Last month, Christie’s announced the auction of one of the rarest blue diamonds in the world. The Golconda Blue, which once belonged to the Maharajas of Indore, would have been the largest Fancy Vivid Blue diamond ever sold at auction at 23.24 carats. However, shortly before the auction in Geneva, the precious stone was withdrawn by its owner. According to The Indian Express, the owner decided instead to sell it within the family.
See also: One of the World's Rarest Blue Diamonds To Be Auctioned for the First Time
Despite this bitter loss of its top lot, Christie’s can still count the Magnificent Jewels auction, held on 14 May in Geneva, as a success, with all lots sold and a total result of 60,493,260 CHF (approx. £54.5 million), well above the estimate of around 28–41 million CHF.
The highest price achieved in the sale was for a ring featuring a 6.24 ct emerald-cut diamond in the rare Fancy Deep Blue colour: 10,640,000 CHF (estimated price 4.5–6.5 million CHF). Overall, pieces set with high-carat stones proved highly sought after. For example, a ring set with a 3.68 ct Fancy Vivid Blue diamond by Graff changed hands for 4,885,000 CHF (estimated price 2.7–3.7 million CHF), while a sapphire ring with a main stone of 13.80 ct realised 2,071,750 CHF instead of the estimated 600,000–800,000 CHF. A ruby ring (10.17 ct) also saw an enormous price increase, fetching 3,493,500 CHF compared to an estimate of 450,000–650,000 CHF.
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The creations of the Parisian jeweller JAR also proved highly sought after and were a highlight of the auction. The highest price was achieved by a fantastic Apricot Blossom bracelet, estimated at 280,000–550,000 CHF and sold for 2,374,250 CHF. Even two pairs of modest earrings made of gold-plated aluminium managed to increase their estimates of 3,000–5,000 CHF each to 23,940 CHF and 17,640 CHF respectively.
See also: JAR: he Most Mysterious Jewellery Brand in the World
Despite — or perhaps precisely because of — the current uncertainties in the global economy, the market for gemstones remains stable, as they are considered relatively secure investment assets. Buyers are currently especially focused on coloured diamonds and coloured gemstones, while white diamonds are somewhat less in demand. Rare pearls are also increasingly coming into the spotlight.
