Two timepieces set new auction records at the most recent Sotheby’s watch sale in Hong Kong, while nearly half of the lots sold above their high estimates.
A Patek Philippe Ref. 2526, the first self-winding wristwatch from collector J.B. Champion, brought in HKD 5.7 million ($729,977), within its estimated range, Sotheby’s said Monday. Meanwhile Cartier’s Paris Cloche, No. 1/1, fetched HKD 1.7 million ($210,882), more than four times its high estimate. Both set a record for the highest auction amount for the specific model, Sotheby’s noted.
In total, the April 7 Hong Kong Important Watches auction garnered HKD 126.3 million ($16.1 million). Over two-thirds of buyers were from China and the US, the auction house noted.
Meanwhile, the top lot of the auction, a Patek Philippe Ref. 2499 made in 1960, saw fierce bidding between participants in the room and on the phone. That piece, which sold within its estimated range, went for HKD 8 million ($1 million) after nearly 20 bids.
Industry veteran Stuart Brown, who has led multiple diamond-mining companies, will become chairman of the board at Lucapa Diamond Company.
Brown spent 20 years at De Beers, with stints as both interim CEO and chief financial officer. He was also the head of Firestone Diamonds from 2013 to 2018, and CEO of Mountain Province for three years, Lucapa said Monday.
During his time at Firestone, he raised $225 million to develop the Liqhobong mine in Lesotho, Lucapa noted. He is currently a director of Ukrainian iron-ore miner Ferrexpo and of Digby Wells Environmental Holdings, a provider of environmental, social and governance (ESG) consulting services to the mining industry.
In addition, Ronnie Beevor will take a seat on the board. He has experience in investment banking and mining, having been the head of Rothschild Australia. He is currently a director of Canadian iron-ore miner Champion Iron and Canadian explorer Mount Royal Resources. He serves as chairman of gold explorer Felix Gold and has recently retired as chairman of Bannerman Energy.
Meanwhile, Ross Stanley has resigned from Lucapa’s board, the company added.
An unmounted 55.55-carat diamond was the top seller at the most recent Sotheby’s auction in Hong Kong, bringing in HKD 45.2 million ($5.8 million).
The price for the oval brilliant-cut, D-flawless stone, named the Fortune Five, fell within its HKD 38 million to HKD 50 million ($4.9 million to $6.4 million) presale estimate, Sotheby’s said Saturday. In total, the April 6 Magnificent Jewels sale garnered HKD 285.7 million ($36.5 million), with 76% of items finding buyers.
Colored diamonds and gemstones proved popular choices, comprising half of the best sellers, as were jewels from well-known design houses, including Graff, Harry Winston, & Tiffany & Co.
Here are the rest of the top 10 items at the sale:
This ring, set with a cushion-shaped, 7.01-carat, fancy-vivid-yellowish-orange, VS2-clarity diamond, smashed its $2 million upper estimate to fetch HKD 29.5 million ($3.8 million).A Harry Winston ring bearing a cushion-shaped, 16.65-carat Kashmir sapphire flanked by two triangular diamonds just missed its high price, bringing in HKD 19.8 million ($2.5 million).Sotheby’s sold this ring featuring a cushion-shaped, 5.07-carat, pigeon’s blood Burmese ruby surrounded by diamonds for HKD 12.7 million ($1.6 million), just under its lower estimate.A ring with a cushion-shaped, 66.44-carat, fancy-intense-yellow, VS2-clarity diamond, offered without reserve, went for HKD 11.6 million ($1.5 million), a bit shy of its upper presale price.A necklace with 29 intense-green jadeite beads secured by a ruby and diamond clasp realized HKD 10.7 million ($1.4 million), within its expected range.This unmounted emerald-cut, 20.19-carat, D-flawless, type IIa diamond garnered HKD 10.7 million ($1.4 million), within its presale price parameters.A pair of earrings, each set with a step-cut Colombian emerald — one weighing 10.84 carats and the other 9.79 carats — and diamonds, beat predictions to yield HKD 10.4 million ($1.3 million).This Harry Winston ring containing a pear-shaped, 15.26-carat, D-color, VVS1-clarity diamond center stone achieved HKD 7.7 million ($989,602), falling slightly below its HKD 7.8 million ($1 million) lower presale price.A ring by Graff set with an oval-shaped, 10.02-carat, D-flawless diamond, between two heart-shaped diamonds, brought in HKD 7 million ($892,264), within its original range.
