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Strong Diamond Prices Help Christie’s Yield $34M at Hong Kong Jewels Sale

Dec 2, 2008 11:04 AM   By Avi Krawitz
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RAPAPORT... Diamonds performed well at the Christie’s Hong Kong jewels sale on Tuesday as prices proved resilient in the face of current economic trends. “Diamonds brought exceptional prices at the Hong Kong auction of December 2, despite the ever-challenging financial environment,” said Vickie Sek, director of the jewelry and jadeite department at Christie’s Asia. “This auction demonstrates that when the right selection is offered for sale at the correct price, buyers are still very active.”

Christie’s garnered $33.52 million (HKD 259.82 million) at the auction, selling 63 percent of the 289 lots on offer. All of the top 10 lots went to private Asian buyers.

The top lot, a pair of circular-cut, D-color flawless diamonds weighing 16.11 carats and 16.08 carats respectively, sold for $5.65 million (HKD 43.78 million), or approximately $175,000 per carat. While this price was at the lower end of the presale estimate of HKD 40 to 60 million, Sek noted that the price was “very much in line with the top of the market of a few months ago.”

Other highlights included a diamond necklace set with a pear-shaped, D-color flawless diamond of 17.97 carats, which sold for $2.4 million (HKD 18.58 million), below the HKD 20 million minimum pre-auction estimate. A Belle Époque rivière composed of thirty old European-cut diamonds weighing approximately 80 carats sold above its estimated price, for $2.04 million (HKD 15.78 million), while a circular-cut, D-color flawless 10.98-carat diamond sold within estimates at $1.89 million (HKD 14.66 million). The fifth-largest lot was a twin stone ring with a D-color flawless 5.25-carat diamond and a 9.25-carat Kashmir sapphire, which sold for $1.82 million (HKD 14.1 million).

Tags: Flawless Diamond, Hong Kong, Jewelry
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