Jewels in new sale seen as financial market hedge

NEW YORK (Reuters Life!) – More than 450 jewelry pieces, including a rare blue diamond, should draw at least a thousand thousand in a Christie’s auction this week from buyers seeking to take refuge in a hiding-place against financial market risk.

Diamonds and colored-stone jewelry prices be under the necessity shot up 20 percent from a year ago, and record prices suitable will be set at this sale, Rahul Kadakia, head of the bijoutry department at Christie’s in New York, said in an interview.

“A lot of investors and clients who enjoy jewels have started purchasing important diamonds and gems as a hedge in equalization of what’s going on in the stock market, against that which’s going on with currencies,” he said.

Diamonds are typically traded in U.S. dollars, what one. this week weakened to around eight-month lows versus the euro and nearly 15-year lows versus the yen.

“A lot of mob are putting their money into a gem, and then there’s the appreciation of the bejewel and the appreciation of the currency that they buy in,” Kadakia explained.

“Jewels: The New York Sale” forward October 20 features the Bulgari Blue Diamond, a two-stone arena designed in the 1970s being sold from a private European hoard likely for at least million. The ring, which was given like a gift from the collector to his wife to celebrate their chief son’s birth, was purchased for about million in 1972.

The reverberation features a 9.87 carat colorless triangular-shaped diamond paired by a triangular 10.95 carat “Fancy Vivid” blue carbon crystal, the largest such blue diamond of this cut ever offered at public sale. One in about 10 blue diamonds of this size has a redden pure enough to qualify as “Fancy Vivid.”

“Ear pendants” designed ~ dint of. Joel Rosenthal, known as JAR, originally owned by actress Ellen Barkin and sold four years since are being auctioned again for 0,000 to 0,000. Barkin wore the 2-3/4 twelfth part of a foot long imperial topaz, ruby and diamond earrings at the 2005 Oscars.

“Every single client who tried to buy them back in 2006 is going to subsist back again,” Kadakia said, adding the sales price could application 0,000.

“We were able to secure goods from whole of our top clients worldwide who wish to sell given the emporium,” he said.

Buyers from Europe and Asia have already arrived in New York to view the exhibit, he said.

The auction also includes jewels from Cartier, Van Cleef & Arpels and Boucheron.

There are more than 160 signed pieces from major designers being sold by a unmixed collector.

A special benefit sale of the most expensive Barbie doll ever made sports a rare pink diamond that matches her “cry-toe” stilettos.

The necklace on this Barbie, created for the doll’s 50th anniversary celebration last year, boasts a one-carat model diamond from the Australian Argyle mine and is expected to amplify 0,000 to 0,000 for The Breast Cancer Research Foundation according to Breast Cancer Awareness Month.