Christie’s successfully sold several diamonds at prices that have set a few world records, although their overall sales have decreased by over 18% year over year. Hong Kong buyers are renowned diamond investors are not afraid to pay top dollar when a worthy stone comes under the hammer. It looks like they certainly followed suit yesterday.
Blue Diamonds Continue to Rise Sky High
Moussaieff sold the 4.29 carat Fancy Vivid Blue diamond which was the highlight of the auction at a record price in its size category.
The 4.29 carat Fancy Vivid Blue IF diamond Image credit: Christie’s
In fact, it broke 2 records, records that were set previously by a Moussaieff diamond as well. It was the most expensive ever to be sold in the 3-5 carat size, selling for $11.8 million total, and the most expensive price per carat paid in this category, selling for $2.755 million per carat. To give you a wider perspective on this price as a reference point, it sold for only 17.7% below the famous 9.75 carat Fancy Vivid Blue pear shaped diamond that was sold in NY just two years ago and which started the trend on blue diamond prices.
The 9.75 carat Fancy Vivid Blue diamond Image credit: Sotheby’s
Vivid Yellows Staying Strong
The 28.78 carat Fancy Vivid Yellow VVS1 emerald cut diamond sold for $2,028,708 or 70.5k per carat, which indicates that rare vivid yellow diamonds are holding their value. It is important to see that buyers are willing to pay market value or more because it attests to the continued demand for those colors. The estimation for the diamond was between $1.1 million to $1.5 million, so it sold for 35% above the high estimate.
The 28.78 carat Fancy Vivid Yellow VVS1 emerald cut diamond Image credit: Christie’s
Simple Fancy Blue
A simply elegant 5.19 carat Fancy Blue Diamond IF pear shaped flanked by two pink heart shaped diamonds sold for $1,717,795 or $331k per carat. The estimation for the ring was between $900k to $1.15 million. Amazingly, it sold for 49% more than the high estimate.
The 5.19 carat Fancy Blue IF pear shaped diamond Image credit: Christie’s
A Rare Green
A 5.11 carat Fancy Green VVS1 pear shaped diamond, was sold for $1.25 million or $245k per carat. The estimate was between $1 million to $1.5 million, so it sold in the range. It makes sense that the diamond was in the range because Green is generally a collector’s color rather than one for investors.
The 5.11 carat Fancy Green VVS1 diamond Image credit: Christie’s
Round Shape Continues to Add Value
A rare pair of Fancy Vivid Yellow round shaped diamonds of 5.20 carats and 5.19 carats, with IF and VS1 clarities respectively, were sold for $940,512 or $90.5k per carat. This is a very strong price for the pair. Together the size, strong color and the pair status gave the set a premium price, and justifiably so. It was estimated to sell between $750k and $1 million, so it fell close to the high estimate.
The 5.20 carat and 5.19 carat Fancy Vivid Yellow round shaped diamond pair Image credit: Christie’s
Pink Diamonds continue to give love to investors
A 2.13 carat Fancy Intense Pink with a low I1 clarity was sold for $551,871 or $259k per carat. Although it was sold together with a 2.21 carat G Color VS2 diamond, we know where the value came from, and that is the Pink!
The 2.13 carat Fancy Intense Pink I1 diamond and 2.21 carat G Color VS2 diamond Image credit: Christie’s
It was estimated to sell between $125k to $190k total. I cannot even begin to fathom where that estimation came from, as it is obvious that there was an error considering it means that the ring sold for 190% above the high estimate. On very rare occasions, the auction houses purposely undervalue a diamond so that it exceeds its high estimates, but this definitely did not occur here.
It is well worth noting that in the 2-3 carat Fancy Intense Pink diamond category, this pink diamond has broken a record. At $259k per carat, it sold for 45% above the last record in this category. On April 16, 2013 a 2.04 carat Fancy Intense Purplish Pink was sold for $178k per carat.
At the end of the day, even though total sales dropped, we have to look at the bright side and see the positive. In this case we have new records that continue to be set by fancy color diamonds, for both pink and blue diamonds. I definitely wonder where prices will be 12 months from now, at the end of 2017, discussing the prices records broken during 2017!
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