Rappaport’s Diamonds.net is impressed with the New York Gem and Jewelry sales. You can see their video report by clicking through the image. Or you can read some of their comments here:

Rahul Kadakia, head of jewelry at Christie’s New York, said, it was as if the recession never happened. “Virtually every lot exceeded its estimate and the $7.7 million Annenberg Diamond astonished even the most seasoned diamond dealer.  It was an auction to remember. […] Christie’s reported a grand total of  $46,513,050 and a combined sell-through rate of 85 percent by lot.

Sotheby’s fall sale of Important Jewels in New York brought a total of $13,843,100, exceeding presale expectations of $9.3 million to $12.3 million. Diamonds were in demand, dominating the top 10 prices achieved.  The sale was 83.5 percent sold by lot, with nearly 65 percent of the sold lots achieving prices above their high estimates.

Lisa Hubbard, chairman of North and South America for Sotheby’s International jewelry department, and Gary Schuler, director of New York jewelry for the group, wrote of the sale: “We are very encouraged by the prices achieved on many of the diamonds in [Monday’s] sale, including over $118,000 per carat for the pear-shaped 29.53 carat D-color, potentially flawless, type IIa, diamond ring, which brought a total price of $3,498,500 against a presale estimate of $1.8 million to $2.2 million.”  A fancy intense yellow diamond ring of 14.24 carats performed well, bringing $386,500 against a high presales estimate of $300,000 as did the beautifully mounted 8.01-carat F-color J.E. Caldwell marquise-shaped diamond ring, which achieved $344,500 against presales estimate of $225,000 to $275,000.

“We saw spirited competition for signed jewels including the Tiffany & Co. fancy vivid yellow diamond ring, 9.55 carats, which brought $446,500 or $47,000 per carat, and the Van Cleef & Arpels 18 karat gold, diamond and amethyst ‘Botticelli’ necklace, which sold for $194,500.”

Diamond News Broadcast (Diamonds.net)