Jacob & Co. Ring Goes for $5.78 million at Sotheby's Auction

The highest bid at Sotheby's Magnificent Jewels auction in Hong Kong was for a Jacob & Co. cushion-shaped diamond ring that fetched $5.78 million. The ring is set with a 34.07 carat, D color, internally flawless stone.

The fourth highest selling item, also from Jacob & Co., was a set featuring a necklace, earrings and a ring in yellow gold with white and yellow diamonds totaling approximately 79.40 carats that fetched $960,624.

Jacob & Co. claims that despite the current economic situation, their sales have remained steady, particularly at the high end.

The company said it is in an “aggressive expansion mode.” Later this month, it will open a flagship boutique in the Dubai mall. Also in the works is a Jacob & Co. luxury residential property in Dubai.