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Fancy intense-blue diamond fetches $5.6 million

October 09, 2009

Hong Kong--A fancy intense-blue emerald-cut diamond ring has sold at Sotheby's Hong Kong for $5.6 million, the highest price ever achieved for a fancy intense-blue diamond at auction in Asia.

The lot was part of the "Magnificent Jewels and Jadeite" sale, which took place on Oct. 7 and brought in a total of $32,564,970.

Of the 318 lots offered, 70.8 percent sold by lot, and 80.6 percent sold by value.

More than five bidders competed for the 8.74-carat fancy intense-blue diamond ring, accented with colorless diamonds and bought by an anonymous client. The ring was estimated to fetch between $4.5 and $5.8 million, and its $5.6 million sale fell just short of the record price per carat for a fancy intense-blue diamond.

Additional highlights from the sale included a rare and auspicious, 28.88-carat round brilliant-cut diamond with D color and flawless clarity, which was fought over by six bidders before selling for $4.7 million, as well as a rare and important Kashmir sapphire and diamond ring, which achieved $1.5 million. The latter features an 18.08-carat sapphire, and the selling price was a record for a Kashmir sapphire sold at auction, exceeding its pre-auction estimate of $1.2 to $1.4 million.

"We saw today strong prices for white diamonds, colored diamonds, colored gemstones and jadeite, all of which featured in the top 10," Quek Chin Yeow, deputy chairman and head of the jewelry department for Sotheby's Asia, said in a media release. "Bidding was consistent both from Asian collectors, as well as from international buyers."
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