A 6.21-carat pink diamond will be the star of the second jewelry auction Phillips will hold in Geneva, where it is expected to fetch up to CHF 13.6 million ($15 million).
The fancy-vivid-pink, VS1-clarity, type IIa diamond ring is among several important and rare pieces on offer at the sale, called Geneva Jewels Auction: Two, which will take place on May 13, Phillips said Tuesday. The auction will be at the Hotel President Geneva for the first time, and it will include over 100 specially curated items from well-knowns design houses such as Cartier, JAR, Suzanne Belperron, and Van Cleef & Arpels.
Prior to the sale, Phillips will exhibit the jewels in New York; London; Taipei, Taiwan; and Singapore. The auction house will also hold a simultaneous selling exhibition called “Symbols, Colour and Form,” which will feature jewels from contemporary designers Alix Dumas and DYNE.
Here are the rest of the of the top five items Phillips will feature at the main sale:
This 280.84-carat Colombian emerald is from a private collection. Known as The Amazon Queen, it carries an estimate of CHF 1.4 million to CHF 2.4 million ($1.5 million to $2.6 million).A 27.27-carat, fancy-vivid-yellow diamond ring will also go under the hammer. It is expected to bring in between CHF 1 million and CHF 1.8 million ($1.1 million to $2 million).A pair of earrings set with pear-shaped, D-flawless, type IIa diamonds weighing 10.07 and 10.12 carats has a presale price range of CHF 1.2 million to CHF 1.6 million ($1.3 million to $1.8 million).Phillips will offer this brilliant-cut, 1.56-carat, fancy-red Argyle diamond at the Geneva auction. Named The Argyle Phoenix, it is estimated at CHF 910,000 to CHF 1.4 million ($1 million to $1.5 million).
Blackstone Inc. (BX), the investment firm headquartered in New York, is reportedly looking to raise $300m through the IPO of India’s International Gemological Institute (IGI).
Examining a diamond Based on a Reuters report, this gemstone certification company aims for a valuation of about $1.5bn.
In May 2023, Blackstone bought IGI for $570m from Fosun International Limited (0656.HK) and the Lorie family, who founded the company. Describing itself as the world leader in the grading and accreditation of gems, IGI operates mainly in India.
According to Reuters, the organisation appointed Morgan Stanley (MS) and Kotak to captain its market debut. As of April 2024, IGI has 29 laboratory facilities worldwide that grade and appraise jewellery, natural and lab-grown diamonds, and other gemstones. Although founded in Belgium, this company’s main financial arteries are in India.
A Reuters source indicated that IGI aspires to boost interest in lab-grown diamonds in India. Although these resemble diamonds, they are less expensive. This country cut the taxes on the production of lab diamonds to promote the practice and product.
In 2021, India’s jewellery sector carried a value of $78bn. Most of its products are exported, but there seems to be a local shift from gold to diamonds. Blackstone is reportedly keen to push on with the IGI IPO as India’s debut scene is the most vibrant in the Asian market sphere.
LSEG data shows that during the first quarter of this year, Indian firms amassed approximately $2.3bn in IPOs. That is a big jump from the estimated $166.5m raised during the same period last year.
A yellow diamond ring was the star of the most recent jewelry sale at Phillips in Hong Kong, fetching HKD 8.9 million ($1.1 million).
