History was made again just before the close of 2008.  The Wittlesbach Diamond, an historic 17th century cushion-shaped deep grayish blue, 35.56 carat set a new world record setting price of $24,311,190.00 on December 10, 2008 at Christie's of London.

The Wittelsbach Diamond is accompanied by a certificate from the Gemological Institute of America dated September 24th, 2008, indicating that the diamond is fancy deep grayish-blue, VS2 clarity.

This price shattered the previous record of $16.5 million for a 100 carat diamond which sold in 1995 in Geneva. 

Q.  So whose the new recession oblivious owner of this record setter? 
A.  Graff Diamonds.

The Wittlesbach Diamond isn't just any diamond.  This diamond has it all: provenance, beauty, and rarity.  Deep colors are rare and blues are rarer still.  It's color and to some degree it's shape are both reminiscent of the world's most famous gem, The Hope Diamond. 
Being a blue diamond the Wittelsbach is a rare Type IIb diamond, which constitute only 0.1 % of all naturally occurring diamonds. Blue diamonds are Type II because they are nitrogen-free or contain undetectable quantities of nitrogen. They are Type IIb, because instead of nitrogen they contain trace quantities of another impurity boron, which imparts the blue color to the diamonds.  Another feature of blue diamonds is, that unlike other diamonds which are non-conductors of electricity, blue diamonds are semi-conductors.  The main source of blue diamonds in India, was the famous Kollur mines near Golconda, in Andhra Pradesh, in Southern India. The main source of blue diamonds in South Africa, is the De Beers Premier mines, in Transvaal, South Africa.

"In the midst of these challenging times, we were thrilled to achieve an historic price for an historic diamond. At $24.3 million, the 35.56ct Wittelsbach blue diamond, dating to the 17th Century, has become the most expensive diamond sold at auction, topping the previous record of $16.5 million for a 100ct diamond in 1995 in Geneva. It was purchased by the leading international jeweler Laurence Graff, bidding against Aleks Paul of Essex Global Trading, a professional of Russian origin based in New York.” said François Curiel, Chairman of Christie's Europe and International Head of Jewelry.                                    
                            THE WITTLESBACH DIAMOND