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Wilson Lau

Resilience prevails in Hong Kong’s high-end jewellery market, as evidenced by robust demand at live auctions for collector-grade fancy coloured diamonds, coloured gemstones and signed pieces from coveted international brands.
At Christie’s Hong Kong’s Magnificent Jewels auction late last month, paddles went up furiously for the star lot, The Oriental Sunrise earrings, which eventually fetched HK$62.02 million. The earrings are set with a pair of 12.20-carat and 11.96-carat fancy vivid orange-yellow, VVS2-VS1 diamonds.

A necklace mounted with 62.46 carats of Burmese pigeon’s blood rubies, set among diamonds, was sold for HK$49.98 million at the same auction. Additionally, a Cartier ring in platinum, set with a fancy vivid blue marquise brilliant-cut diamond of 4.39 carats, baguette and round diamonds, fetched HK$23.36 million.
Christie’s auction realised HK$466.81 million and its sale saw a 106 per cent hammer over low estimate. Ninety-two per cent of lots available were sold and 52 per cent of the sold lots exceeded their high estimates, reflecting highly competitive bidding. Many pieces with exceptional quality colourless and fancy coloured diamonds, as well as coloured gemstones, were snapped up by buyers.
Similar trends were observed at Sotheby’s Hong Kong Magnificent Jewels I auction, as well as at Phillips Hong Kong Jewels Auction held in early October.
Uni Kim, co-head of Sale and Specialist, Jewellery, Asia, Sotheby’s Hong Kong, attributes the steady interest to demand from discerning collectors who recognise the enduring value of storied brands’ rare and signed jewellery pieces.
“Our curation strategy continues to focus on areas that remain robust, particularly unique signed pieces by brands such as Cartier, Van Cleef & Arpels, Bulgari and Buccellati,” she said.

At the October Sotheby’s auction, a Zip diamond necklace/bracelet by Van Cleef & Arpels achieved three times its estimate, fetching HK$3.24 million. The iconic design features a functional bejewelled zip pull suspending a tassel, in 18k white gold and platinum.
Two instantly recognisable dancer designs by Van Cleef & Arpels also attracted strong bidding. The Bals De Légende clip brooch, adorned with turquoise, onyx and diamonds, sold above its high estimate at HK$1.44 million. Another diamond clip brooch, in the Ballet Précieux design featuring a dancing ballerina, fetched HK$960,000, also above its high estimate.

“Interestingly, antique jewels, which we did not often feature in Hong Kong in the past, performed surprisingly well,” Kim continued. “Some pieces achieved over five times their low estimates at the Magnificent Jewels auction.”
The desirability of these carefully curated pieces is evident, with over half of the items on offer selling above their high estimates, she noted. “Collectors are focused on quality, rarity and provenance. Jewels that tick all these boxes continue to perform exceptionally well. This trend underscores the importance of curation and the enduring appeal of exceptional jewellery.”
Kim has also observed a growing appreciation for the investment potential of limited edition, top-grade jewellery designs available through auctions. “Ultra-high-net-worth collectors are increasingly looking to diversify their portfolios with tangible assets,” she said. “These include fine jewellery, especially pieces with historical significance or from renowned houses. Fancy coloured diamonds and coloured gemstones are well positioned in the market. We see a growing trend for rare pink and blue diamonds, pigeon’s blood rubies, Kashmir sapphires and Colombian emeralds, among others.”
The top 10 pieces sold at Sotheby’s auction featured exquisite designs mounted with supremely fine fancy coloured diamonds or coloured gemstones, such as sapphires, rubies and emeralds. For instance, a sapphire and diamond ring achieved four times its estimate, fetching HK$3.24 million. The cushion-shaped sapphire in this ring weighs 12.34 carats and is of Burmese origin, with no indication of heating.

The Monture Cartier ruby and diamond ring was sold for HK$2.28 million, three times above its estimate. This “toi et moi” design is set with a cushion-shaped ruby weighing 8.18 carats and a round-cornered square diamond of 5.03 carats, decorated with baguette diamonds.
Phillips’ autumn live jewellery auction has confirmed the sale uptrend for the auction house. Benoît Repellin, worldwide head of Jewellery at Phillips, says that collectors took an active interest in all sessions of the sale, paying strong prices for rare coloured gemstones and signed pieces.
Designs with top-grade rubies were the star attractions at the Phillips’ auction. A ring crowned with an oval 7.02-carat Burmese ruby and diamonds sold for HK$9.88 million. A necklace set with 40 graduated cushion-shaped, oval- and circular-cut Burmese rubies weighing around 54.18 carats in total fetched HK$8.25 million.

A buyer at Phillips successfully bid for a ring with a rare 10.84-carat Brazilian alexandrite chrysoberyl at HK$7.62 million. The centre gemstone from Brazil is free of any indications of treatment and displays a strong colour change, according to the accompanying gemological report by Gübelin.
Exclusive designs crafted by world-renowned brands were also the targets of strong bidding. These included a Bulgari Serpenti Viper bangle in gold set with diamonds (sold for HK$444,500) and a Van Cleef & Arpels aquamarine and diamond ring (sold for HK$241,300).

At the October Important Jewels, Jadeites and Watches auction by China Guardian (HK) Auctions Co Ltd, sold pieces included a ring with an 8.07-carat Tanzania Winza ruby and diamonds (sold for HK$3 million) and a pair of earrings set with a 5.97-carat and a 5.63-carat Colombian Muzo green emeralds and diamonds (fetched HK$2.04 million).
Wrapping up Hong Kong’s autumn live jewellery auction season will be Bonhams’ Hong Kong Jewels & Jadeite sale on November 28. The star lot is an exceptional 30.10-carat round brilliant-cut diamond in a very light pink, of VVS2 clarity, and classified as type IIA. The estimate is between HK$12 million and HK$18 million.


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The star lot at Christie’s Hong Kong auction, The Oriental Sunrise earrings, fetched HK$62.02 million. Photo: Handout

A Zip diamond necklace, transformable into a bracelet, by Van Cleef & Arpels, fetched HK$3.24 million at Sotheby’s Hong Kong. Photo: Handout

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 A ring with a rare 10.84-carat Brazilian alexandrite chrysoberyl went under the hammer for HK$7.62 million at Phillips Hong Kong. Photo: Handout

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Results highlight the enduring appeal of exceptional pieces by iconic high jewellery maisons such as Cartier, Bulgari and Van Cleef & Arpels


Results highlight the enduring appeal of exceptional pieces by iconic high jewellery maisons such as Cartier, Bulgari and Van Cleef & Arpels.


Sotheby’s, Phillips and Christie’s autumn auctions in Hong Kong

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Results highlight the enduring appeal of exceptional pieces by iconic high jewellery maisons such as Cartier, Bulgari and Van Cleef & Arpels

Results highlight the enduring appeal of exceptional pieces by iconic high jewellery maisons such as Cartier, Bulgari and Van Cleef & Arpels