The round brilliant-cut, 15.51-carat, fancy-vivid-yellow, VS2-clarity diamond ring fell within its estimated range at the March 28 Hong Kong Jewels auction, Phillips said last week. In total, the sale achieved HKD 32.3 million ($4.1 million), with 73% of items finding buyers.
“The sale total for our spring auction in Hong Kong increased by 20% over the previous season, demonstrating the resilience of the global demand for rare and important jewels across the board,” said Benoît Repellin, worldwide head of jewelry for Phillips. “Fancy colored diamonds commanded the sale…. Vintage signed pieces also performed well. We also saw notable demand for [the] finest Burmese rubies, emeralds and sapphires.”
Here are the rest of the top five jewels at the sale:
This Van Cleef & Arpels necklace, created in 1985, is set with alternating brilliant-cut diamonds and round cabochon turquoises, supporting a fringe of pear-shaped cabochon turquoises. It realized HKD 4.6 million ($584,302), nearly four times its HKD 1.2 million ($150,000) high estimate.
A ring bearing a pear-shaped, 2.65-carat, fancy-intense-orangey-pink, VS1-clarity diamond brought in HKD 2.9 million ($373,304), within estimates.
Phillips sold this brilliant-cut, 5.53-carat, D-color, VVS1-clarity diamond ring for HKD 1.9 million ($243,459), at the upper end of its price range.
A bracelet with 12 cushion-shaped, oval and circular-cut Burmese rubies weighing approximately 24.59 carats in total, as well as kite-shaped diamonds, went for HKD 1.5 million ($194,767), missing its HKD 1.8 million ($230,000) lower presale price.
An unusually warm winter in Canada this year has delayed the opening of a 400-kilometer (250-mile) ice road that is rebuilt every year as the main conduit for Rio Tinto, Burgundy Mines and De Beers to access their diamond mines in the remote Arctic region.
The Winter Road, which serves the region accessible only by air for 10 months of the year, opened with a two-week delay in the middle of February, disrupting movement of goods along the ice road built over 64 frozen lakes.
Earlier this week, the Tlicho government in Northwest Territories (NWT) restricted movement of commercial trucks for few days in one of the winter roads due to anticipated warmer weather across the North Slave Region.
While diamond production remains unaffected, the delay underscores the challenges that companies face as the mines that make Canada the world’s third largest diamond producer come to the end of their productive life.
It also highlights the infrastructure hurdle for the NWT and Nunavut that are positioning themselves as the next frontiers in the exploration of critical metals, such as rare earth, cobalt and lithium, in the transition to a greener future.
The delays in building the Winter Road, which first became operational in 1982, have happened in the past, but this year’s is the longest delay in recent years, according to Tom Hoefer, senior advisor to the NWT and Nunavut Chamber of Mines.
“We did start the road a bit later as a result,” he said.
Climate change, driven by the burning of fossil fuels, coupled with the emergence of the natural El Nino climate pattern, pushed the world into record heat territory in 2023.
The impact of El Nino this year resulted in Yellowknife, the capital of the NWT, recording a maximum temperature of zero degrees Celsius (32 degrees Fahrenheit) in December and minus 8.7 degrees Celsius (17.6 F) in February, making it the warmest winter days in a decade, according to data from Environment Canada.
The Winter Road opens between late January and early April and requires minimum of 29 inches (74 cm) of ice for vehicles that can carry 26,000 kilograms (57,320 lbs) of gross vehicle weight, to transport diesel and dynamite required to operate the mines.
On warmer days, the engineers have found ways to trick nature by creating artificial ice using giant sprinklers to spray water high up in the air so that they cool and form thick layer of ice when they fall.
Paul Gruner, CEO of the Indigenous corporation Tlicho Investment Corp & Group of Companies said this year the warm winter at the start and if there is a warmer end of the season or an early spring, it could risk an early closure.
“So when you’re nibbling away on both sides of that, you start to create a very short season,” Gruner said.
The Winter Road is jointly operated by Burgundy Diamond Mines, Rio Tinto and De Beers of Anglo American group, which run the Ekati, Diavik and Gahcho Kue diamond mines respectively.
