Sotheby’s announced on Monday that they will be auctioning a rare diamond known as ‘The Premier Blue’ in Hong Kong on October 7 later this year. The Chinese economy has slowed down but it is still the fastest growing economy in the world with its currency appreciating marginally against the US Dollar. And that’s the reason why the auction house chose Hong Kong as the location to put the premium stone under hammer. The Premier Blue weighs 7.59 carats and is as large as a shirt button. The round cut stone is vivid blue in color. Its size, cut and color make it exceptionally rare. The pre sales estimate made by the auction house places the value of the diamond at $19 million. If it is successful in fetching that price then it will become a record per-carat price for any diamond.
Hong Kong: An Important Center for Jewelry Sales
Quek Chin Yeow, deputy chairman of Sotheby’s in Asia made the announcement about the auction along with the details about the premium stone. He believes that Hong Kong has developed into an important center for jewelry sales. Asia, in general, has become important in terms of consumption of luxury items. The growing economies have thrown up a large number of ultra rich people and their numbers are growing rapidly every year. Since 2006 Hong Kong has ranked alongside Geneva and New York as a center for jewelry sales and has become the third pillar of the global jewelry market. The super rich seem to be the least affected by the slowdown and are ever willing to spend on luxury.
It is Likely That the Premier Blue Will be Bought by an Asian Buyer
According to the trends available it is apparent that the Asian buyers are more willing than their Western counterparts to seek out buying opportunities even when the economic conditions are uncertain. They look at it as an investment opportunity with potential of price increase down the line. The Asian buyers also have a preference for colored diamonds with round cuts and that’s why Mr Quek feels that the likely buyer of the Premier Blue will be an Asian and not a European or American. The premium stone and other auction items are traveling across Asia for a preview. The items will be travelling to Beijing, Shanghai, Bangkok, Singapore, Jakarta and Taiwan