarity rating make it remarkable, it is also making headlines because the auction house announced it will accept cryptocurrency as a method of payment.

The company described the diamond, “The Key 10138 is the first important diamond in the world to be auctioned with cryptocurrency as an accepted method of payment. It was named to symbolize the unlocking of a new era in commerce and technology, and thus is a key to history. The Key 10138 will undoubtedly become a diamond that history remembers as it takes the culmination of humanity’s work and knowledge on diamonds thus far, and turns the key to unlock a still more brilliant future.”

The diamond weighs a whopping 101.38 carats and has been graded as D color and type IIa. This kind of diamond is apparently so rare that it represents less than 2% of all diamonds mined. Such diamonds do not contain detectable boron or nitrogen impurities.

It is one of only ten diamonds weighing over 100 carats to ever go to auction. The diamond is on display at its Hong Kong gallery from July 3 to 8, as part of the “luxury edit” sale series of Sotheby’s in Asia.

The pear-shaped D flawless diamond is expected to go for $10 million up to $15 million, and the auction house is open to accepting bitcoin, ether or fiat money for payment.

Sotheby’s said this is the first time in history that something of such size and high value has been made available for sale with cryptocurrency.

Sotheby’s sold a famous Banksy art for $12.9 million back in May, and it became the first piece of physical art sold by a major auction house purchased with cryptocurrency.

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