Pink Does Not Sell, Blue and Orange Set Records

(IDEX Online News) – The top item at Sotheby's Magnificent Jewels and Jadeite auction, a 9.27-carats fancy vivid pink VVS1 diamond, did not find a buyer at the auction. However, two fancy vivid diamonds set record prices, leaving a ray of hope for the high-end diamond arena.

The second top lot at the October 5 auction, a 6.01-carats fancy vivid blue diamond estimated at $9-$10.9 million, sold for $10.14 million. This is a world record price per carat for any fancy vivid blue diamond, $1,686,505 per carat.

A cushion-cut fancy vivid orange diamond weighing 4.19 carat sold for $2.96 million, or $705,669 per carat, a world record price per carat and the highest price for any fancy vivid orange diamond at auction.

The emerald-cut pink diamond, carrying a pre-sale estimate price of $12.8-$19.2 million, was one of several lots that did not find a buyer.

The auction totaled $65 million, while well below the pre-sale estimate of $86–110 million, this is the highest total for a sale of Magnificent Jewels and Jadeite at Sotheby's in Hong Kong.

Prior to the sale, many hoped to see fierce bidding, signifying a revival in interest in high value items.

The results may reflect caution on the part of private diamond buyers at a time when the stock markets and real estate investments are turning sour. Another reason for the lackluster results could be the composition of bidders. When dominated by diamond traders, achieved prices tend to be lower.