Why investors are going crazy for coloured stones in 2023: jadeite, pink and blue diamonds are trending at Hong Kong’s Sotheby’s and Phillips autumn auctions, but will the bubble burst?
- The Infinite Blue sold for US$25.4 million at Sotheby’s Hong Kong – the 11.28-carat stone achieving the third-highest price ever for a blue diamond at auction in Asia
- The Pink Supreme – a 15.48-carat, fancy intense pink, internally flawless diamond – is expected to sell for up to US$12.8 million when it goes under the hammer at Christie’s Hong Kong on November 27
The palpable excitement at October’s live auctions here in Hong Kong reflects confidence among connoisseurs in the investment value of top-grade gems, particularly diamonds in natural fancy colours. The high prices achieved by these rare gems underscore the resilience of the upper echelon of the jewellery market.
At Sotheby’s Hong Kong, a radiant-cut fancy vivid blue diamond, named The Infinite Blue, was sold for HK$198.2 million (US$25.4 million). Mounted on a ring, the 11.28-carat stone fetched one of the highest prices for a diamond at auction in Asia, according to Sotheby’s. The diamond was the luxury highlight of the auction house’s autumn marquee sale series in Hong Kong and was offered at a stand-alone, single-lot auction in early October.
Blue diamonds of exceptional quality, such as The Infinite Blue, are globally recognised as a highly concentrated form of wealth. The Infinite Blue holds additional appeal for gem collectors in Asia, especially among the Chinese, due to its auspicious carat weight of 11.28. The diamond has also been meticulously designed and cut to include the number 8, which is regarded as a symbol of prosperity in Asia.
Coloured diamonds also proved to be a major draw at Sotheby’s Magnificent Jewels I live auction. A striking diamond necklace, featuring a contemporary design and a pendant suspending a remarkable fancy vivid yellow diamond weighing 74.48 carats, was sold for HK$19.8 million (US$2.5 million). The yellow diamond, internally flawless and of a cushion modified brilliant cut, was particularly noteworthy.
At Poly Auction Hong Kong’s Magnificent Jewels sale, the stand-out item was a rectangular diamond. Weighing 25.88 carats, it boasted a fancy vivid yellow hue and VVS1 clarity. The diamond, which was excellently polished and free of fluorescence, fetched a price of HK$10.3 million (US$1.3 million).
Auction house Phillips has expressed its belief that market demand for rare and important coloured diamonds remains robust, as evidenced by its own October sale in Hong Kong. The auction’s top lots were designs featuring coloured diamonds, including a 1.63-carat fancy intense blue diamond ring that sold for HK$7.4 million (US$949,000); a pair of earrings, respectively with a 9.69- and 9.71-carat fancy intense yellow diamond, which went for HK$4.2 million (US$538,000); and a 5.41-carat fancy orangey-pink diamond ring that fetched HK$3.3 million (US$423,000).