PinkDiamond

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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The Vivid Pink Diamond To Go Up For Auction

by Deidre Woollard (RSS feed) —

Filed under: Jewelry

This bubblegum pink stone up for sale in Christie's Hong Kong in December isn't just a fancy vivid pink diamond, it is known as 'The Vivid Pink' an expression of its exceptional color. The stone, which has been set in a ring by Graff, comes from a private collection. It is estimated to sell for $5 million to $7 million at the auction on December 1. The stone weighs a neat 5.00 carats and Christie's says it is the largest Fancy Vivid Pink Potentially Flawless diamond to ever be offered for sale at auction. 'The Vivid Pink' is particularly prized because it shows no trace of any secondary color for a truly deep saturated pink shade rarely seen in diamonds. Only one in one hundred thousand diamonds has a color deep enough to qualify as 'Fancy.' In advance of the sale the diamond will be going on a display tour in New York, Singapore, Bangkok, Geneva and Taipei starting in October.

[via National Jeweler]

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Tags: christies, diamond, jewelry auction, JewelryAuction, pink diamond, PinkDiamond

Big Pink Diamond Tries It Again At Auction

by Deidre Woollard (RSS feed) —

Filed under: Jewelry, Auctions

I recently finished a book called Diamond: A Journey to the Heart of an Obsession by Matthew Hart which explores the history of the diamond trade. The book begins with the discovery of a large pink diamond in Brazil. There's something distinctly alluring about the big pink diamonds. A few years ago, pink diamonds loomed large in the public consciousness after Ben Affleck bestowed a bubblegum pink, six carat diamond on Jennifer Lopez.

Since then prices for pink diamonds have varied. The Economist covers the history of the 28-carat pink available for bid at Sotheby's Magnificent Jewels auction on December 6. We first heard of this gem back in May 2005 when it failed to sell at auction. The sparkler was on its own then, now it has been mounted into a ring to better tempt those who might slide this cotton-candy confection onto a finger and decide they must possess it at all costs. Young women in Hong Kong and China have pushing up the prices of these stones. This diamond could sell for over $7 million even though it is graded VS2 (a trained eye and a 10x loupe could spot the flaws).

The gem was found in either Britain or Angola and may well be the big pink diamond of Hart's book (the rough diamond was sold and Hart never saw it after it was polished). I suspect this diamond won't go unsold this time, after all a paler and slightly smaller pink sold for a similar price in 2005.

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Tags: auction, diamonds, gems, jewelry, pink diamond, PinkDiamond