De Beers and Burgundy Diamonds said operations at their mines have not been affected by the mild winter. Rio Tinto declined comment.
The Winter Road costs C$25 million ($18.54 million) to operate for two months, which is shared by the three companies based on goods transported on the road and distance traveled.
However, the mines have a operational life of around 20 years and as they reach the end of life, they need to be shut down.
Rio Tinto has said it will close the Diavik mine in 2026 and De Beers plans to shut Snap Lake end of this year, while seeking to extend the life of Gahcho Kue.
Chicken and egg Canada’s remote Arctic region, home to around 86,000 people, is facing the complete closure of all the diamond mines by 2030 and is looking for ways to keep mining alive.
The lack of infrastructure is a challenge and the shortened seasonal use of the ice road could hurt investments needed to mine critical minerals.
“If you’re in the exploration phase … and looking at using the winter road as part of your core business model, the risks start to come into … your decision making whether or not to advance a project,” Tlicho Investment’s Gruner said.
Hoefer of NWT and Nunavut Chamber of Mines said the two Northern territories, which are as big as Europe, have the highest infrastructure deficits in Canada – one of the reasons for the very high costs of living and doing business in the North.
“It is a chicken-and-egg situation, the mining companies probably won’t come unless there is some infrastructure, it’s just too expensive,” said Heather Exner-Pirot, director of Energy, Natural Resources and Environment program at Macdonald-Laurier Institute.
It costs C$3 million a kilometer to build gravel roads, Pirot said.
Mining groups are pushing for a mega infrastructure project that connects NWT to Nunavut that runs through the diamond mines could help unlock the mineral riches in the region. At least 23 of the 31 critical minerals listed by the Canadian government is found in the NWT.
“When the project comes up, it would replace the roads that have served mining for 40 years, but until that happens, the ice roads are required,” Hoefer said.
A ring with a rare fancy-vivid-yellowish-orange diamond is set to lead the upcoming Sotheby’s jewelry sale in Hong Kong, which will take place during its luxury week.
The auction house has not disclosed the estimate for the cushion-shaped, 7.01-carat, VS2-clarity diamond it will offer at the April 6 Magnificent Jewels event.
Along with that stone, Sotheby’s will feature several other colored diamonds in its top 10, as well as jadeite pieces. Jewels from well-known design houses, including Harry Winston, Graff, Chopard, Tiffany & Co., Bulgari, and Boucheron, will also take center stage.
Here are the rest of the top 10 jewels Sotheby’s will offer at the auction:
This unmounted oval brilliant-cut, 55.55-carat, D-flawless, type IIa diamond has a presale estimate of HKD 38 million to HKD 50 million ($4.9 million to $6.4 million).A ring with a heart-shaped, 10.33-carat, fancy-intense-orangey-pink, VVS1-clarity diamond is estimated to fetch HKD 25.3 million to HKD 40 million ($3.2 million to $5.1 million).Sotheby’s will sell this ring bearing a round-cornered rectangular modified brilliant-cut, 4.01-carat, fancy-intense-purplish-pink, internally flawless diamond for up to HKD 30 million ($3.8 million).This necklace, containing 18 oval jadeite cabochons with brilliant-cut diamonds, is estimated to bring in up to HKD 28 million ($3.6 million).A collection featuring a detachable pendant necklace, composed of seven oval jadeite cabochons as well as diamonds, in addition to a pair of earrings and a ring will be offered for HKD 18 million ($2.3 million) to HKD 28 million.A ring by Jacques Timey for Harry Winston contains a cushion-shaped, 16.65-carat Kashmir sapphire flanked by two triangular-shaped diamonds. It carries a presale estimate of HKD 17 million to HKD 20 million ($2.2 million to $2.6 million).This jadeite bangle is set to go under the hammer at the Hong Kong auction, where it has a price range of HKD 16.8 million to HKD 22 million ($2.1 million to $2.8 million).A ring with a cushion-shaped, 5.07-carat, pigeon’s blood Burmese ruby surrounded by epaulette- and marquise-shaped diamonds is due to bring in between HKD 12.8 million ($1.6 million) and HKD 18 million.Another jadeite collection, comprising a necklace set with 14 oval jadeite cabochons and brilliant-cut, pear- and marquise-shaped diamonds, together with a ring and a pair of earrings, has a price range of HKD 12 million ($1.5 million) to HKD 18 million.
