June 26th, 2015
Diamonds: Not forever?
Diamonds may not be forever after all, as the industry finds itself facing a less certain future.
New forecasts from consultants Chaim Even-Zohar of Tacy Ltd and Pranay Narvekar of Pharos Beam predict that, while the $80 billion spent on diamonds in 2014 was a record, profits for manufacturers will halve this year to $100 million – a significant drop from 2010, when profits totalled $900 million.
Even-Zohar estimates that in India and China, 300,000 of the 1 million people employed in gemcutting have been lai…
June 12th, 2015
African art: The big alternative investment?
African art could be the next big asset among alternative investors, as auction values surge.
African art is a notably younger market than the traditional art put under the hammer. Prices remain modest, with sales at auction house Bonhams since 2013 totalling around 1.6 million pounds, but average lot values have multiplied five times from $10,000 to $50,000 in the past eight years.
Hannah O’Leary, Bonhams Head of Contemporary African Art comments: “Since our inaugural Africa Now auction…
June 5th, 2015
Burmese ruby necklace takes Hong Kong auction to new heights
A Burmese ruby necklace took Christie’s spring Hong Kong auctions to new heights. The jewellery was the most expensive item sold across the five-date event, fetching HK$100.4 million, above its estimate of HK$88 million.
The Hong Kong Magnificent Jewels auction achieved a total of HK$909,663,000 / US$117,892,325 and broke three auction records.
“Christie’s Hong Kong established a new record for the most valuable jewellery auction ever held in Asia. The family collection o…