Chinese Buyers After High-End Diamonds

An 8.74-carat emerald cut, fancy blue, VVS1 diamond sold for HK$43.8 million (US$5.65 million), or US$646,453 per carat at a Hong Kong auction held last week. The stone reached the upper end of presale estimates, which were HK$35-45 million (US$4.51-5.8 million).

According to Sotheby's Auctions, which handled the sale, the stone is the most expensive of its type ever sold at auction in Asia.

A 28.88 carat D color, flawless, round diamond sold for HK$36.5 million (US$4.71 million), or US$163,531 per carat, passing its top, presale estimate of HK$35 million (US$4.51 million).

According to Quek Chin Yeow, Sotheby’s Hong Kong-based deputy chairman and head of the jewelry department, Asian and non-Asian buyers were equally matched at this auction. He also disclosed that mainland Chinese buyers "featured strongly” in the 10 most expensive lots sold in the auction.

A jewelry, gem and diamond auction held on September 15, 2008 in Hong Kong was deemed a failure after raising HK1.1 billion (US$149.9 million), or half of its presale estimate.