Phillips Garners $7M at Hong Kong Auction

RAPAPORT... A 10.59-carat diamond ring was the top seller at the Jewels and Jadeite auction at Phillips in Hong Kong.The square emerald-cut, D-color, flawless diamond went for $968,039, well above its estimate, at the June 5 sale, Phillips said Sunday. Another flawless diamond - an emerald-cut, 8.06-carat, D-color ring - also proved popular, fetching $568,449, at the upper end of its presale valuation. The auction garnered a total of $7 million.Buyers also showed interest in colored stones. A ring set with an oval-shaped, 5.74-carat Kashmir sapphire, surrounded by marquise- and brilliant-cut diamonds, brought in $373,552. A cushion-shaped, 5.32-carat, fancy-vivid-yellow, VVS1-clarity diamond ring by designer Sally Rider went for the same amount. Both prices fell within their presale estimates.Meanwhile, a signed Cartier ring featuring a circular-cut, 4-carat Burmese ruby encased in a total of 3.70 carats of brilliant-cut diamonds sold for $341,069, above its valuation. Another notable item was a Wreath bracelet created by Harry Winston in 1980, which contained a total of 55 carats of diamonds. That piece, which follows a style in which diamonds are assembled in a leaf pattern, achieved $308,587, within estimates.However, some of the top items failed to sell, including a pair of pear-shaped, fancy-blue diamond earrings, weighing 1.12 and 1.13 carats, and a matching 2.21-carat, blue diamond pendant that converts to a ring. Each was valued at up to $770,000. A pair of earrings by Harry Winston featuring diamonds and emeralds, expected to fetch up to $700,000, did not find a buyer at the sale."This season's result achieved a 13% increase in value on the spring 2020 auction of Jewels and Jadeite," said Graeme Thompson, worldwide head of jewelry for Phillips. "Collectors' confidence in the middle market is stronger than ever. D-color, flawless diamonds and high-quality colored stones were particularly sought after, such as rubies and Kashmir sapphires."In total, Phillips sold 76% of items on offer at the auction.Image: The 10.59-carat diamond ring. (Phillips)