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FANCY COLOR DIAMONDS

Photo courtesy of Argyle Pink Diamonds.

FANCY COLOR DIAMOND PRICES INCREASE AS THE U.S. MARKET RECOVERING FROM COVID

The New York-based Fancy Color Research Foundation (FCRF) has reported that prices of fancy color diamonds increased by 0.3 percent during the first quarter of the year, with stones in the blue hue ranges rising by 0.5 percent in price and stones in the pink hue ranges increasing by 0.4 percent in price.

The non-profit FCRF tracks pricing data for yellow, pink, and blue fancy color diamonds in major global trading centers, including Hong Kong, New York, Geneva and Tel Aviv.

Following a challenging year, the first quarter of 2021 proved that fancy color diamond prices are resilient and on the rise across the board as things in the United States slowly go back to normal, the FCRF said in its statement.

In terms of color intensity, colors in the fancy intense and fancy vivid segments both showed increases in price of 0.4 percent, in comparison to a slight decrease of 0.2 percent in the fancy segment.

The one noticeable decrease that was registered during the first quarter was in the 2-carat fancy category, where a 1.1 percent fall in prices was reported. Conversely, the 2-carat fancy intense category showed the the highest increase in price, 2.6 percent, followed by the 3-carat fancy intense segment, which saw a climb of 1.9 percent.

INDIAN INDUSTRY LEADERS APPEAL TO GOVERNMENT

To meet the challenge of dealing with the massive surge in COVID-19 cases, India’s Gem and Jewelry Export Promotion Council, the country’s leading jewelry industry body, called on the government to provide further assistance to the critical economic sector.

In a letter to Nirmala Sitharaman, the federal Minister of Finance and Corporate Affairs, Colin Shah, GJCEP Chairman, noted that the rise in infections had led to partial restrictions and lockdowns in various districts of Maharashtra and other states in India, including Gujarat, home to the world’s largest cutting and polishing center of Surat.

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The star of Christie’s auction Magnificent Jewels auction in New York was a ring set with a 2.17-carat fancy vivid purplish pink diamond, part of the Perfect Palette, which sold for $3.5 million. (Photo courtesy of Christie’s)

THE TRIUMPH OF THE PERFECT PALETTE

Fancy colored diamonds were the star attraction in the Magnificent Jewels auction at Christie’s New York on April 13, where a total of $35 million of sales were recorded.

The auction was led by the “Perfect Palette,” a trio of pink, blue, and orange diamond rings. Before the sale, it was estimated that the trio could bring $8 million collectively, and in the end the amount was exceeded.

The most valuable stone in the Perfect Palette was a fancy vivid blue diamond of 2.13 carats. It had a pre-sale estimate of $2 million to $3 million, and it met its target, with the winning bid coming in at $2.7 million

Next up was a fancy vivid orange diamond. Weighing 2.34 carats, it was expected to fetch between $1.5 million and $2.5 million, and it too met expectations, going eventually for $2.2 million.

But the star of the auction turned to be the fancy vivid purplish pink stone of 2.17 carats, which had a pre-sale estimate of $1.5 million to $2.5 million. It did considerably better than expected, fetching $3.5 million.

All told, the Perfect Palette was sold for a total of $8.4 million.

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