Large and Rare Colored Diamonds Are Still Strong

Posted on | November 19, 2009 | 3 Comments

The US retail jewelry market is still a little weak, but the super high end/investment quality diamonds are very strong with both Christie’s and Sotheby’s Magnificent Jewels Auctions doing very well in Geneva this week.

From Diamonds.net:

Sotheby’s Jewels: Jewels of historical significance garnered strong prices at Sotheby’s Magnificent Jewels sale, held in Geneva on November 17. The Roxburghe Rubies suite (pictured) brought in $5,719,290 against a presale estimate of $618,000 to $1,097,000, with the necklace selling for $4,299,974 and the earrings going for $1,469,335. Overall, the Magnificent Jewels sale generated $36,682,714 (CHF 37,011,375), with 79 percent sold by lot.

Sotheby’s called its 2.52-carat, vivid green diamond the largest of its kind to appear at auction and it sold there for $3,078,914, which was slightly below the corresponding presales estimate. Another rare find was a fancy intense blue, brilliant-cut, 3.17-carat diamond ring, which Chatila acquired for $2,523,500, within its presale estimate. A fancy pink, cushion-shaped, 6.63-carat diamond fetched $1,413,833, which was also within the presale estimate range.

David Bennett, Sotheby’s chairman of jewelry for Europe and Middle East, said: “The Roxburghe Rubies, a magnificent suite, comprised of a ruby and diamond rivière necklace and earrings, the property of Mary, Duchess of Roxburghe, attracted extraordinary presale attention at exhibitions around the world, both for the quality of the rubies and the significant historical provenance, and sold for $5.7 million (CHF 5,821,000), five times the high estimate and a world-record price for a ruby suite.

“A remarkable array of colored diamonds was led by the price of $3.1 million (CHF 3,162,500) for a very impressive fancy vivid yellow diamond and included two new world-record prices per carat for green and intense blue diamonds,” Bennett added.

Chatila bought the fancy vivid yellow diamond, a 74.80-carat, cut-cornered, rectangular, modified brilliant-cut stone that was mounted in gold, for $3,134,417, which fell within the presale estimate range.

Christie’s Jewels: The Geneva Sale was 82 percent sold by lot and totaled $32,281,500 earlier today. Jean-Marc Lunel, head of the sale, said, “With $70 million of jewelry changing hands in two days at the Geneva auctions, the star lot of the week at Christie’s was an exceptional D flawless diamond of 62.30 carats purchased by Aleks Paul of Essex Global Trading for $8,051,000. This shows the clear resurgence of the jewelry market and we look forward to exciting sales in Hong Kong, New York and London in early December.”

Paul acquired the top three lots at the sale, starting with that 62.30-carat diamond, which was a type IIa pear, for $129,230 per carat. The second lot was comprised of a 3.30-carat, rectangular-cut, fancy intense blue and a 3.90-carat, E, VS2 diamond ring by Wolfers, which sold for $2,675,000. Paul offered the top bid for a fancy vivid, fancy intense and fancy blue diamond clasp: $2,675,000. The top three lots all sold well above their presale estimates.

Other sale highlights included a 24.92-carat, pear-shaped, light blue, type IIb, VVS2 diamond ring, mounted by Cartier, that sold for $1,555,000. A 13.91-carat, oval-shaped D, VVS2 diamond ring fetched $1,203,000.

Selling slightly above its presale estimate was a 7.03-carat, oval-shaped Burmese ruby and diamond ring designed by Graff, which sold for $1,131,000. The final lot that sold for more than $1 million was a 65.20-carat, cushion-shaped, fancy intense yellow, VS2 diamond pendant that went for $1,035,000, which was within its presale estimate range.

Christie’s also noted that a 19.13-carat, briolette-cut, fancy grayish-yellowish green chameleon diamond-pendant necklace set a record price for a chameleon at auction: $987,000.

The rare colored diamonds and BIG stones brought the big bucks. We love large and colored diamonds down here, so please let me know if you would like to invest in one of these diamonds. They are what will make you money over the long term.