Sotheby’s Hong Kong Trail Blazing September 24, Jewelry Auction Allowing Payments in Cryptocurrency

Following the successful sale by Sotheby’s in July 2021, of a 101.38-carat diamond for cryptocurrency worth the equivalent of USD 12.3 million, working out to approximately 366 bitcoins or 5,818 ether, the highest price for a jewel or gemstone purchased in cryptocurrency, Sothebys Hong Kong have decided to allow buyers to pay in either customary Fiat money or innovative Cryptocurrency like Bitcoin, Ether or USD coin, facilitated through Coinbase Commerce, one of the world’s largest cryptocurrency exchanges, for all items coming up for sale at their Hong Kong Jewelry Auction on September 24, 2021.

Lot-8008 Harry Winston magnificent-diamond fringe necklace
Lot-8008 Harry Winston magnificent-diamond fringe necklace

The innovative auction has been named “DIAMONDS : THE DAZZLING ∞” (Infinity) to honour a Nature’s creation, billions of years in the making and one of nature’s most wonderous and precious gifts, that have inspired emotions, mesmerised and seduced humanity for thousands of years, including ancient Egyptians, Greeks and Romans. Further explaining its reasons to allow Cryptocurrency in their transactions, Sothebys says that over the years, the understanding of value has evolved, and many collectors are increasingly of a digitally sensitivr generation who appreciate innovations in the luxury space, like Cryptocurrency.

Lot-8008 Harry Winston magnificent-diamond fringe necklace
Lot-8008 Harry Winston magnificent-diamond fringe necklace

Sothebys Hong Kong says that this sale will be conducted using remote bidding only, and advises bidders wishing to participate in the auction to do so by one of the following three methods :- Leaving an absentee bid, Live online bidding and Telephone bidding, Prospective bidders are further advised to register their bids via e-mail to the following address :- [email protected]

A total of eight lots will be on offer at this auction, consisiting of one Jewelry Lot and seven unmounted diamonds, given lot numbers from 8001 to 8008. Top lot of the sale is the jewelry lot, bearing Lot No. 8008, a magnificent diamond necklace by Harry Winston, the first time a piece of signed jewelry has been offered for public purchase with cryptocurrency.

Lot-8007 an exceptional unmounted-diamond 50.05-carats D-color
Lot-8007 an exceptional unmounted-diamond 50.05-carats D-color

LOT 8008 is titled HARRY WINSTON – A MAGNIFICENT DIAMOND FRINGE NECKLACE – with an estimate of HKD 36,000,000 – 46,000,000 equivalent to USD 4.6 – 5.9 million. The 40.5 cm platinum fringe necklace signed Winston, with makers mark for Jacques Timey for Harry Winston has nine fringes and set with a total of 177.51 carats of diamonds, designed as a cascade. The inner row of the necklace is set with alternating pairs of pear-shaped diamonds and a single round brilliant-cut diamond, with long fringes arising between the pair of pear-shaped diamonds and short fringes arising from the round brilliant-cut diamond. Each long fringe is made of a basal triplet of smaller pear-shaped diamonds and a single large terminal pear-shaped diamond with its broad end facing downwards. The median long fringe is the largest fringe in the necklace, and four graduated long fringes are placed on either side of the median fringe, alternating with a short fringe. Each short fringe arising from the inner round brilliant-cut diamond is made up of a basal round brilliant-cut and a terminal pear-shaped diamond.

Lot-8006 an important unmounted-diamond 16.36-carats-d-color
Lot-8006 an important unmounted-diamond 16.36-carats-d-color

Nine GIA reports in respect of the nine large terminal pear-shaped diamonds on the graduated fringes, state the diamonds have weights of 14.93, 13.62, 13.10, 6.43, 6.21, 5.04, 4.06, 2.08 and 2.04 carats and are all D-color and Internally Flawless. Seven diamond type classification reports accompanying the lot, state that seven diamonds are determined to be chemically pure Type IIa diamonds. The remaining diamonds are estimated to weigh a total of approximately 100.00 – 110.00 carats, with an average colour of E – F and average clarity of VVS – VS, as gauged and graded in the mount.

The next most-valued lot of the sale is LOT – 8007 – titled AN EXCEPTIONAL UNMOUNTED DIAMOND – 50.05 CARATS AND D-COLOR, with an estimate of HKD 28,000,000 – HKD 36,000,000 equivalent to USD 3.6 – 4.6 million. The perfect heart-shaped diamond weighing 50.05 carats is accompanied by a GIA report bearing No, 1162366140, stating that the diamond is D-Color, and Internally Flawless. Diamond type classification report also accompanying the lot states that the diamond is Type IIa the structurally perfect and most chemically pure diamond, with exceptional optical transparency, that is sometimes referred to in superlatives as whiter than white, purest of the pure or brighter than bright.

The next most-valued lot of the sale is also an unmounted diamond, bearing LOT NO – 8006 and titled AN IMPORTANT UNMOUNTED DIAMOND – 16.36 CARATS AND D-COLOR, with an estimate of HKD 12,000,000 – HKD 16,000,000 equivalent to USD 1.5 – 2.0 million. The perfect round brilliant-cut diamond, weighing 16.36 carats, is accompanied by a GIA report bearing No. 2215484767, stating that the diamond is D-color, Flawless with excellent cut, polish and symmetry. A diamond type classification report also accompanying the lot states that the diamond is a Type IIa diamond, chemically pure and with exceptional optical transparency.

Out of the eight lots on offer at the sale only Lot 8008 is a jewellery lot. The remaing seven lots with Nos varying from 8001 to 8007 are all perfectly cut unmounted diamonds of various cuts and shapes such as three round brilliant-cut, three emerald-cut, one hear-shaped, and one pear-shaped diamonds. All these diamonds have excellent polish and symmetry and are D-Color and Type IIa diamonds characterised as whiter than white and purest of the pure diamonds.

Whether it is destined to be an engagement ring or a custom-designed jewel, purchasing a loose diamond allows the buyer to create his or her dream setting. Often it is the diamond’s subtle variation in length-to-width ratio or depth percentage that cause a buyer to fall in love with a specific stone. After finding a stone to one’s liking, virtually any design is possible with the help of a skilled jeweller.

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