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.

When something is scare and unique enough, people will pay a premium for it, whether there’s a recession on or not. This was eminently clear with the recent sale of the ‘Star of Josephine’, the 7.03 carat flawless blue diamond that sold at auction for £6.2 million earlier this month. It was the highest ever price paid per carat for a diamond at auction according to Sotheby’s. The buyer, Hong Kong property developer Joseph Lau Luen-Hung, named the diamond after purchasing it.