Dec 19, 2017, 08:00 ET
TORONTO, Dec. 19, 2017 /CNW/ - Two recent auctions of blue diamonds, one on Tuesday, December 5th at Sotheby's in New York and the second on Wednesday, December 6th at Christie's in New York, beat pre-auction estimates. Paragon International Wealth Management, a company that deals in the acquisition, valuation, and management of fancy colored diamonds, noted that the recent New York auctions demonstrate a level of sustained high demand among investors of fancy colored diamonds.
In the first auction, at Sotheby's, an anonymous buyer placed a winning bid of $15.1 million for an emerald-cut, 5.69-carat, fancy vivid blue, VVS1-clarity diamond ring. The winning bid amount exceeded the pre-auction estimate for the ring, which was $15 million. In addition, at the same auction, a pear-shaped, 2.05-carat, fancy intense blue, internally flawless diamond ring was won with a bid of $2.7 million - $1.2 million above its pre-auction estimate.
"The market continues to show its strength in colored stones, with today's results driven by intense competition for important colored diamonds…," said Gary Schuler, chair of Sotheby's jewelry division.
In the December 6th auction at Christie's, a ring that features two fancy vivid blue diamonds from Graff Diamonds exceeded its pre-auction estimate. The pear-shaped, modified-brilliant-cut diamonds in the ring weigh 3.36 carats and 2.71 carats and have VVS2 and VS1-clarity, respectively. The pre-auction estimate for the ring was a range of $6.5 million to $8.5 million, with the ring selling for $12.6 million. The Christie's auctioneer commented that the diamonds in the ring could be recut to be internally flawless.
Paragon International Wealth Management added that these two recent auctions of blue diamonds aligned with the trend that the company has observed throughout the past several years, with colored diamonds fetching high prices at auction and showing excellent value for investors.
ABOUT PARAGON INTERNATIONAL WEALTH MANAGEMENT
Toronto-based Paragon International Wealth Management is a leader in the investment and management of fancy colored diamonds. The mission of the firm is to provide its clients excellent advice and analysis in order to build hard asset investment portfolios. Over the last fifteen years, fancy colored diamonds have gained in popularity as an investment vehicle and have demonstrated higher profit margins over time than many other assets.
SOURCE Paragon International Wealth Management Inc.
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