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Seeing a bright future for coloured diamonds

At 59.60 carats, the Pink Star sold for US$71.2 million at Sotheby’s Hong Kong in the spring. It is only one of several coloured diamonds to sell for high prices in the past decade, and Paragon International Wealth Management suggests this trend will only continue.
Photo courtesy CNW Group/Paragon International Wealth Management Inc.

It is likely demand for coloured diamonds will only grow more intense, according to a recent release from Paragon International Wealth Management. To support this idea, the Toronto-based firm cites the past decade’s steadily escalating prices for coloured gems.

In 2011, for instance, the Wittelsbach-Graff Diamond (owned by Laurence Graff of Graff Diamonds) sold for US$80 million. The 31-carat, deep blue gem was bought by Sheikh Hamad bin Khalifa, the emir of Qatar at the time.

At Christie’s New York in 2013, a pink diamond also sold for a high price. The 34.65-carat Princie fetched a price of US$39.3 million at auction. Two years later, the 12.03-carat Blue Moon diamond also sold at auction, ultimately being bought for US$48.5 million. Today, the trend continues, with Hong Kong-based jewellery retailer Chow Tai Fook purchasing the 59.60-carat Pink Star for US$71.2 million at Sotheby’s Hong Kong in April. Even more recently, in September, Graff Diamonds bought Lesedi la Rona (the largest diamond found since 1905 at 1109 carats) for US$53 million.

What does this mean for the present-day retailer? For one thing, coloured diamonds are continuing to be found, with a 27.85-carat pink diamond uncovered in Russia by Alrosa as recently as last month. Paragon also suggests the high-price trend that has marked the gems will continue, as their rarity makes for value that increases with the passage of time.

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