A diamond necklace by Bulgari featuring a cushion-shaped, 118.35-carat, royal-blue sapphire from Sri Lanka is set to realize up to $4.5 million at an upcoming Phillips sale in Hong Kong.
The necklace was created in 2004 by the Italian high-jewelry house, and it is the first time it is available at auction, Phillips said. The piece, from “an esteemed private collection,” will lead the May 23 Jewels & Jadeite sale at the new Phillips Asia headquarters in the West Kowloon Cultural District, the company added.
The sapphire is accompanied by SSEF and Gübelin gemological reports and appendix letters “expressing the rarity and exceptionality of the sapphire,” the auction house said. In addition, Gübelin awarded it the royal-blue color grade, meaning it has an even saturation not often seen in unheated blue sapphires of this size.
The necklace was featured in Bulgari’s “125 Years of Italian Magnificence” retrospective in China from 2011 to 2012.
The combination of the exceptional qualities of the sapphire, its Sri Lankan origins and the design by Bulgari make this a particularly important jewel, said Benoît Repellin, worldwide head of jewelry at Phillips.
“Unique in its size, color and origin, the stone embodies the transparency and luminosity pursued by Bulgari for its high-jewelry creations,” he explained. “This jewel is a holy grail for any collector, with a classic and elegant design typical of Bulgari that emphasizes the beauty and extraordinariness of the gem.”
Swiss watch exports fell 11% year on year to CHF 1.59 billion ($1.78 billion) in January, the 12th consecutive monthly drop, as demand slowed in the US and in key Asian markets.
Shipments to the US declined 11% to CHF 183.3 million ($204.5 million), partly because strong figures in January 2020 created an unfavorable comparison, the Federation of the Swiss Watch Industry said Thursday.
Supply to Hong Kong dipped 9% to CHF 169.3 million ($188.9 million) last month as market conditions deteriorated, while exports to the UK and Japan slumped due to the tightening of Covid-19 measures, it added. January also had one fewer business day than the same period a year earlier.
The negative figures outweighed a 58% jump in orders from China, for a total of CHF 255 million ($284.5 million), mirroring a continued recovery of the retail sector on the mainland.
Globally, cheaper watches saw a sharper downturn, with shipments of timepieces priced under CHF 200 ($223) sliding 31% by value. Exports of watches with wholesale prices ranging from CHF 200 to CHF 500 ($558) decreased 26%, while goods valued between CHF 500 and CHF 3,000 ($3,347) suffered a decline of 25%. Shipments of items above that price level slipped 4.1%.
The numbers point to a worsening of the situation versus December, when the global decline was the mildest since the start of the pandemic as Chinese demand rose. The trade hasn’t witnessed a year-on-year increase since January 2020.
“The result for the month will nonetheless have only a limited effect on the upward trend seen since last summer, and a return to significant growth is expected over the next few months,” the federation noted.
Swiss watch exports plunged in April as coronavirus lockdowns brought the entire supply chain to a near halt.
“Swiss watch exports were extremely low in April as a direct result of the standstill in production, distribution and sales, causing them to collapse,” the Federation of the Swiss Watch Industry reported Tuesday.
Shipments slid 81% to CHF 328.8 million ($339.1 million) for the month, with nearly all markets declining significantly. Orders from Hong Kong plummeted 83% to CHF 42.2 million ($43.5 million), while supply to the US dropped 86% to CHF 27.9 million ($28.8 million). Exports to Japan fell 86% to CHF 19.5 million ($20.1 million).
The decline in China was more mild, slipping 16% to CHF 110.3 million ($113.7 million), and accounting for one-third of total Swiss watch exports in April, as the economy began to recover. However that compares with an increase of 11% to CHF 155.9 million ($160.6 million) in March. In February, shipments to China fell 52% due to the coronavirus.
All price categories “contracted sharply,” as exports of timepieces valued between CHF 500 ($516) to CHF 3,000 ($3,095) declined 72% by value. Watches worth more than CHF 3,000 dropped 86%.
Shipments of timepieces made from precious metal decreased 82% to CHF 102.4 million ($105.6 million). Supply of gold and steel watches saw the steepest decline, tumbling 90% to CHF 28.4 million ($29.3 million).
