Jadeite Bead Necklace Sells for $8.8m

(IDEX Online) - A necklace of 33 exceptional jadeite beads sold for over $8.8m at Christie's Magnificent Jewels live auction in Hong Kong.

The beads (measuring approximately 15.0 to 12.3 mm) were set with an 11-carat cushion-cut Burmese ruby surrounded by oval-cut diamonds.

The piece (pictured) sold for $8,836,123 to a collector on the phone after "spirited competition".

Christie's said total sales at the event were $56.3m, with sell-through rates of 85 per cent by lot and 83 per cent by value.

"Our Hong Kong saleroom exhibited market vibrancy and strong buying momentum," said Vickie Sek, chairman of Christie's Asia Pacific jewelry department.