Christie's Sees Robust Demand at Geneva Auction

RAPAPORT... The Christie's Magnificent Jewels sale in Geneva garnered $36.8 million, with a fancy-purplish-red diamond selling for a record price, the auction house reported Wednesday. The sale, which took place the previous day at the Four Seasons Hotel, saw 89% of the 156 lots sold, representing 95% of the auction's total value. An online sale was still taking place at press time."Despite the challenging environment and the first auction at the Four Seasons Hotel des Bergues without clients present in the room, Christie's saw strong bidding from all over the world both online and on the telephone," said Max Fawcett, head of Christie's jewelry department. "With a [sell-through] rate of 89%, it shows the market is robust and there is very competitive demand for exceptional jewels and coloured stones."Dubai-based Tiara Gems and Jewellery bought the rectangular-cut, 1.05-carat, fancy-purplish-red diamond ring by Graff for $2.8 million, well above its presale estimate. The lot set a world-record price per carat of $2.6 million for a diamond of its color, Christie's said. The diamond will go on display in the family jewelry store in the Dubai International Financial Centre, said Tiara Gems owner Ashish Vijay Jain. Such diamonds present an investment opportunity for buyers amid the Covid-19 pandemic, as "there will always be interest for rare stones," he noted.However, the top lot of the auction was a rectangular-cut, 28.88-carat, fancy-vivid-yellow diamond, which sold to an unnamed private buyer for $3.1 million, which was within its expected range. A cushion-shaped, 107.46-carat, fancy-yellow diamond brooch by Graff sold for $3 million to a member of the trade. Image: The rectangular-cut, 1.05-carat, fancy-purplish-red diamond ring. (Christie's)