Robust Demand for Diamonds
Buyers’ appetite for radiant, top-quality diamonds remains insatiable amid a more challenging macroeconomic environment as intricately designed diamond jewellery pieces still command attention and high prices in the market.
Stud earrings, tennis bracelets or classic diamond rings continue to be perennial favourites while diamond-studded jewellery pieces in modern designs are rising in popularity, especially among millennials and Gen-Z consumers.
According to Sotheby’s Hong Kong, diamonds are a unique category in asset portfolios as these have shown great resilience during times of uncertainty. As such, Covid-related challenges did not affect demand for luxury items in general, including premium-quality white diamonds.
The auction house revealed that 80 per cent of the white diamonds offered in its Sotheby’s Magnificent Jewels auctions this year were sold while 30 per cent of buyers in its luxury sales were completely new to Sotheby’s.
“In addition to the 101.38-carat diamond sold in Hong Kong this July, Sotheby’s also set a new record price for any jewel sold in an online auction, with a 50.03 carat round diamond – offered without reserve – achieving US$2.7 million at Sotheby’s in June,” the company said.