GraffJewelers

Gem Records set at Christie's Hong Kong Auction

Hong Kong's fall sales have been great for records, for Christie's in particular. After several were broken at the art auction this week, the gem scene was ignited. A pink diamond no larger than a chickpea went for $10.8 million, according to Bloomberg News. The stone had the second-highest rating available (potentially flawless) and a weight of 5 carats. It shattered the per-carat record set back in May. Back then, Hong Kong property investor Joseph Lau picked up a 7.03-carat blue diamond at an auction in Geneva for $10.5 million.

The pink diamond was sent under the gavel by Graff Diamonds, a London-based jeweler. The stone was sold to a phone bidder who beat out Liu Yiqian and his wife, Wang Wei. But, those two have bought enough already, right?

Overall, the 255 lots sold (an 89 percent sell rate) brought in HK$372 million, with the action pushed forward by mainland Chinese, a growing trend in the auction world this year. Donald May, a ruby and sapphire dealer based in Hong Kong, attended the auction and told Bloomberg, "There's a lot of mainland Chinese buying; either they didn't know what the items are worth or they wanted them so badly that price didn't matter." He believes that prices were pushed way out of control.

There were other records set in Hong Kong, as well. A sapphire weighing 16.65 carats, set by Van Cleef & Arpels, brought in HK$18.6 million, also setting a per-carat record.

[Photo courtesy of Christie's]

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Graff Diamonds Leads Effort to Raise Money for Africa's Children

by Tom Johansmeyer (RSS feed) —

Filed under: Auctions, Art, Charity

Damien Hirst is again playing the role of philanthropist (so I have to be nice), along with Raqib Shaw and Marc Quinn. The artists have donated paintings to an auction that London jeweler Laurence Graff is holding for FACET (For Africa's Children Every Time). Graff wants to raise $1.26 million for the organization, which seeks to support the education, health and quality of life of children in Africa ... where Graff Diamonds picks up most of its raw material.

Graff's event follows several other charity auctions this year, all of which were pretty impressive in their results. Sotheby's raised ₤453,950 for two organizations that help orphans in Africa, and Christie's raised an astounding €342.5 million at its Yves Saint Laurent collection auction back in February – the money will be used to fund HIV research and fight the spread of AIDS.

The first lot donated was by Graff himself: diamond earrings estimated to be worth around ₤80,000. The other paintings (e.g., by Hirst) are pegged at around ₤100,000 each.

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Big Robbery At London's Graff Jewelers

by Deidre Woollard (RSS feed) —

Filed under: Crimes and Misdemeanors

Another big jewelry store robbery, this time in London at Graff Jewelers on New Bond Street. CNN reports that around $65 million in merchandise was stolen. A pair of robbers walked into the store last week in the afternoon and threatened employees with handguns. They made off with 43 items including rings, bracelets, necklaces and watches. The robbers brought a female worker outside with them before making their getaway in a blue BMW. A shot was fired outside but no one was injured. The men later abandoned the BMW, switching first to a Mercedes and later to another vehicle. Surveillance images show two men dressed in suits and ties. One man is white, the other is black and they both had London accents. The robbery is the latest in a series of thefts in the Bond Street area.

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Tags: graff jewelers, GraffJewelers, jewel theft, jewel thieves, JewelTheft, JewelThieves, london