Rare oval diamond to fetch US$35m
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A 10.1-carat vivid blue diamond is expected to set the record for the most expensive piece of jewelry sold at auction in Asia despite an ongoing growth slowdown in China’s economy, Sotheby’s said yesterday.
The “De Beers Millennium Jewel 4” is expected to fetch between US$30 million and US$35 million at the April 5 sale in Hong Kong, and is described by the auction house as the largest oval blue diamond ever to appear at auction and “internally flawless.”
The diamond, which is slightly larger than an almond in size, came from South Africa’s Cullinan Mine and was one of 12 displayed at London’s Millennium Dome to mark the year 2000.
“There are no more than a dozen or so blue diamonds of fancy vivid color and over 10 carats in the world, so they are very, very rare,” said Quek Chin Yeow, Sotheby’s vice chairman for Asia.
The sale will come five months after the 12.03-carat “Blue Moon of Josephine” was bought for a record US$48 million in Geneva by an Asian property tycoon — a further sign the jewelry auction market remains strong despite slowing China’s growth.
The world’s second-largest economy grew 6.9 percent in 2015, the worst showing in 25 years and a far cry from years of double-digit increases.
“Of course people are concerned about the China slowdown,” Quek said, but added that sales of rare items seem to be unaffected by growth numbers.
The previous record for a diamond sold in Hong Kong was in 2013, when a 118-carat white diamond was sold for US$30.6 million.
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