Mixed results at Geneva jewellery auctions
LONDON, November 23, 2008 – A Kashmir sapphire ring set a world record at auction, but a number of lots went unsold in the Christie’s and Sotheby’s November sales in Geneva amid uncertainty in global markets.
The sapphire ring achieved the upper end of its pre-sale estimate when it netted nearly $3.5 million. It was the most expensive sapphire ever sold at auction, according to Christie’s.
But half of the jewels on offer at the Christie’s November 20 sale failed to find a buyer.
At the November 19 Sotheby’s auction, nearly 150 jewels, including an outstanding 10.48-carat blue diamond, failed to sell.
The global financial crisis has sidelined some buyers due to uncertain market conditions, diamond experts say.
Diamond producers are taking steps to reduce rough diamond supplies, and initiatives are under way to boost demand for diamonds and diamond jewellery, via more vigorous marketing efforts.