Sotheby's auction Blue diamond ring in Hong Kong preferred

The status of Hong Kong as an international center for high-level jewelry auctions has rising, Sotheby's decide to auction one blue diamond ring that weighing 5.16 karats, rather than its traditional auction market, which highlights the position of Hong Kong.

This pear-shaped gemstone is estimated that 5.8 million U.S. dollars could be auctioned. The auction will give further impetus to Hong Kong's diamond trade.The diamond industry of Hong Kong has now compete with New York and Geneva.

Sotheby's Asia Chairman Patti Wong, said Sotheby's convince the owner of this diamond to auction in Hong Kong, because Hong Kong is becoming more attractive to jewelry buyers. The Diamond is privately owned,they did not disclose the identity of the owner.

"In the past, people thought that Hong Kong is only attract Asian buyers. This is wrong, we have attracted the strong interest of international collectors, we are here to auction some of the best collections."

In the global jewelry sales at Sotheby's, Hong Kong's share is rising from 19%, 1998 to 2008, 34%,it more than New York, second only to Geneva, become the second largest market.

For the rival Christie's, Hong Kong in the last year has become the second largest jewelry market of Christie's, second only to New York.

Last year in December, Christie's in Hong Kong and sold for 10.7 million U.S. dollars for a 5 karats pink diamond ring, equivalent to 2.1 million U.S. dollars per carat, which have the highest carat gem unit price highest on record.

"The pink diamond buyer is Chinese, and offer lower he is Chinese, the third lower bid is also Chinese people," Christie's Asia president, Franois Curiel said.

China's more and more rich people buy diamonds, platinum gold and sapphire. For Hong Kong, it is benefit for its geographical advantage.