Diamond Sales Continue To Soar

Published on 28/10/11

Sotheby’s Australia had its highest-grossing jewellery auctions this year with many sales breaking the million-dollar barrier.
Jewellery auctions have bucked recent economic trends, achieving record results in both Sydney and Melbourne auctions.

Despite the dire state of Australian retail and the unravelling global economy, there still appears to be strong demand for diamonds.

In June this year, Sotheby’s Australia had the highest-grossing jewellery auction in Sydney with total results of $2.6 million. In addition, its Melbourne auction held last month also broke the million-dollar barrier with total sales of $1.2 million.

Recently reported by The Sydney Morning Herald, the top result at September’s Melbourne auction was a 5.12-carat cut diamond ring which sold for $114,000, easily eclipsing its pre-sale estimate of $60,000-$90,000. The diamond ring was set in an 18ct white gold ring accompanied with a gemstone laboratory report.