A Kashmir sapphire and diamond ring was the top seller at the most recent online jewelry sale at Christie’s, fetching $856,800, nearly double its high estimate.
The piece, which contains a cushion mixed-cut, 8.19-carat sapphire flanked by trapezoid-shaped diamonds, carried a presale price range of $300,000 to $500,000 at the March 11 to 21 Jewels Online auction, Christie’s said last week. It was offered without reserve. In total, the sale garnered $13.5 million, with 97% of items finding buyers.
Jewelry with sapphires and emeralds performed well, as did diamonds from iconic brands, including Harry Winston, Cartier and Bulgari.
Here are the rest of the top 10 pieces at the auction:
A pear brilliant-cut, 17.09-carat, D-color, VVS2-clarity diamond ring by Harry Winston brought in $819,000, within its $700,000 to $1 million price range.This Cartier necklace features a cushion brilliant-cut, 10.08-carat, D-color, VVS1-clarity diamond that is potentially internally flawless. The piece sold for $604,800, within its estimate.Christie’s sold this pair of Bulgari earrings consisting of two round brilliant-cut, D-color, VVS2-clarity diamonds weighing 5.08 and 5.05 carats for $428,400, within its presale price range.A ring bearing a round brilliant-cut, 1.13-carat, fancy-blue, VS2-clarity diamond center stone with additional baguette-cut sapphires and diamonds fetched $403,200, surpassing its $250,000 high estimate.This emerald-cut, 10.07-carat, G-color, VVS1-clarity diamond ring was offered without reserve. The jewel, which has the potential to be internally flawless, went for $378,000, above its $350,000 upper price tag.A ring bearing a rectangular emerald-cut, 22.97-carat Colombian emerald with diamond brackets garnered $315,000, more than five times its $60,000 high estimate.This necklace by Calvin French features rectangular and square emerald-cut emeralds weighing approximately 58 to 60 carats combined, and 29 round diamonds totaling about 36 to 38 carats. It sold for $277,200, just below its lower price.A Bulgari bracelet with 14 emeralds totaling about 25 carats and 14 diamonds weighing approximately 12.5 carats brought in $277,200, smashing its $150,000 high estimate.An oval brilliant-cut, 10.01-carat, fancy-intense-yellow, VVS1-clarity diamond ring raked in $226,800, more than double its $100,000 upper price tag.
Antwerp police conducted six raids on Wednesday and made four arrests as part of an investigation into some diamond imports suspected of being Russian-origin, Antwerp’s public prosecutor office said in a statement on Friday.
The investigation is the first related to the EU and Group of Seven (G7) import ban on diamonds from Russia that began on Jan. 1 to punish Moscow for its invasion of Ukraine. A wider ban on Russian-origin stones imported via third countries began on March 1. Russia’s state-owned company Alrosa is one of the world’s largest diamond miners.
The investigation was launched after customs officials seized diamonds in late February, the statement said. A spokesperson for the prosecutor said three shipments had been confiscated.
The Belgian city has for centuries been a global diamond hub, particularly for rough diamonds, though 90% of polishing is now done in India.
Sources familiar with the matter said the value of the three seized shipments was in the millions of euros. One source specified the overall value was around 8 million euro ($8.64 million).
A spokesperson for the prosecutor declined to comment on the combined value of the shipments. In the statement, the prosecutor’s office added that documents and digital media were seized during the raid.
Source: Reuters
Would be interesting to know how they test for origin
