Blue Diamond Auction Brings in Asian Markets

Isaac Mostovicz writes that a diamond fetched a mighty price...

Yesterday a rare 5.16 carat blue diamond was sold at auction in Hong Kong for $6.4 million, half a million more than the top price that Sotheby’s estimated. Terry Chu, deputy head of Sotheby’s jewellery department for China and Southeast Asia, said:

There have been a lot of new diamond buyers from mainland China, Hong Kong, Singapore, Taiwan and elsewhere in the region. I think after the financial crisis, the Asian buyers realized that the prices of diamond are relatively stable compared to other types of auction items.

It’s interesting that Asian buyers are so interested in diamonds (though it should be noted that the eventual buyer was Moussaieff Jewellers of London) — we’ve seen other markets beginning to heat up in Asia. This auction and the auctions for other diamonds from the De Beers Millennium Collection that will surely follow are yet more signs that economic recovery is underway.

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