Editor’s Note
In this exclusive interview, Patti Wong, Chairman of Sotheby’s Asia and its Diamonds division, discusses the vision and unique qualities behind the launch of her new jewelry brand during a recent client event in Japan.
Interview with Patti Wong, Chairman of Sotheby’s Asia and Chairman of Sotheby’s Diamonds Division
Patti Wong, Chairman of Sotheby’s Asia and Chairman of the Sotheby’s Diamonds division, visited Japan at the end of the year for a client event. We spoke with Chairman Wong about the motivation behind launching the jewelry brand and its characteristics.
Reason for Launching Sotheby’s Diamonds
“The annual auction schedule consists of 12 jewelry auctions and dozens of online sales. Initially, we provided diamonds to VIP clients outside of auctions, but we received many requests for continuous service from these clients, who felt they needed jewelry throughout the year. ‘Sotheby’s Diamonds’ caters to these clients’ needs when auctions are not being held. Our clients trust our expertise and sourcing capabilities, so we launched the brand as a joint venture with Diacore, a top global diamond supplier. ‘Sotheby’s Diamonds’ has also garnered significant interest among traditional jewelry auction buyers and collectors from other fields who trust Sotheby’s.”
Brand Philosophy and Differentiation
“‘Sotheby’s Diamonds’ is a diamond brand, with diamonds making up about 90% of the pieces, but we sometimes source other gemstones for our clients. We source each diamond individually from Diacore and design around that specific stone. This is different from brands that start with a design and then look for gems. Also, since we don’t set a budget, we can purchase stones from the most difficult-to-source categories.”
Product Lines and Price Points
“We don’t break down sales by line. Clients are satisfied with the quality of diamonds used across all lines, so they purchase from all of them—signature, collaboration, etc. Some clients purchase a single loose stone and have our guest designers create bespoke jewelry for them.”
“All our jewelry pieces are one-of-a-kind, so the entry price is around $150,000 (approximately ¥16.35 million). To appeal to younger clients, we have expanded the range to offer solitaire jewelry starting from around $50,000 (approximately ¥5.45 million).”
Client Base and Global Presence
“When we first launched ‘Sotheby’s Diamonds,’ we targeted auction clients, jewelry buyers, and collectors from other categories. Now, with a salon on Bond Street in London, we are also attracting buyers who were previously unfamiliar with Sotheby’s as an auction house or the brand.”
“In addition to the three salons in New York, London, and Hong Kong, we hold pop-up shops like those we’ve done in Tokyo and Osaka. Our clients are very global and purchase from two or more of these locations. For example, a client might see an item while traveling in London and purchase it in their home city of New York or elsewhere.”
Production and Lead Times
“Production takes place in a New York atelier by skilled artisans. All ‘Sotheby’s Diamonds’ jewelry is one-of-a-kind, with each piece designed from scratch. From design to completion, it takes about six months, and for pieces with hard-to-source materials or difficult-to-cut stones, it can take up to a year.”
View on Synthetic Diamonds
“As long as there is a market for natural diamonds, there should be a market for synthetic diamonds. However, synthetics are not a replacement for natural diamonds; they are a completely different market. De Beers has developed technology to produce synthetic diamonds and is producing affordable synthetic diamonds for the mass market.”