The big news from the colored diamond market is that the market seems immune to a slow down. The incredibly rare large colored diamonds continue to drive spending with the bulk of buyers coming from Asia. Sotheby’s October sale prompts the FT to take another look:
Sotheby’s expects its 8.41-carat pear-shaped internally flawless fancy vivid purple-pink diamond to fetch between $12.8m and $15.4m at auction on October 7. The top of that range would put it among the top three pink stones ever sold at auction on a per-carat basis.
The top end of the jewellery market has remained relatively unaffected by China’s crackdown on graft and conspicuous consumption even as many luxury brands, from Hermès to Rémy Cointreau, have been hit hard.
Quek Chin Yeow, chairman of Sotheby’s international jewellery business in Asia, said the expense, plus their appeal as saleable assets, had helped insulate the best gems.
“For you to be spending $12m, it’s not like you are going to be cutting back on buying five handbags to do that,” he said.