Diamonds Make it Big in the U.S. and Abroad

The diamond market has been steadily on the rise since the end of 2010, and if recent auction prices are any indication, growth is set to continue to through the remainder of 2011.

On the international front, 130 companies attended a three-day auction in Dubai, during which 60 diamonds were sold.  The diamonds, which totaled 34,000 carats all together, sold for a grand total of $7.2 million dollars, with a top lot of which weighed 21 carats.

Members of the diamond industry from India, Belgium, Hong Kong, Japan, and Thailand attended the auction, which was held on January 18th through the 20th and organized by Diasqua DMCC.  The event is being heralded as the first polished diamond auction of its kind in the Middle East.      

Stateside however, Sotheby’s Auction house had its highest total for a February auction when a lot with a presale estimate of $6.8 million to $9.4 million rasied$8,897,278 yesterday.

The top seller was a 15.98 carat Emerald cut diamond and platinum ring which sold for $662,500, followed by 3.52 carat Round cut diamond and platinum ring which sold for $290,500, and finally 5.7 carat Emerald cut diamond and platinum ring for $242,500.  

Sales were boosted by customers taking advantage of Sotheby’s BidNow program, where customers can participate online, according to Cary Schuler, head of Sotheby’s jewelry department in New York.  Schuler also spoke to reporters about how well the auction went yesterday. 

“We are delighted with the success of today’s sale, which demonstrated the continued strength of the market for jewelry,” Schuler said.  “The auction saw particularly solid results for white diamonds.”

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