Young people dazzled not by diamonds but iPhones, producer in Hong Kong says
Claim comes ahead of auction involving 51.38 carat diamond expected to draw bids starting from US$10 million
Young people are spurning diamonds in favour of Apple products, according to a Russian company presenting its newest collection in Hong Kong and featuring the largest such gemstone to be produced in the country.
Evgeniy Tsybukov of Alrosa, the world’s largest diamond miner, offered the insight as his company revealed its Dynasty collection would have a 51.38 carat cut diamond as its centrepiece.
The collection will be up for auction at the end of November. Bids for the centrepiece, which the company claims is the largest ever produced in Russia, are expected to start at US$10 million.
Tsybukov predicted that experienced investors, collectors and jewellers would vie for the collection, but he said the company saw a trend of young people shunning buying diamonds, even affordable ones.
Young people ... prefer to go to the Apple store to buy gadgets
“Young people are losing interest in diamonds. They prefer to go to the Apple store to buy gadgets,” he said.