Any Qs / interest in China-HK market & engagement tradition?

[Phoenix]

Re: Any Qs / interest in China-HK market & engagement tradit

I haven't read all the responses so forgive me if this has already been answered.

Sillysweetie and John, so who's buying all the big honking diamonds of D-E-F and IF-VVS specs that I see in the high street stores in HK? There's one in particular that comes to mind - it's at the corner of Queens Rd Central and another road (I forget what it's called) that always carries those. I'm talking *at least* 3ct's and up to 7-8ct's and more. Last time I saw a pair of studs of 6'ct EACH there.

Also, Christies in HK carries the largest, the most expensive and rarest diamonds (both white and coloured) that I've seen in all the auctions I've followed, even NY. Who are they targeting?

 

[0-0-0]

Re: Any Qs / interest in China-HK market & engagement tradit

I haven't read all the responses so forgive me if this has already been answered.

Sillysweetie and John, so who's buying all the big honking diamonds of D-E-F and IF-VVS specs that I see in the high street stores in HK? There's one in particular that comes to mind - it's at the corner of Queens Rd Central and another road (I forget what it's called) that always carries those. I'm talking *at least* 3ct's and up to 7-8ct's and more. Last time I saw a pair of studs of 6'ct EACH there.

Also, Christies in HK carries the largest, the most expensive and rarest diamonds (both white and coloured) that I've seen in all the auctions I've followed, even NY. Who are they targeting?

IMO the majority of the showcased goods in high street stores in Central and TST in HK are there for branding and marketing. For the people who can actually pay the prices, the transaction can pretty much happen anywhere around the world, and HK is the only financial hub without any consumption tax. In any case I think HK is a great place to go window shopping.

 

[John P]

Re: Any Qs / interest in China-HK market & engagement tradit

I haven't read all the responses so forgive me if this has already been answered.

Sillysweetie and John, so who's buying all the big honking diamonds of D-E-F and IF-VVS specs that I see in the high street stores in HK? There's one in particular that comes to mind - it's at the corner of Queens Rd Central and another road (I forget what it's called) that always carries those. I'm talking *at least* 3ct's and up to 7-8ct's and more. Last time I saw a pair of studs of 6'ct EACH there.

Also, Christies in HK carries the largest, the most expensive and rarest diamonds (both white and coloured) that I've seen in all the auctions I've followed, even NY. Who are they targeting?

IMO the majority of the showcased goods in high street stores in Central and TST in HK are there for branding and marketing. For the people who can actually pay the prices, the transaction can pretty much happen anywhere around the world, and HK is the only financial hub without any consumption tax. In any case I think HK is a great place to go window shopping.

It surely is. And while people in the top percentile of wealth might walk in and purchase a 3ct D FL for themselves (this happened with a Shanghai jeweler I spoke to) a Saudi sheikh or Beijing tycoon is not likely to be window-shopping...although the eventual wearer may be . Bear in mind that the famously expensive jewelry items in the most high-powered shopping areas are often on-loan/brokered through the store by outside selling-entities who are working private sale at the same time. Magnates in the market for six or seven-figure pieces will have staff buyers to negotiate for such items with the owners. In fact, when you walk past affluent jewelry stores in NYC the most elaborate pieces in their windows are also on-loan/brokered...and while it's possible that a strolling aristocrat will wander in and buy a $250K necklace on a lark for his sweetie, such deals are more typically made by staffs interacting behind the scenes.

Auctions feature items so in-demand or rare that they are sure to be vied-for. And while the world's financial condition has reeled in the past years it has certainly not stopped diamond prices from rising among able collectors: Christie's HK has boomed in past months' events. At the November auction - I was in HK at the time - two remarkable white RBs were sold; a 35.77 D and a 35.61ct D (both pFL) for $8.3m and $8.1m respectively. That's the highest price ever for colorless diamonds in Asia. The auction also achieved the world-record for a pair of emerald ear pendants; 25.31 and 23.12ct cushion-shaped Columbian emeralds that went for over $4m total. Sotheby's HK had record-breaking results for colored diamonds in October, with a 4.19ct Vivid Orange going for $2.96m, a 2.05ct Vivid Blue for $1.5m and a 25.16ct Intense Yellow bringing in $700K.

Of course the Liz Taylor auction by Christie's in New York last month rocketed to unforeseen heights as well, bringing in $137m for the collection with her stunning 33.19ct D pFL going for $8.8m by-itself.

