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Ng Kang-chung

International experts have given Hong Kong a vote of confidence as a centre of precious jewel sales, despite signs of a cooling economy on the mainland.
Auction house Sotheby's has chosen the city to sell a rare 118-carat diamond in a sale next month and Rio Tinto Diamonds - one of the world's largest suppliers of the stones - is opening a collection preview here today, with both companies aiming at wealthy mainland buyers.
Sotheby's announced it would put what it calls the world's greatest white diamond - which comes from Africa - on the block here on October 7 as part of its regular twice-yearly auction series.
The oval diamond, the size of a small egg, has not been mounted since it was mined and cut two years ago.
The stone, which was discovered in 2011 as a 299-carat rough diamond, has a pre-sale estimate of up to US$35 million.
The preview by Rio Tinto, which owns and operates the Argyle diamond mine in Western Australia, will feature some 64 rare pink, blue and red diamonds. Hong Kong is the final leg of the showcase.
Rio Tinto chief executive for diamonds and minerals Alan Davies said the company had a lot of confidence in the Chinese market. "The demand for diamond jewellery in China is expected to grow strongly into the next decade, underpinned by an increase in wealth and a growing middle class," he said.
In May last year, the Martian Pink diamond fetched US$17.4 million at a Christie's auction in Hong Kong. The sale realised a total of US$80.26 million.
The diamond's original owner was reported to have asked for the auction to be held in the city to lure more mainland bidders.
Speaking in New York, Quek Chin Yeow, deputy chairman of Sotheby's Asia and an international diamond expert, said that since about 2006 and 2007, Hong Kong had ranked alongside Geneva and New York as a centre for jewellery sales.
"It is now the third pillar of the global jewellery market," he said in an interview with The New York Times.
"While there is a slowdown [in the mainland economy], the number of top-level collectors is still there," Quek said.
Thanks to the mainland's growing super-rich class, Hong Kong's jewellery industry has also rapidly expanded in recent years, according to the Trade Development Council's research.
The council said total exports of precious jewellery rose from HK$34.59 billion in 2010 to HK$53.25 billion last year.
In March, the Hong Kong International Jewellery Show attracted a record of more than 42,000 buyers from some 140 countries and regions, up nearly 11 per cent from last year. Buyers from the mainland were up 24 per cent over last year.
"Hong Kong has an edge in the quality and design of jewellery," said Carol Kwong Mei-ching, academic adviser at the Baptist University's school of continuing education. The school runs courses in jewellery design and diamond grading.
Additional reporting by Associated Press and Agence France-Presse
 


US$35m diamond up for grabs in nod to Hong Kong as centre of jewel sales

This 118-carat stone from Africa, dubbed the world's greatest white diamond, will go under Sotheby's hammer here on October 7. Photo: EPA

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Hong Kong

More traders are bringing in valuable, rare stones to attract super-rich mainland buyers


US$35m diamond up for grabs in nod to Hong Kong as centre of jewel sales

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}More traders are bringing in valuable, rare stones to attract super-rich mainland buyers

More traders are bringing in valuable, rare stones to attract super-rich mainland buyers