Editor’s Note
This article highlights the soaring auction prices of pink diamonds, driven by extreme scarcity. The closure of Australia’s Argyle mine has intensified the rarity of these gems, making major sales like this HK$13.2 million transaction a notable market event.
In recent years, auction records for pink diamonds have repeatedly reached new highs, largely due to their scarcity. Among colored diamonds, natural pink diamonds are one of the rarest colors on the market. This rarity is compounded by the closure of the Argyle mine in Australia, the world’s largest source of pink diamonds, at the end of 2020 due to resource depletion, making high-quality, large pink diamonds exceptionally hard to find. Pink diamonds weighing over 5 carats are already a rarity in the market.
Poly Hong Kong Auction presented a 5.02-carat pink diamond during its spring sale, which sold for HK$13.2 million (approx. NT$54.1 million) including buyer’s premium, taking the top spot in the ‘Magnificent Jewels’ session.
This significant lot was overseen by auctioneer Jiang Zhaofeng, Head of the Jewelry and Watches Department. The pink diamond opened at HK$9 million and was hammered down at HK$11 million. It was won by telephone bidder number ‘1118’, represented by Lin Xuehan (Taiwan Business Representative).
Generally, natural diamonds exhibit different colors due to the incorporation of trace elements or exposure to radiation during their crystallization deep within the Earth. Pink diamonds, however, are an exception. Their color is not caused by trace elements but by distortions in the diamond’s crystal lattice. Consequently, pink diamonds are often not of the highest clarity due to internal graining.
This particular pink diamond was graded VS1 (Very Slightly Included 1), with inclusions almost invisible to the naked eye—an exceptional clarity level for a natural pink diamond, as most fall into the SI (Slightly Included) category where inclusions are visible without magnification.
While jewelry may attract more female attention, the ‘Important Watches’ session held earlier the same day catered more to male tastes. The top lot in the watches session was a Patek Philippe Ref. 5740/1G 18k white gold Nautilus Perpetual Calendar, which sold for HK$1.74 million (approx. NT$7.1 million) including premium.
To understand why the Nautilus (also known as the ‘Patek Philippe Nautilus’) is so sought after by watch enthusiasts, one must look back to its origins in the 1970s. During the quartz watch revolution, which threatened traditional mechanical watches with lower prices and high practicality, Patek Philippe responded with the Nautilus.
Launched in 1976 and designed by the late Swiss watch design master Gérald Genta (who also designed Audemars Piguet’s iconic Royal Oak), the original Nautilus Ref. 3700 in stainless steel was priced similarly to Patek Philippe’s 18k gold watches. The brand’s advertising slogan at the time described it as the world’s most expensive stainless steel watch.
Over time, Patek Philippe introduced variations of the Nautilus in precious metals like platinum and rose gold, and with complications like perpetual calendars. The Ref. 5740/1G is the first Nautilus model to incorporate a perpetual calendar, blending the sports watch’s appeal with high complication.
The second-highest sale in the watches session was a Rolex Day-Date 40 in 18k gold set with diamonds and rubies, which sold for HK$1.44 million (approx. NT$5.9 million). Launched in 1956, the Day-Date is the only automatic waterproof wristwatch to display the day of the week in full via an arched window. It is crafted exclusively from precious metals like gold or platinum.
Another notable Rolex sale was a Ref. 116506 ‘Ice Blue’ platinum Daytona, which sold for HK$600,000 (approx. NT$2.45 million). The Daytona, introduced in 1963, is one of Rolex’s most iconic models, originally designed for motorsports. The Ref. 116506 was launched in 2013 to celebrate the Daytona’s 50th anniversary and was the first Daytona with a platinum case.
Auction House: Poly Hong Kong Auction
Auction Date: April 7, 2024
Session: Magnificent Jewels
Total Sale: HK$42,094,800
Session: Important Watches
Total Sale: HK$8,158,400