Top Jewels Fail to Sell at Sotheby's Auction

RAPAPORT... A blue diamond ring and a jadeite bracelet both failed tofind buyers at Sotheby's Hong Kong sale.Most notable of the unsold lots from the April 3 auction was a14.18-carat, fancy blue, VVS2-clarity diamond ring, surrounded by pinkdiamonds, which was estimated at $6 million to $7.7 million.A jadeite bangle - known as the "Circle of Heaven" -with an estimate of $10.2 million to $12.8 million, also did not sell. A pair ofjadeite and diamond earrings, estimated at $1.9 million to $3.2 million, and a matchingjadeite and diamond ring - carrying an estimate of $2.3 million to $3.6 million -similarly lacked a buyer. The jadeite market is "price-sensitive," Sotheby's Asia deputy chairman Quek Chin Yeow noted .Important lots that did sell included a cushion-shaped, 24.70-caratruby ring, surrounded by diamonds, which fetched $11 million -having carried an estimated price of $10.5 million to $11.8 million. A yellowdiamond ring was bought for $2.8 million, while a pair of diamond pendantearrings sold for $2.9 million. A Van Cleef & Arpels bracelet with diamonds and gemstones yielded $1.2 million, exceeding its high estimate.The auction garnered total sales of $48.6 million, with 61% of lots sold.Image: Sotheby's