【Hong Kong】Christie’s Liang Jiayu: My Auction ‘Story of the Stone’

Gemstones, as cultural carriers and value symbols that transcend time and space, have always occupied a unique and irreplaceable position in the auction market. They are dazzling, embodying the power of millions of years of geological evolution, the artistry of top craftsmanship, and moving stories and wealth legacies that cross eras. Following the first series of interviews with “Auction House Officials,” in the second installment, we will focus on the gemstone auction market, a segment full of poetic charm and tension. By listening to the insights of Liang Jiayu, a senior expert in Christie’s Asia Pacific Gemstone Department, we will see how she measures the eternal value of gemstones with a professional eye and writes a modern chapter of the “Story of the Stone” amidst the auction gavel.

Looking at the global auction market from 2024 to 2025, despite ongoing variables in the global economy and geopolitics, the gemstone sector has consistently demonstrated strong resilience. On one hand, rare colored diamonds, ancient royal gemstone pieces, and creative designs by contemporary masters continue to set new transaction records under today’s challenging macro environment, attracting the attention of global collectors. Christie’s recent colored diamond auctions in Tokyo and New York were particularly brilliant, achieving 100% sell-through rates. Additionally, at the “Magnificent Jewels and Jadeite” spring auction held in Hong Kong on May 27, a 35.09-carat Colombian emerald ring sold for a high price of HK$74.675 million (approximately RMB 68.58 million), instantly becoming the highest-priced gemstone sold at a spring auction in Asia. On the other hand, structural changes in the gemstone market are also drawing attention: consumers are increasingly valuing sustainability and traceability, while antique gemstones with cultural heritage significance and contemporary art gemstones are forming a parallel trend.

In this interplay between the gemstone market and the tides of the times, each stunning auction piece confirms its unique charm and investment value with its transaction price. However, what is less known is that behind every hammer strike lies the professionalism, wisdom, and effort of gemstone experts. Liang Jiayu, the current senior expert in Christie’s Asia Pacific Gemstone Department, has over 27 years of deep experience in the gemstone field. She joined Christie’s in 2013 and is currently responsible for sourcing auction items, private sales, and auctions for Christie’s gemstones. She also provides consultation and professional purchasing advice for collectors in Hong Kong, New York, Tokyo, and other locations. Beyond her expert duties, Liang Jiayu also serves as a Christie’s auctioneer, having presided over several major auctions held by Christie’s in Hong Kong and Shanghai. Recently, she gave an exclusive interview to a reporter from “21st Century Business Herald” (hereinafter referred to as “21st Century”). In the interview, she shared her unique insights on the value of gemstones and explained how gemstone auctions use rare treasures as a “pen” to write the dual legend of value and aesthetics.

When the auction hammer falls, those gemstones bearing history and aesthetics complete the transmission of value in the transaction. But behind the scenes, unseen by the audience, is often the professional decoding of each gemstone’s past and present life by auction experts. It is this effort that builds an invisible bridge between the gemstone and the connoisseur. Liang Jiayu’s connection with gemstones began with her pursuit of “beauty.”

The next twist of fate unfolded like a well-arranged chain. Later, a headhunting company approached me but did not reveal the company’s name, only encouraging me to be bold and give it a try. I was already in Shanghai at the time, and it wasn’t until the day of the interview that I learned it was Christie’s. This also became my starting point for entering the auction world. Looking back over these years, from the inspiration of art, to a family member’s suggestion, a friend’s guidance, and the profound influence of the auction industry, each step seemed like a facet meticulously polished by fate for me, ultimately converging into who I am today.

Over many years in the industry, I have increasingly realized the importance of listening. Each collector’s needs are not identical: some prefer daily wear, focusing on style and personal taste; others aim for long-term collection, so I analyze from the perspectives of rarity, quality, and market trends. Overall, there are more female collectors, while male buyers often purchase more for relatives and friends; some male collectors also pay more attention to investment value. For this type of client, I share information such as historical market performance and transaction data, but I never make any profit-driven promises. The gemstone market is constantly changing, and we always maintain an attitude of “observing while walking.” However, from a trend perspective, some colored gemstone and diamond categories have long been favored by the market and are worth watching.
I also hope to bring collectors a more three-dimensional and richer collecting experience. I often accompany them to view exhibitions, such as the Chen Yifei retrospective exhibition or Zhao Wuji’s solo exhibition in Hangzhou, or collaborate with experts from other categories to explore the possibilities of cross-category collecting. Gemstones may just be an entrance to beauty, and the world of beauty and collecting is vast and rich.

Years of interaction with top rare gems and seasoned collectors have made Liang Jiayu’s daily work permeated with a sensitivity and scrutiny of value. In her eyes, gemstones that can fetch sky-high prices at auction are never cold commodities but spatiotemporal markers condensed with geological wonders and human memories. Just like the 23.24-carat blue diamond, almost comparable to the “Hope Diamond,” which is a profound dialogue between natural evolution and human civilization completed under the gaze of the auction industry, transcending time and space.