Two diamond price records for Sotheby’s Hong Kong sale

Results* of Sotheby's Hong Kong sale of Magnificent Jewels and Jadeite on October 5th 2011 attaining prices for top lots near top estimates with highest prices ever attained for an orange and a blue diamond.

October 05, 2011

Results* of Sotheby's Hong Kong sale of Magnificent Jewels and Jadeite on October 5th 2011 attaining prices for top lots near top estimates with highest prices ever attained for an orange and a blue diamond. Two price records were set at Sotheby's Hong Kong sale on the 5th October. The first is for a 4.19-Carat Fancy Vivid orange diamond ring that sold for  HK$23 million / US$2.9 million (Est. HK$19-23 million*). This represents a world record price per carat of  HK$5,503,578  or  US$705,587 per carat and to boot it is the highest price paid for any Fancy Vivid Orange diamond at auction. The previous world record price per carat for a Fancy Vivid Orange was achieved by The Pumpkin Diamond, a 5.54-carat Fancy Vivid Orange Diamond named in 1997 at Sotheby's New York for US$1,322,497 (US$238,718/ HK$1,862,000 per carat). The other record-breaker in this auction was a  6.01-carat Fancy Vivid Blue Diamond and Pink Diamond Ring that sold for For HK$79 Million  or  US$10 Million (Est. HK$70--85 Million) which again broke a price per carat record for a Fancy Vivid blue diamond of HK$13,154,739 or US$1,686,505 per carat. The previous world record price per carat for a Fancy Vivid Blue Diamond was achieved by a 10.95-carat Fancy Vivid Blue Diamond in 2010 for US$15,762,500 (US$1,439,497/ HK$11,228,076 per carat). Such was not the fate for Lot 2859 is a fantastically large fancy vivid pink diamond and diamond ring estimated at a monumental £7-£12 million. It went unsold. This emerald cut fancy vivid pink rock weighs 9.27 carats and shines within its 18kt gold double claw mount, flanked by two trapeze shaped white diamonds collectively weighing 1.60carats. The stones certificates and letter are so important with these exceptional stones, and what is written on these is the key to the value of them. The words that describe this stone, and other diamonds may look decorative but are in fact the technical words for the colour; 'fancy vivid pink' is different to 'fancy pink', or 'vivid pink.' This diamond is Type IIa and is held in high regard for its clarity, size and strong colour. UNSOLD The top price paid for a pink diamond is almost US $2 million per carat sold to Laurence Graff in November at Sotheby's in Geneva. Read more here. A beautiful pear shaped diamond weighing an incredible 39.99 carats is lot 2853. It is estimated at £3.8-£5 million. This fabulous stone is D colour, Internally Flawless with Excellent Polish and Symmetry. You can't get much better than that! D, E and F colours are the top colours in the diamond colour grading, D being the best. These graded stones appear the finest white on a white background. IF is the finest clarity grade. The symmetry is graded by laboratories and is based on the diamonds proportions and the relation from one facet to another. A more unusual colour combination for a big diamond ring is demonstrated in lot 2851, estimated at £5-7million, pink and blue. The main stone is a cushion shaped fancy vivid blue 6.01carat diamond. The cut of a diamond refers to its proportions and facets. Cushion cut diamonds have 58 facets. The GIA (Gemological Institute of America, one of the most reputable laboratories) certificate for this ring tells us that the Fancy Vivid Blue diamond is VVS2 clarity, meaning that it is only very very slightly included. The two pink diamonds are 0.46 and 0.44 carats. One is Fancy Vivid Purplish Pink and I1( obvious inclusions) and the other is Fancy Vivid Pink VS2( minor inclusions that are hard to see to the untrained eye). Hong Kong is where the best jadeite is sold and lot 2847 is described by Sotheby's as an 'Exquisite Jadeite and diamond necklace'. Estimate at  £500,000 -£600,000.  The jadeite is in bead form and the necklace is designed as graduated beads. There are some jadeite double hoops which are linked to the rest of the necklace by circular diamond links and rose cut diamonds set in 18kt white gold. The clasp is also diamonds, with pear and cushion shaped stones. The quality of jade is determined by the translucency; the higher the better. The colour is also important and here is described as 'emerald green colour' which is very valuable. In this necklace all of the beads are very similar in colour and it is important that these match well. Lot 2840 shows a bright diamond and platinum ring estimated at  £190,000-£230,000. This is a small ring and the central stone is 1.68 carats. It is floral in its design but also very simple. This ring is interesting because of its report, which tells us about its unusual colour. The central diamond is Fancy Vivid Yellowish Green VS1 clarity and natural. It is crucial that these diamonds are natural, especially of a hue such as this one, as it makes the stones so much more special, a true wonder of nature. The cut of the stone is a cut cornered modified brilliant cut, which works well with the rest of the ring as it follows the shape of a flower more. Framing this unusual colored diamond are pink brilliant cut diamonds and surrounding these, acting as petals, are pear shaped diamonds. This is signed by Nirav Modi, who are a contemporary jewellery company based in Mumbai who work with precious gems and diamonds. It comes in a signed box. The ruby and diamond