Last week many impressive jewelry pieces gathered in Australia for the Sotheby Important jewels auction with diamonds as highlights. One of the major diamond jewelry highlights was the 10.94 fancy yellow colored diamond ring, which is sold for an amazing amount. Resulting in a total auction sale of 1.84 million USD. This result is a new record for Sotheby Australia since it is the highest total sale for any jewelry auction of Sotheby’s Australia and the Australian market since June 2011.
The diamond jewelry piece that helped the total sale amount the most is the fancy yellow colored diamond highlight, which was sold for 225,700 USD. The fancy yellow colored diamond was mounted in an elegant 14 carat golden ring. Next to this great sale another natural vivid yellow diamond was auctioned for 54,900 USD. It seems like colored diamonds are really taking their position in the auction houses and get sold for record prices. Colored diamonds are rare due to the fact that they are hardly found in nature. But if they are found they’re mostly lower to 1 carat. Higher carat sizes are therefore a very hot item and highly prized in the diamond industry. One of the diamond rings that achieved a high selling price is the 3.19 carat diamond with platinum ring (164.700 USD). Furthermore, a platinum three diamond stone ring with total of 6.46 carat was sold for 91,500 USD.
According to chairman of Sotheby’s Australia Investors are looking to make diamonds a part of their portfolio to diversify now that the stock market is in turmoil and the Chinese economy is weakening.
Begging the question: what will future developments in the market do to the diamond demand and diamond prices? What do you think?