Diamond-owners rejoice—even in a recession, diamonds command a hefty price. In fact, the first half of 2008 saw a 32% increase in jewelry sales at Christie’s auction houses when compared to sales in the first six months of 2007. They saved the best for last, however, as the world’s most expensive diamond was sold in December of 2008.

The Wittelsbach is a 35.56-carat blue diamond mined in India. The historic diamond was chosen by King Philip IV of Spain as part of the dowry for his daughter, the Infanta Margarita Teresa. Her suitor, Leopold I, later became Holy Roman Emperor and passed the diamond on to his heirs after she died in 1673. When the Archduchess of Austria married Bavaria’s Crown Prince in 1722, the diamond became known as “Der Blaue Wittelsbacher” (The Blue Wittelsbach) after the Crown Prince’s family.

The world’s most expensive diamond sold for $24.3 million, beating a previous record of $16.5 million for a 100-carat diamond in 1995. While the Wittelsbach is the most expensive diamond ever sold at auction—and likely the most expensive diamond ever sold, period—the world-famous Hope diamond would no doubt put the Wittelsbach to shame were it ever sold.

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