Diamond Earrings Fetch $1.68 Million at Sotheby’s HK Sale

Sotheby’s Magnificent Jewels & Jadeite sale in Hong Kong saw a number of high end items realize prices that surpassed earlier estimates. One such item was a diamond bangle that sold for $196,000, 8.6 percent above the higher evaluation.

One of the highlights of the sale was a pair of diamond pendent earrings set with a marquise-shaped diamond weighing 8.56 and 8.02 carats and brilliant-cut diamonds, mounted in platinum. This item sold for a hammer price of $1.68 million.

A diamond ring set with an E/IF brilliant-cut diamond weighing 6.20 carats, sold for $452,000.

The market of large, high-end diamonds suffered a blow in late October following the economic crash. Prices of these diamonds tumbled dramatically, with wholesalers trading them at 50 percent discounts. However, in recent weeks prices started to firm up, resulting in rising prices at auctions by Sotheby’s and Christie’s.