Such auctions transcend international boundaries...the only borders in place are those between the common man, the well-off, the loaded, the rich, the filthy rich and the mind-numbingly-obscenely rich. The location of the auction is also unimportant; if Carlos Helu, Bill Gates or Bernard Arnault wants something at auction they'll get it whether in HK, NYC or on the moon. Jewelry, art, wine and other collectables are not always sold to citizens of the country in which the auction takes place.

With that said, Reuters has reported that Asia's wealthy now have a combined wealth of $10.7 trillion (December 2011). That now overshadows the $10.2 trillion Europe's generational millionaires possess. Further, there are an estimated 3.3 million "high-net-worth" people in Asia who are worth more than $1m apiece, and that segment of the population is growing.

Summary: That's a LOT of individuals financially empowered to shop for diamonds and jewelry in Asia, whether they're window-shopping, sending their minions to do it, or attending HK auctions and waving their paddles at the cool art and bling... How fun would that be?

 

[Phoenix]

Re: Any Qs / interest in China-HK market & engagement tradit

I haven't read all the responses so forgive me if this has already been answered.

Sillysweetie and John, so who's buying all the big honking diamonds of D-E-F and IF-VVS specs that I see in the high street stores in HK? There's one in particular that comes to mind - it's at the corner of Queens Rd Central and another road (I forget what it's called) that always carries those. I'm talking *at least* 3ct's and up to 7-8ct's and more. Last time I saw a pair of studs of 6'ct EACH there.

Also, Christies in HK carries the largest, the most expensive and rarest diamonds (both white and coloured) that I've seen in all the auctions I've followed, even NY. Who are they targeting?

IMO the majority of the showcased goods in high street stores in Central and TST in HK are there for branding and marketing. For the people who can actually pay the prices, the transaction can pretty much happen anywhere around the world, and HK is the only financial hub without any consumption tax. In any case I think HK is a great place to go window shopping.

It surely is. And while people in the top percentile of wealth might walk in and purchase a 3ct D FL for themselves (this happened with a Shanghai jeweler I spoke to) a Saudi sheikh or Beijing tycoon is not likely to be window-shopping...although the eventual wearer may be . Bear in mind that the famously expensive jewelry items in the most high-powered shopping areas are often on-loan/brokered through the store by outside selling-entities who are working private sale at the same time. Magnates in the market for six or seven-figure pieces will have staff buyers to negotiate for such items with the owners. In fact, when you walk past affluent jewelry stores in NYC the most elaborate pieces in their windows are also on-loan/brokered...and while it's possible that a strolling aristocrat will wander in and buy a $250K necklace on a lark for his sweetie, such deals are more typically made by staffs interacting behind the scenes.

Auctions feature items so in-demand or rare that they are sure to be vied-for. And while the world's financial condition has reeled in the past years it has certainly not stopped diamond prices from rising among able collectors: Christie's HK has boomed in past months' events. At the November auction - I was in HK at the time - two remarkable white RBs were sold; a 35.77 D and a 35.61ct D (both pFL) for $8.3m and $8.1m respectively. That's the highest price ever for colorless diamonds in Asia. The auction also achieved the world-record for a pair of emerald ear pendants; 25.31 and 23.12ct cushion-shaped Columbian emeralds that went for over $4m total. Sotheby's HK had record-breaking results for colored diamonds in October, with a 4.19ct Vivid Orange going for $2.96m, a 2.05ct Vivid Blue for $1.5m and a 25.16ct Intense Yellow bringing in $700K.

Of course the Liz Taylor auction by Christie's in New York last month rocketed to unforeseen heights as well, bringing in $137m for the collection with her stunning 33.19ct D pFL going for $8.8m by-itself.

Such auctions transcend international boundaries...the only borders in place are those between the common man, the well-off, the loaded, the rich, the filthy rich and the mind-numbingly-obscenely rich. The location of the auction is also unimportant; if Carlos Helu, Bill Gates or Bernard Arnault wants something at auction they'll get it whether in HK, NYC or on the moon. Jewelry, art, wine and other collectables are not always sold to citizens of the country in which the auction takes place.

With that said, Reuters has reported that Asia's wealthy now have a combined wealth of $10.7 trillion (December 2011). That now overshadows the $10.2 trillion Europe's generational millionaires possess. Further, there are an estimated 3.3 million "high-net-worth" people in Asia who are worth more than $1m apiece, and that segment of the population is growing.

Summary: That's a LOT of individuals financially empowered to shop for diamonds and jewelry in Asia, whether they're window-shopping, sending their minions to do it, or attending HK auctions and waving their paddles at the cool art and bling... How fun would that be?

Me me, I want to be their minion, LOL!

That's very interesting, John. Thanks so much.