The International Herald-Tribune’s Sonia Kolesnikov-Jessop looks at the migration of the diamond market to Hong Kong. Not only do the Chinese insist on flawless, vivid stones–often trading size for clarity and intensity–but their numbers are growing, as Sotheby’s Quek Chin Yeow tells her:

While mainland Chinese buyers accounted for about 2 percent of sales at jewelry auctions in Hong Kong three years ago, Mr. Quek said they now account for more than 20 percent of sales. “And I’m sure other auction houses will have seen a similar pattern,” he added. He said Sotheby’s expected the trend to continue and the share of Chinese buyers to rise “a fair bit.”“Most of our clients are now looking to offer their stones in Hong Kong, because that’s where the buyers are,” Mr. Quek said, “and the window of opportunity is slightly larger than in Geneva, because here we will bring the diamond around the region in previews.”

Christie’s Rahul Kadakia confirms that the Chinese are not just chasing gaudy stones. The 50-ct. Vivid Yellow diamond shown above comes from Christie’s New York sale in April:

“The Chinese like impressive stones and they’re looking for perfection,” he said by telephone. “You can show them a 100-carat yellow diamond that has some imperfection in purity or a 20-carat supervivid yellow flawless diamond. They’ll go for the flawless diamond. They want to buy the best, and they’re very savvy. They have educated themselves sale by sale, and they’re buying very well.”

Diamond World Sees Treasure in Asia (IHT/New York Times)