Citing strength and resiliency in the fine jewellery market, Phillips reported an 89 per cent increase in sales at its Hong Kong Jewels Auction held earlier this month.

The October 3 event, which saw lively phone, online and onsite bidding, achieved a total of HK$51 million (around US$6.6 million), with 76 per cent of 97 lots offered having sold.

Benoît Repellin, Worldwide Head of Jewellery at Phillips, said Phillips Jewels is experiencing an “extraordinary period of growth.”

“The results from this Spring and the Hong Kong Fall sale are a testament to both the market’s resilience and our strength within it,” noted Repellin. “Following a 191 per cent year-on-year rise in global sales for H1 2024, we recorded an outstanding 89 per cent year-on-year increase for this season’s jewels auction in Hong Kong.”

Notably, 35 per cent of sold lots exceeded high pre-sale estimates while 15 lots achieved more than double their low pre-sale estimates, he remarked, adding that collectors actively participated in all areas of the sale and paid a premium for rare coloured gems and signed pieces.

The top lot was a 7.02-carat Burmese ruby and diamond ring, which sold for HK$9.88 million (around US$1.27 million). Additionally, a necklace with Burmese rubies of approximately 54.18 carats fetched HK$8.25 million (approximately US$1.06 million) while a 10.84-carat cushion-shaped alexandrite chrysoberyl and diamond ring was snapped up for HK$7.6 million (about US$980,694 million).

Phillips is expecting another strong turnout at its The Geneva Jewels Auction: THREE, which is taking place on November 11.

Hero lots include a Burmese ruby and diamond ring weighing 17.97 carats, with a pre-sale estimate of CHF4.1 million to CHF4.8 million (around US$4.8 million to US$ 5.5 million) and a fancy vivid internally flawless Type IIb blue diamond ring weighing 3.24 carats, which is valued at CHF4.1 million to CHF5.1 million (approximately US$4.8 million to US$6 million).