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.

Sotheby's HK Auction Rare 5.16-carat Blue Diamond

Sotheby's Hong Kong will sell rare 5.16-carat, pear-shaped, internally flawless, fancy vivid, blue diamond from the legendary De Beers Millennium Jewels Collection. It is estimated to sell for between HK$36-46 million ($4.6-5.8 million).

Formerly held in private collection, it is the first diamond from the Millennium collection to ever appear at auction. This phenomenal collection of 12 rare gems was presented by De Beers in 2000 to celebrate the new millennium. It took decades to assemble.

The collection consists of the Millennium Star (bottom) a 203.04-carat, D-colour, flawless white diamond (the centrepiece of the collection) and 11 phenomenal blue diamonds of various shapes and weights, totaling 118 carats.

Bearing the inscription "De Beers Millennium Jewel 11", this blue diamond will be auctioned at the Magnificent Jewels and Jadeite Spring Sale 2010, on April 7 at the Hong Kong Convention and Exhibition Centre.

Quek Chin Yeow, Deputy Chairman and Head of the Jewellery Department, Sotheby’s Asia, said: “This season we are proud to present a superb 5.16-carat pear-shaped, internally flawless, fancy vivid, blue diamond from an important private collection, one of the 11 magnificent blue diamonds formerly in the legendary De Beers Millennium Jewels Collection. It is an unprecedented opportunity to acquire at auction a gem with this unique historical provenance.”