Phillips auction house is quite unique and has its own niche within the greater realm of auction house conglomerates. Their main focus is not being the top auction house, but rather delivering the most excellent goods that they can obtain to their bidders. However, not once has Phillips auction house produced a world record breaking price in any of their various divisions, from exotic cars to fancy color diamonds to spirits. Goods like diamonds and jewelry are sold at auction both by private owners and by jewelry houses (like Harry Winston, Graff, etc), and perhaps they are less attracted to Phillips because Phillips is not guaranteed to bring in bidders with the buying power that Sotheby’s and Christie’s bidders have. Perhaps Phillips can change their luck with diamonds such as the ones that they are offering at their Hong Kong auction this May.
On May 28, a day before Christie’s auction in Hong Kong, Phillips will be hosting their diamond and jewelry auction and it will feature several noteworthy items that would interest serious diamond investors. The most notable offering of the evening will be a unique pair of earrings comprised of Argyle Pink Diamonds. This is a notable event because in the last 2 decades, only a handful of Argyle pink and red diamonds have ever been offered at auction, and this month, a pair of heart shaped pink diamonds from this famous mine will be offered. Followers of the diamond investment industry already know that Argyle diamonds, especially pink and red, are considered the most desirable brand in the world. The pink and red diamonds typically obtain higher prices per carat when sold than pink and red diamonds from any other mine, and this is due to the high color quality of Argyle diamonds. Since they are especially known for their value and beauty, they are typically highly demanded but hard to find. This pair of earrings is sure to catch the interest of many bidders.
The earrings contain a 0.95 carat Fancy Intense Pink SI1 heart shaped diamond, is also known as Lot #35 from the Argyle Pink Diamond Tender of 2010. The other is a 0.84 carat Fancy Intense Purplish Pink I1 heart shaped diamond and is also known as Lot #54 in the Argyle Pink Tender from 2013.
The Argyle Pink heart shaped diamond earrings Image credit: Phillips
The pair is surrounded by pink and colorless diamonds totaling 2.10 carats. The earrings are valued at $330k to $380k. Given our deep research into diamond pricing, we consider the valuation to be quite fair, considering the clarity of the diamonds. On the other hand, it is an Argyle pair of diamonds, which is difficult to get, especially when both are from tenders. Perhaps that will cause this set to increase the auction house’s high estimate.
Let’s not forget that Rio Tinto has announced the closing of the mine in the next 4 years or less. The proper staff and resources to close the mine are already in place and will begin shortly, according to the company. This is putting extra pressure on the brand’s enthusiasts to acquire the diamonds while they still can, which may cause bidders to push the diamonds’ price even higher.
A Graff ring featuring a 12.03 carat Fancy Yellow diamond with a VS1 clarity will be offered as well. It is valued to sell that evening at a price between $165k to $200k, or $13.7k to $16.6k per carat. Most likely the ring will end up selling above the high-end valuation.
The 12.03 carat Fancy Yellow VS1 diamond Image credit: Phillips
Another pink diamond on offer during the auction is the 1.01 carat Fancy Intense Pink SI1 triangle shaped diamond. It is valued between $150k to $180k total. This pink diamond may not break a new record, but by selling at a price above the high valuation, it will mean that pink diamond prices are keeping strong, while the colorless diamond industry is trying to keep prices stable and trying not to continue to fall. As long as fancy color diamond prices remain stable, it demonstrates strength in the asset, especially compared to their tenuous colorless diamond counterparts.
The 1.01 carat Fancy Intense Pink SI1 triangle shaped diamond Image credit: Phillips
Another beautiful ring will be offered, containing a 5.87 carat Fancy Yellow diamond with a Flawless clarity as well as Excellent polish and symmetry. It is surrounded by 14 round brilliant pink diamonds from the Argyle Mine with their own reports, which is quite valuable. The yellow diamond is valued at between $90,000 and $110,000. A Fancy Yellow diamond of this size and clarity should be valued at $60k to $75k alone, and the Argyle diamonds add plenty of value. The ring should definitely exceed the auction house’s estimates.
The 5.87 carat Fancy Yellow diamond surrounded by certified Argyle pink diamonds Image credit: Phillips
A 2.53 carat Very Light Pink heart shaped diamond with VS2 clarity, will also be offered. The pink diamond is surrounded by pear shaped colorless diamonds and they are set in a ring. The ring is valued at $80k to $100k total. We believe that if the color is strong enough, which would better be determined by seeing it in person, it will sell above the high valuation mark.
The 2.53 carat Very Light Pink VS2 heart shaped diamond Image credit: Phillips
The last piece for discussion is a ring containing both a Fancy Pink and a Fancy Blue diamond. The pink is a 0.58 carat Fancy Pink diamond with VS2 clarity, while the blue is a 0.42 carat Fancy Blue VVS2 diamond. The ring is valued at $50k to $60k total.
The Fancy Pink and Fancy Blue diamond ring Image credit: Phillips
We are looking forward to announcing results after the auction and seeing where the niche market of fancy colored diamonds is going. Should you wish to consult with us about a potential acquisition, feel free to write in the comments below or you can email us at email@example.com
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