A pair of marquise-shaped D-color flawless diamond earrings, weighing 16.58 cts. was purchased for $1.6 million at Sotheby’s Magnificent Jewels and Jadeite auction in Hong Kong, held April 7.

The sale was dominated by Asian private buyers who saw “an opportunity to acquire top-quality stones at prices not seen in the last year or so,” said Quek Chin Yeow, deputy chairman and head of Jewellery Department, Sotheby’s Asia. “The white diamond market was particularly robust for stones from 15 to 5 carats, with multiple bids on many lots.”

Other large bids were received for a 13.53-ct. pear-shaped D-color flawless diamond ($699,288), a 4.37-ct. fancy grey-blue diamond and diamond ring ($668,324), and a 7.37-ct. fancy light pink diamond and diamond ring ($482,535).

The auction took in just over $16 million. A total of 67.6 percent of the offerings were sold by lot and 50.9 percent sold by value.

“While we were obviously disappointed that our cover lot and several high value Jadeite lots failed to sell, this sale showed a certain resilience in the diamond market at this level,” Yeow said.

JCK