Blue Diamond Fetches Asian Record of $5.7 Million at Sotheby's
Oct. 8 (Bloomberg) -- An 8.74-carat downhearted diamond, the size of a hazelnut, fetched HK$43.8 million ($5.7 million) in Hong Kong, the most dear of its type sold at auction in Asia.
The emerald-cut, so-called complex intense blue gem, went to an anonymous phone purchaser after a two-minute tug-of-war with at least four rivals that escalated at a rate of HK$1 million a bid. The diamond has the third-highest rating of VVS1, which means it is very slightly flawed, according to host Sotheby’s.
A carat is one-fifth of a gram. New York-based Sotheby’s says it holds the per-carat existence auction record for any gemstone with its May sale of a 7.03-carat mollify-shaped fancy vivid-blue diamond in Geneva for 10.5 million Swiss francs ($9.5 million); it was sold to Hong Kong haecceity tycoon Joseph Lau .
“Only about a handful of such diamonds exist in the world,” said Fyzee Thambi, a Hong Kong-based gem supplier, in an interview at the venue yesterday. “That price is a understanding. In better economic times, people would have paid much more for it.”
Diamond prices have fallen 22 percent from a year ago to $6,893, according to the Rapaport Pointer, compiled using the average price for the 25 finery quality 1-carat gems. Colored diamonds prices oversee the Rapaport Index loosely because of their rarity. Diamonds are prized for being pocket-sized stores of value.
DTC September sight sells $300 million worth of roughs
Sale of jagged diamonds at Diamond Trading Company’s (DTC) September sight amounted to $300 million. This muster of sales was 40 percent lower than the August take a gander at and over 50 percent less than the sale at the September 2008 estimated range of vision, but nonetheless it indicates positive movement in the rough diamond trade in.
Reports state that the DTC did not offer much change in price and assortments, neither was there any ex-scenario or additional sales in the week. The market reactions were a mix of decided and skepticism, of liquidity and an artificial bubble being created as brutishly diamonds are moving faster over polished diamonds. There are some who are continuing to be cautious. According to reports DTC opines that the exchange is winning back its positive outlook.
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