CHINA: Tiara with massive diamond estimated to be worth up to US$7.5 million to be auctioned in Hong Kong

Record ID: 606442

  • Title: CHINA: Tiara with massive diamond estimated to be worth up to US$7.5 million to be auctioned in Hong Kong
  • Date: 26th April 2008
  • Summary: TIARA ON JEWELLERY STAND JEWELLERY ON STAND
  • Embargoed: 11th May 2008 13:00
  • Keywords:
  • Location: China
  • Country: China
  • Topics: Arts / Culture / Entertainment / Showbiz
  • Reuters ID: LVAAR2KW680LXWYK4FYQJ1IQH4GC
  • Story Text: A massive 101 carat diamond mounted into a tiara and estimated to be worth up to US$7.5 million is to be auctioned in Hong Kong next month as part of a collection of fine jewels.
    The diamond is the largest colourless diamond to appear on the auction market in 18 years, according to auction house Christie's, and is internally flawless.
    The large gem is also seen as exceptional due to its size and width.
    The diamond is extraordinarily thick , making it difficult to fit in a necklace or pendant jewel..
    "With this special cutting I think the best way to fit in is a tiara because you cannot wear it as a pendant because there is a certain depth of the diamond," said Vickie Sek, Director of the jewellery and jadeite department at auction house Christie's, which is auctioning the gem next month.
    Sek said tiaras have become popular jewels in the market, selling especially well in Asia, the Middle East and Russia. She believes the tiara could well be bought by a Middle Eastern investor.
    "I think maybe for the market of Dubai, the Middle East or maybe some rich family that they want to buy for their daughter's wedding," Sek said.
    Elaborate jewellery auctions have become popular in Hong Kong over the past few years, with newly rich mainland Chinese buyers joining enthusiastic Hong Kong and Taiwan buyers, who buy diamonds, rare jadeite and other large, expensive gemstones.
    But at auction house Sotheby's recent spring jewellery auction a 72.22 carat "D" flawless white diamond failed to sell, leading some to question whether demand for expensive gems is slowing due to a weakening world economy.
    Other items to be auctioned by Christie's in May include a coloured diamond ring set with a fancy green diamond estimated to be worth 3 million U.S. dollars, as well as a rare emerald and diamond ring set with a 14.31 carat emerald, seen worth 800,000 USD.
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