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Articles from DIAMOND JEWELLERY (1024 Articles), GEMSET JEWELLERY (318 Articles), DIAMONDS BY CUT - BRILLIANT (ROUND) (290 Articles)
This diamond ring went for $96,000 at the recent Sotheby's Jewellery auction in Melbourne
Diamond sales continue to soar
 3.1 k views | Posted October 18, 2011 | By Aaron Weinman
Sotheby’s Australia had its highest-grossing jewellery auctions this year with many sales breaking the million-dollar barrier.
Jewellery auctions have bucked recent economic trends, achieving record results in both Sydney and Melbourne auctions.
Despite the dire state of Australian retail and the unravelling global economy, there still appears to be strong demand for diamonds.
In June this year, Sotheby’s Australia had the highest-grossing jewellery auction in Sydney with total results of $2.6 million. In addition, its Melbourne auction held last month also broke the million-dollar barrier with total sales of $1.2 million.
Recently reported by The Sydney Morning Herald, the top result at September’s Melbourne auction was a 5.12-carat cut diamond ring which sold for $114,000, easily eclipsing its pre-sale estimate of $60,000-$90,000. The diamond ring was set in an 18ct white gold ring accompanied with a gemstone laboratory report.
According to Sotheby’s Head of Jewels, Hamish Sharma, such high-value diamond items are attracting a lot of interest from investors, saying one couple from Tasmania flew to Melbourne intent on purchasing a diamond ring as a potential, diversified investment for their retirement portfolio diversification.
“There are people who definitely see these as a good hedge against inflation,” Sharma told SMH. “Jewellery has now become a secure place to park their funds.”
Other notable performers included a Bulgari Diamonds griffe ring, which sold for $96,000, and a 5.2-carat diamond ring sold for $90,000.
Harry Winston
In other diamond jewellery news, Canadian-based retailer, Harry Winston Diamond Corporation says the company’s third quarter is off to a strong start.
The first two months have seen diamond jewellery sales continue to increase with strong demand in the Japanese and Chinese markets.
Forbes magazine reported that Harry Winston shares gained 4.7 per cent last week, a reflection of its increased sales and diamond mining business.
According to Forbes reports, the company has $112 million of rough diamond inventory at June sales prices, and an additional $75 million in capacity at its mining facility.
As recently reported by Jeweller, Harry Winston extended the arms of its diamond investment portfolio to Australia, giving local investors the opportunity to invest approximately $250 million in an investment fund between Harry Winston and Zurich-based Diamond Asset Advisors (DAA).
More reading:
Jewellers 'tickled pink' at gem sale
Profits slip for Harry Winston Diamonds
Diamond investment funds stretch to Australia
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