Sotheby’s Hong Kong is extending its cryptocurrency payment option at an upcoming luxury diamonds auction, following a landmark sale of a rare diamond via cryptocurrency in July. 

The company's Diamonds: The Dazzling ∞ sale, scheduled for September 24, will feature a total of eight lots, led by a Harry Winston diamond necklace with a pre-sale estimate of HK$36 million to HKS$46 million (around US$4.63 million to US$6 million). The piece will be auctioned with cryptocurrency as an accepted method of payment. With a total of 177.51 carats, the necklace is designed as a cascade of diamonds with nine graduated pear-shaped stones at the front, all D colour and internally flawless.

In July this year, Sotheby's sold a 101.38-carat diamond for HK$95.1 million (around US$12.3 million) to an anonymous crypto-buyer at its inaugural Luxury Edit sale series in Asia. It was the highest price achieved for any jewellery or gemstone purchased with cryptocurrency.

Bidding for Diamonds: The Dazzling ∞ auction opened online on September 7. According to Sotheby’s, while fiat currency will be accepted as is customary, payment in Ether, Bitcoin or USD Coin will also be possible – facilitated through Coinbase Commerce, one of the world’s largest cryptocurrency exchanges.

“This auction has a starting bid at HK$1 million (around US$129,000) on selected lots including classic shapes such as 10.88 carats, 11.88 carats and 12.88 carats. Other exquisitely cut diamonds range from 8.08 carats to 50.05 carats, all D colour up to flawless clarity – to cater to the taste of the most discerning collectors,” remarked the auction house.

Sotheby’s said market demand for top-quality white diamonds, and luxury items in general, remains strong, with 80 per cent of the white diamonds offered in Sotheby’s Magnificent Jewels auctions this year having been snapped up.