The effect of auction on diamond prices

Apr 13, 2023

In the high days of glamour at the auctions in Geneva and Hong Kong, the auction houses were superstars. Here they created prices for exceptional fancy color diamonds that have never been seen before. The Euphoria was driving the market higher and higher

The auction room is not for the faint hearted, especially when the object under the gavel is a fancy color diamond. The stakes are high, bidders are frantic, egos are on the line, and the bounty can be very rare indeed.

The adrenalin is running high 100 people in a heated room gives an incubation to fight, win and grab an important diamond ahead of the competition. There is nothing quite like the applause, thrill and cheers when a truly phenomenal item is sold at auction for a record price. The excitement that accompanies these events has been evident in the past for fancy color diamonds as records have been set and broken on an almost annual basis.

Let’s not carried away with history, as today’s auction are a far cry from the days when: The 14.62 carat Oppenheimer Blue, the largest Fancy Vivid Blue ever sold, fetched around US $58 million at Christie’s Auction in 2016.

It was a one of a kind gem. No similar quality goods are appearing today at the auctions as the owner don’t want burn their top Items in auctions in fear that they won’t reach the limit. The 24.78 carat Graff Pink diamond, “one of the greatest diamonds ever discovered” was sold at auction for US $46 million, 10 years ago, Graff repolished it to a Fancy vivid pink.

A 5 carat Fancy vivid Pink diamond sold for US $10.83 million at a December 2009 Christie’s auction in Hong Kong. Lawrence Graff bought the stone, a stone to die for. I cannot fathom diamonds of such magnitude being sold today in a live auction with hundred bidders present in the auction hall.

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