Hong Kong – Avid art and jewelry collectors headed overseas to take in a five-day Christie’s auction and bring back assets that hold their value, regardless of the performance of the dollar.  Last night, during the “Christie’s Jewels” auction, a pink diamond ring brought in an impressive $11 million.  There was an impressive lot of jewelry for sale, but it was the vivid pink diamond that captured the imaginations—and the wallets—of buyers.

The ring, created by Graff, includes a 5-carat, cushion-cut vivid pink diamond, flanked by two shield-shaped diamonds and set in both platinum and rose gold.  The Gemological Institute of America (GIA) graded the diamond as having completely natural color and VS1 clarity, with a potential clarity rating of IF.  Pink diamonds of this grade are very rare, and found in few parts of the world.  Originally discovered in India, they have also been found more recently in Brazil and Africa.

The pre-sale estimate for the ring was $5.1 million to $7.13 million.  The buyer paid $2,165,778 per carat.  Another Graff diamond ring sold above its estimate of $1.2 million.  The 9.03-carat vivid yellow center diamond is flanked by pear-shaped white diamonds and mounted in platinum and yellow gold.  The GIA graded the center stone as a type Ia fancy, vivid yellow diamond with completely natural color and VVS1 clarity.

The “Pierres de Caractere’ diamond ring by Van Cleef & Arpels more than doubled its estimate, going for $2,408,436.  It contains a 16.65-carat sapphire with both baguette and brilliant-cut diamonds mounted in 18-karat white gold.  In June, 2004, an independent gem laboratory graded the sapphire as being from Kashmir with no signs of HPHT.

The ongoing auction also saw an impressive array of Chinese antiques sell last night.  With items far exceeding pre-sale estimates, it has been a much more impressive show than a similar sampling of items at Sotheby’s in the fall.  Many buyers are looking for items that will not lose their value, despite the fluctuations in the global economy, and Christie’s is offering almost a week of opportunity.

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