Going, Going, Gone: Buying And Selling Diamonds And Jewelry At Auction

While most diamonds and jewelry pieces are bought in stores, there is another mechanism for obtaining the biggest and the best pieces – the auction room.

Well-known auction houses such as Christie’s and Sotheby’s deal in diamonds and jewels worth millions on a regular basis. Even during the recent economic downturn, diamonds, gemstones and jewelry were flying out the auction houses at an unprecedented rate – and at an unprecedented price. While retail chains and individual stores were finding it difficult to keep their heads above water, at auctions around the word record after record was broken for the sale of desirable high-end items.

This month, we look at what set the auction houses apart, and also what set them alight. We also look at some of the biggest diamond and jewelry sales of recent years and investigate the fate of one particular blue diamond after it was sold to a renowned diamond dealer.

We give an overview of the Rio Tinto Argyle Pink Diamond Tender as the end of life grows ever closer for the renowned Australian mine, and we ask what the fate of pink diamonds will be.

Finally, we take the rough with the smooth and examine some of the auction and tender mechanisms in the upstream side of the business.

Going Once. Going Twice. Sold!