“Chinese jewelry collectors in mainland China celebrate the festival a little differently compared to collectors in Hong Kong. “We find that the younger generations of Hong Kong customers view the festival less traditionally than their parents,” says Jonathan Abram, director at Ronald Abram. “They buy jewelry when it suits them and is not tied to a specific holiday or season. In contrast, our mainland Chinese customers still celebrate Chinese New Year with auspicious jewelry gifts, including the younger generation.” Source: TatlerAsia
In recent years, gemstones such as red corundums, aka rubies, and rubellites, have become more common at Chinese New Year auctions and collection debuts. A 50.24-carat pigeon blood ruby and diamond necklace was sold by Bonhams on November 26, 2022, for HK$9.8 million at the Hong Kong Jewels and Jadeite sale. But while rubies may be the most recognizable red stones today, and are revered as a sign of protection, love, wealth, and power, they were rarely used in traditional Chinese jewelry, as they were not easily available in the region. “In ancient times, when trade within the continent was limited, rubies were not well known among the Chinese,” says Young. “Red agate and chalcedony, found locally, were more acceptable [and common], while the rarer red corals found in the coastal regions were reserved only for kings and nobles.”