Auction Prices Reaffirm Colored Diamond Demand, Notes Toronto's Paragon International Wealth Management
Oct 12, 2017, 08:00 ET
TORONTO, Oct. 12, 2017 /CNW/ - Over the last decade, the prices paid for fancy colored diamonds have continued to increase. Paragon International Wealth Management, a Toronto-based firm that is a leader in the acquisition and management of fancy colored diamonds, expects this trend to continue.
The early part of the decade saw a number of remarkable prices paid for colored diamonds and a growing market for colored diamonds. In 2011, for instance, the 31-carat Wittelsbach-Graff deep blue flawless diamond, owned by Graff Diamonds founder Laurence Graff, was sold for $80 million to the then-emir of Qatar, Sheikh Hamad bin Khalifa. Meanwhile, the Princie, a 34.65-carat pink diamond, was auctioned at Christie's New York in 2013 for $39.3 million. In 2015, Joseph Lau, a real-estate billionaire, bought the Blue Moon, a 12.03-carat fancy vivid internally flawless blue diamond, for $48.5 million at an auction at Sotheby's.
The Lesedi la Rona, a 1,109-carat diamond mined by Lucara Diamond from a mine in Botswana, is the largest diamond found since 1905, and recently sold to Graff Diamonds for $53 million. And earlier this in April, the Pink Star, a 59.60-carat fancy vivid pink diamond mined by De Beers in South Africa in 1999 was purchased for $71.2 million at a Sotheby's Hong Kong auction by Hong Kong-based jewelry retailer Chow Tai Fook.
Paragon International Wealth Management noted that, due to the rarity of colored diamonds, they represent an excellent asset for an investor, since their value increases over time.
Paragon International Wealth Management also highlighted that the recently announced discovery of a 27.85-carat pink diamond by Alrosa in Russia would present another marker for the way the value of colored diamonds has increased in the past few years. Paragon International Wealth Management expects high interest in the diamond if it reaches market.
ABOUT PARAGON INTERNATIONAL WEALTH MANAGEMENT INC.
Paragon International Wealth Management, based in Toronto, is a leader in the acquisition and management of fancy colored diamonds. The firm is committed to offering its clients outstanding advice and guidance in assembling a valuable hard asset investment portfolio. Over the last decade, fancy colored diamonds have grown in popularity as a vehicle for investment and have historically shown higher profit margins than other hard asset investments.
SOURCE Paragon International Wealth Management Inc.
For further information: Paragon International Contact Info: Operations Manager: John Moore, [email protected], www.paragoniwm.com