Colored-Diamond Trio Fetches $8M at Christie’s
RAPAPORT. Three rings featuring diamonds with fancy-vivid color stole the show at the Christie’s Magnificent Jewels auction, selling for more than $8 million combined.
The trio of jewels, called the Perfect Palette, achieved a total of $8.4 million at the New York sale, Christie’s said Tuesday. A 2.17-carat, fancy-vivid-purplish-pink diamond ring brought in $3.5 million, beating its $2.5 million high estimate, while a 2.13-carat, fancy-vivid-blue diamond ring sold for $2.7 million, toward the upper end of its valuation. The third a 2.34-carat, fancy-vivid-orange diamond ring went for $2.2 million, just under its top estimate at the April 13 sale. The entire auction garnered $35 million, with 94% of items on offer finding buyers.
Stimulus Spurs March US Retail Sales
RAPAPORT. US retail sales rebounded strongly in March as consumers went out to spend the stimulus money they had received from the government, the National Retail Federation (NRF) said.
Revenue rose 28% year on year and 10% versus February’s total as consumer sentiment grew, according to data the US Census Bureau reported last week. Covid-19 vaccinations buoyed the economy and made it easier for shoppers to get out, the federation added.
“Today’s data confirms that people are going out and spending and that in-store traffic has picked up,” said NRF chief economist Jack Kleinhenz. “After a disappointing February, there was a perfect alignment of factors supporting a surge in shopping in March. Further reopening of the economy was encouraged by economic stimulus payments, the public health situation improved with more vaccinations, employment grew, and there was seasonal activity around Passover, Easter and spring break.”
GIA Recalls Diamonds over Treatment Query
The organization will reassess certain diamonds with “green or greenish” in the color grade, a spokesperson told
Rapaport News last week. The recall applies to reports it issued between January and June 2020. The GIA declined to reveal how many stones were affected or to provide their report numbers.
“Recent research and investigation into potential treatment methods caused us to request the return of the subject diamonds for further analysis,” the spokesperson said.
The institute informed customers about the issue around six weeks ago, and is in the process of collecting and reevaluating the diamonds. Some stones could get an “undetermined” ruling, while others may require further testing, the spokesperson explained. Many diamonds had already come back with their natural-color statuses confirmed, market sources said. The GIA bases its conclusions on the “state of knowledge and criteria in place at the date of examination,
Alrosa Sales Rise as Market Strengthens
RAPAPORT. Alrosa’s sales jumped sharply in the first quarter as market activity rebounded across the diamond supply chain, the company said last week.
“Demand for rough diamonds remains sustainably strong, as cutters and polishers took steps to maintain adequate stocks during the downturn of 2020,” the Russian miner explained. “Demand from end consumers of diamond jewelry continued growing at a robust rate, especially in the US and China.”
Revenue from rough and polished diamonds grew 28% year on year to $1.16 billion for the first three months of 2021. Rough sales increased 28% to $1.13 billion, reflecting a 65% surge in volume to 15.5 million carats, while the average selling price fell 22% to $73 per carat.
Sotheby’s New York Sale Fetches $21M
RAPAPORT. Sotheby’s brought in $21 million from its Magnificent Jewels sale in New York, with a 41.50-carat diamond ring nabbing the top spot.
The round, D-flawless diamond ring sold for $4.9 million, or $117,108 per carat, within its estimate, the auction house said last week. Four of the top 10 items including this one went to private Asian collectors..
An emerald-cut, 10.20-carat emerald ring from Tiffany & Co. went for $1.4 million, well over its $700,000 high estimate. Meanwhile, an emerald-cut, 22.11-carat, G-color, SI1-clarity Bulgari diamond ring also smashed its $600,000 upper valuation, bringing in $806,500.
Other notable items included an emerald-cut, 10.01-carat, D-color, internally flawless, type IIa diamond, which garnered $685,500, just above its low estimate. A fringe-style necklace, set with 10 cushion-cut emeralds accented by marquise, pear-shaped and round diamonds, and a matching pair of earclips, together brought i