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The wife and husband team of Nancy and David Stone have long been recognized as pioneers of modern jewelry design since launching Nancy and David in 1980.

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New record for 5.3ct blue diamond at $9.6 million

Nancy and David

April 24th, 2013:  A magnificent blue diamond broke a world record, pulling $9.6 million, or about $1.8 million per carat, according to Bonhams Auctioneers.

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The diamond is a brilliant blue and is set in a ring made by Italian jeweler Bulgari around 1965. Less than 1% of all diamonds mined are blue diamonds.

"Blue diamonds, especially those over 5.00 carats, are extremely rare to see on the market and continue to be highly sought-after," Jean Ghika, the director of Bonhams' European jewelry department, said in a statement. According to Bonhams, the previous record for the price of a diamond per carat was $1.68 million.