What is Hong Kong’s jewellery investment outlook for 2023? The Williamson Pink Star and De Beers Blue sold for millions at Sotheby’s while Rosamund Kwan auctioned off gems too

Dec 1 , 2022

Christie’s jewellery department head Rahul Kadakia holds the hammer during the sale of The Pink Legacy, an 18.96-carat diamond once owned by the Oppenheimer family, in Geneva, in 2018. Photo: AFP

Jewellery 2022

Sotheby’s sold the 11.15-carat Williamson Pink Star for US$57.7 million in October, while the De Beers Blue was the crowning glory for the auction house in spring

However, reports from the HKTDC suggest that global inflationary and geopolitical pressures including the Ukraine war could dull the outlook for the city’s jewellery industry

In October, a bidding frenzy at Sotheby’s Hong Kong saw one of the purest and most saturated pink diamonds in the world sell for a price of US$57.7 million (HK$453.2 million).

The well-attended live auction for the 11.15-carat Williamson Pink Star set a record price per carat for any diamond or gemstone at auction, according to Sotheby’s. It is also the second most valuable jewel or gemstone ever sold at an auction.

“Coloured diamonds continue to see a robust performance this year due to their rarity and aesthetic appeal,” said Regine Ngan, the head of the jewellery department at Sotheby’s Asia.

Such an astonishing price is not limited to pink diamonds.

The De Beers Cullinan Blue Diamond fetched a staggering HK$451 million at auction in early 2022. Photo: Sotheby’s

In April, the De Beers Blue, a 15.1-carat fancy vivid blue diamond, sold for US$57 million (HK$451 million) at a Sotheby’s auction after an eight-minute bidding war between four bidders.

“The De Beers Blue was crowned the most valuable lot of the whole Hong Kong spring season,” said Ngan, noting that the Williamson Pink Star was naturally the most valuable lot of the autumn season.

The record price for a jewel or stone of any colour was US$71 million (HK$553 million) for the Pink Star, an oval-shaped, 59.6-carat fancy vivid pink diamond, sold at Sotheby’s Hong Kong in 2017.

The Pink Star, which went under the hammer in 2017, held the previous record for the highest price for a diamond of any colour. Photo: Reuters

And there are more pink gems on the way. Rahul Kadakia, the international head of Christie’s jewellery department, said the 18.18-carat Fortune Pink – the largest pear-shaped fancy vivid pink diamond auctioned – was offered at Geneva Magnificent Jewels on November 8.

“In Hong Kong, on November 28, the Magnificent Jewels sale also [had] a strong line-up featuring the collection of Rosamund Kwan,” Kadakia said.