necklace in lot 2822(estimated £730,000-£930,000)  is composed of rubies that collectively weigh approximately 66.47 carats, and emerald cut diamonds that act as 'spacers' between the rubies. The diamonds weigh 20.13 carats. This necklace has many reports from Gübelin and GRS. They state the rubies are natural and have no indication of thermal treatment (to enhance their colour). All of the rubies are Burmese, and 26 out of the 27 stones are from the Mogok mine. It is difficult to understand the true vivid red colour that these stones are, but when you see rubies of this colour in real life they really hit you in the eyes and it is hard to peel your gaze off them. The diamonds are of the top colour grade from D-F and very respectable clarity. It is worth noting the metals used to set these stones, the diamonds are typically set in a white metal, in this case 18kt white gold, and the rubies are in 18kt yellow gold. This is because a yellow metal enhances the colour of the rubies and make them sing, whereas a white metal would almost flatten the colour. Lot 2818, estimated £66,000-£77,000, is a 18kt white gold ring by Chen Chan. It is a flower design with white diamond petals and unusual pearl centers. There are two small yellow and pink flowers, each depicted by four pear shaped colored diamond petals. The Melo pearl is the orange colored larger pearl, and is a natural saltwater pearl, the conch pearl, from the conch shell is the pink, more oval pearl on the right of the ring as we see this picture. Conch pearls are difficult to come across, and always natural as there has been no successful attempt to culture these pearls. They are rarely round and found in various shades from pink to white. A Melo pearl is very rare and actually comes from a marine snail. They are found in the Indio-Pacific region, Burmese, Thai, Malaysian, Australian and Vietnamese waters. Lot 2687 is great big pear shaped diamond weighing 30.31 carats. It is a type IIA stone which means it is the most chemically pure type of diamond, with amazing optical transparency.  It is D colour and IF, yet another tip top stone that we have found in this sale. It is interesting how this is set, the designer must have wanted it set against a dark metal, perhaps to further enhance its brilliance. The actual ring is in 18kt pink gold, and the setting for the diamond is topped in silver, and studded with little brilliant cut diamonds. Silver tarnishes so if they wanted a silver colour then they could have used white gold or platinum. It creates an interesting visual effect, and we think almost industrial. Some really beautiful natural saltwater pearls are lot 2685 with an estimate of £700,000-£850,000. They are exquisitely matched in colour and graduated size, and spaced with some pretty faceted diamond roundels to add a bit of sparkle. The clasp is 18kt gold with old mine cut diamonds surrounding a lovely emerald cut diamond. The clasp is signed Cartier. Now, lot 2669 really is a gem. This is a natural orange diamond that is HUGELY rare estimated at around £1,500,000 to £1,800,000. It is 4.19 carats and a Fancy Vivid Orange colour, cushion shaped,  VVS1 clarity. This really is like a flame, a stunning colour. It is set in white gold with a ring do brilliant cut white diamonds. It is fantastic to see something such as this that stand out to us so much, from our years and years of looking at jewellery every day. The orange is due to the presence of nitrogen and carbon lattice. The strong hue of this stone is totally sensational. Cartier strikes again with this staggering necklace in lot 2656 which is estimated at around £620,000-£780,000. Two thwacking cushion shaped emeralds set in a surround of brilliant cut diamonds make the centre of the necklace. With seemingly endless, luxurious rows of more brilliant cut diamonds that drape around your neck. The two emeralds, 44.42 carats and 42.50 carats, are natural and from Colombia, the finest sources of emeralds and have indications of minor clarity enhancement. It is not uncommon for natural emeralds to be treated to have clarity enhancement. This comes in a signed box. All you need now is a black dress. Jade was considered the Imperial Gem in China and was being mined as early as 6000BC. It has been found in tombs of ancient kings and was, and still is today, carved to make utilitarian and ceremonial objects.  It is interesting to see some carved tourmalines in lots 2517 and 2518 as this is unusual to see and we normally see carved jade. These are dated the Late Qing Dynasty, which is the period from 1644-1912. These figurines are both with jadeite beads, seed pearls and coloured cord to make them into pendants. Lot 2517 estimated at £6000-£9000, is a translucent rich pink tourmaline, smoothly carved with native plants such as lotus roots, finger citron and peach. The combination of these symbolise a long life. Lot 2518 is particularly eye-catching due to it being a bi-colored stone, again depicting peaches and finger citron as well as delicious pomegranates. The culture of ancient jewellery from this part of the world is reflected in these beautifully carved stones that are worked until they are so smooth and rounded, and due to the history of this type of work we would expect them to sell far better in Hong Kong than in London. *ALL SALE PRICES INCLUDE THE BUYER'S PREMIUM. GBP PRICES ARE ESTIMATES - SOTHEBY'S PUBLISHED PRICES ARE STATED IN HONG KONG DOLLARS IN IMAGE CAPTIONS.

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