As the who’s who in the glitzy world of high-value diamond auctions gathered in Geneva in May, there was an understated tone to this year’s pilgrimage to the Swiss city. While Sotheby’s and Christie’s played up their offerings of magnificent jewels, which usually boost market sentiment with the records they set, dealers approached the sales with some trepidation. The big-stone market, they noted, has seen better days.
The major auction houses are setting lower reserve prices than before in response to the weakness, explained Johnny Kneller, CEO of big-stone manufacturer Safdico.
At the Christie’s Geneva auction, a 12.50-carat, D-color, VVS1-clarity, potentially internally flawless rectangular diamond sold for “just” $68,000 per carat. While the stone had non-ideal proportions, the price reflected a serious slowdown in the big-stone sector, stressed Thomas Faerber, a jewelry dealer and co-founder of the GemGenève trade show. The final price was 27.5% off the Rapaport Price List, according to Faerber’s calculations.
Read more about why the market for large diamonds is in a free fall on the Rapaport website HERE (https://www.diamonds.net/News/NewsItem.aspx?ArticleID=63709&ArticleTitle=Why%2bthe%2bMarket%2bfor%2bLarge%2bDiamonds%2bIs%2bin%2bFree%2bFall)