The Sydney preview gave jewellers a sneak preview at the 55 pink stones on show at the official Argyle pink diamond tender in Hong Kong. Only 150 people around the world are invited to place bids on the rare diamonds that are currently high in demand.
John Calleija of Sydney-based, Calleija Jewellers said the demand is due to a myriad of factors, but predominantly because of the rarity and raw beauty of pink diamonds.
“People want something unique nowadays and buying a pink diamond is like buying a painting by Picasso while he was alive,” Calleija said.
According to Calleija, Rio Tinto’s Argyle mine in Western Australia accounts for more than 90 per cent of the world’s pink diamonds and supply is expected to come to an end by 2019.
“There is less than a decade left for the mine, so consumers realise the rarity of pink diamonds, and it has increased my clients’ interest in this year’s tender,” Calleija said.
The Argyle mine is considered to have the best pink diamonds in the world and Calleija said tender diamonds “are literally one in a million, in that for every million carats mined, only one carat is of tender quality.”
Bidding for over 20 years, Calleija is one of a few Australian bidders invited to the tender in Hong Kong and noted that his clients’ demand for the pink stones has increased greatly.
“I already have potential sales so essentially I’m bidding on behalf of our clients who are constantly asking for more pink diamonds,” Callejia added.
Obtaining a successful bid has been made more difficult with increased competition, particularly from China and the wider Asian market.
“There is always an element of mystery about these bids, especially with the global demand climbing, the bid can end in absolute joy or tears,” Callejia remarked.
In addition, lack of supply has added value to pink diamonds and jewellers like Calleija have seen an increased number of consumers investing in them, noting that some men are purchasing ‘pinks’ as a financial investment rather than an emotional investment.
“While most of my clients purchase ‘pinks’ for sentimental reasons, many males love the fact that pink diamonds are anti-inflationary and more people are looking at them as an investment,” Calleija said.
Despite believing an increasing number of consumers are investing in rare diamonds, Calleija maintains that his clientele prefer to wear their winning bids.
“One of my clients paid over $3 million for her pink diamond and wears it on the farm. It’s a beautiful pink, even when covered in mud,” Callejia said.
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