What Does Luck Have To Do With It?
Sotheby’s Magnificent Jewels and Jadeite autumn sale in Hong Kong brought in about $50 million in sales across 388 lots. There was a diamond-heavy collection of jewels under the hammer as usual, with a large turnout of Asian buyers and private collectors.
The rapidly changing economy of China lends itself to an increasing demand for luxury jewelry. The newly prosperous Chinese buyers see both an investment potential and status symbol in high end jewelry. Here are three trends observed by which pieces are the most highly sought after:
Flawless clarity diamonds have seen competitive bidding in Sotheby’s and other auctions, more often than not fetching well above their estimate prices. Compared to lower clarity grade diamonds, flawless diamonds have seen on average a doubling of their value in five years. Two D color, Internally Flawless round brilliant diamonds of 20.22 and 15.02 carats sold for $4.1 million and $2.8 million respectively.
Lot number 88 was the star of this auction: a Riviere diamond necklace with 36 round brilliant diamonds of D color and Flawless clarity, ranging from 1.25 to 6.19 carats. The total carat weight of the necklace is 88.88 carats. In Chinese culture, eight is considered the luckiest number as the Chinese word for eight sounds similar to the word for wealth or fortune. This necklace sold for $5.1 million to an Asian private buyer.
Pigeon’s Blood Red
Is used to describe the most-sought after combination of hue and saturation of high quality rubies. Red is also an auspicious color in Chinese culture, symbolizing good fortune and joy. The top ruby lot of Sotheby’s Hong Kong was a 9.08 carat Pigeon’s Blood Red Burmese oval ruby and diamond ring, circa 1956. The ruby is confirmed to be from the Mogok Valley mine in Burma, which is famous for producing some of the world’s most stunning rubies.
For lovely red rubies or high quality diamonds, come to Secret Sapphire Luxury Jewelry in Yaletown. We do a lot of custom design work and will work with you throughout the entire process to create something special and sentimental.
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