Why are Diamond sales breaking records at Auction ?April 6, 2011
The Gemological Institute of America (GIA) are reporting how strong diamond sales are at international auctions. Why is it that as the worlds economy is still recovering from the economic crisis, it seems the worlds wealthy can’t get enough top quality colourless and fancy colour diamonds?
Christie’s and Sotheby’s, the two premier world jewellery auctioneers have both reported record jewellery sales in 2010. Shortly the 2011 season will begin and several major diamonds are already generating significant interest.
- a GIA-graded 10.09-carat fancy vivid purple pink diamond is estimated to bring US$15 million — nearly US$1.5 million per carat.
- an unmounted 56.15-carat heart-shaped D color, internally flawless diamond, also graded by GIA, is expected to fetch between US$9 million and US$12 million.
Auction house executives and industry observers agree on a number of reasons why such diamonds can achieve record prices during a period of economic hardship:
- The international reach of the auction houses.
- the rarity of top quality gems
- the greater number of private buyers going to auction.
For more details and the full article visit the GIA Insider website