Christie’s Hong Kong Jewelry sale was a blowout success. Asian private buyers dominated the $33m sale that saw 90% of the lots sold, nearly half of those lots went for prices above the high estimate. Large diamonds continued to lead the market with several large stones selling for more than $1m with per carat prices above $110,000. The Star of Kimberly, pictured left, was one of the more affordable lots. The 40-kt. yellow diamond sold for $805,000 or slightly less than $20,000 per carat.
It is never clear that strength in the jewelry market is an economic indicator. Sales of large stones are often hedges against fear, inflation and the threat of social chaos.