CONTENTS Issue #450 | MARCH/APRIL 2025 16 SPOTLIGHT 市场聚焦 16 Meet the judges of the Sustainability Awards 2025 by JWA 2025年JWA可持续发展大奖 公布评审团名单 23 INSIGHT 睿智角度 23 Female game changers in the pearl trade 引领行业创新的珍珠界女将 10 FOCUS 焦点 10 Colour and splendour win at global auctions 绚丽珠宝在国际拍卖会上独领风骚 20 PERSPECTIVE 精辟视野 20 Unlocking growth opportunities for Hong Kong jewellers 推动中国香港珠宝业抓紧增长新机遇 8DIGEST 市场指标 8 GIA clocks in 100th gem expedition GIA完成第100次宝石考察 24 Ruby Autore: Charting her own course towards success 开拓成功之路 26 Marion Branellec-De Guzman: Continuing a brilliant legacy 承传闪亮传奇
On the Cover 封面 Platinum halo ring by Stephen Silver Fine Jewelry with a 13.91-carat reddishpink tourmaline centre stone. Surrounding the tourmaline and set down both sides of the band are round brilliant cut diamonds weighing a total of 0.64 carats. Photo by Onysko Production Stephen Silver Fine Jewelry制作的铂金光环戒指，镶嵌一颗重13.91克拉的红粉 碧玺为主石。围绕碧玺和戒环两侧镶嵌总重0.64克拉的圆形明亮式切割钻石。照片 由Onysko制作 Digital version 电子版： https://news.jewellerynet.com/en/publications 30 Inspirational jewellery: Beyond the sparkle 别具意义的璀璨珠宝 36 Golden prospects in India’s gem and jewellery trade 金光灿烂的印度宝石和珠宝业 42 MARKET INTELLIGENCE 市场情报 42 GIA eyes more comprehensive coloured gem services GIA用心钻研更全面的宝石服务 44 China seeks revival in precious-metal jewellery market 中国窥见贵金属首饰业韧性犹存 49 Osmium shines on luxury jewellery stage 锇金属高级珠宝崭露头角 28 DESIGN 设计 28 A sparkling symphony of cuts and colours 切工和色彩共谱非凡交响乐 32HUB 生产基地 32 Resilience and ingenuity in Thailand’s coloured gem sector 泰国彩宝业展现无比韧性与独创力
Every care has been taken to ensure the accuracy of the information in JNA. However, the publication of such information is at the sole discretion of the publisher. The publisher and the editorial team shall not be held responsible or in any way held liable for any errors, omissions or inaccuracies in this publication, or for any consequences arising therefrom. The contents of this publication are protected by copyright and cannot be reproduced, photocopied, transmitted or posted in any form without the prior written consent of the publisher. 本得公以司任已何尽方力式确翻保印《、J仿N制A亚或洲转珠载宝本》刊所物刊任登何的部内份容之正文确字无或误图。片如。因错漏而引致任何损失，本公司概不负责。本公司保留刊登有关资料的一切权利。版权所有，如未获得本公司事先之书面允许，不 Printed by Asia One Printing Limited,13/F, Asia One Tower, 8 Fung Yip Street, Chai Wan, Hong Kong. 印刷商: 宏亚印务有限公司香港柴湾丰业街8号宏亚大厦13楼 Associate Publisher & Editor-in-Chief Olivia Quiniquini 副出版人及主编 程爱莉 EDITORIAL 编辑部 Deputy Editor Bernardette Sto. Domingo 副编辑 杜明高 Assistant Editor Sharon Kwok 助理編輯 郭芷雯 Assistant Digital Product Manager William Yick 助理数码产品经理 易昌耀 ADVERTISING 广告部 Assistant Director Christine Sinn 区域营业总监 冼蕙珠 MARKETING 市場推广部 Senior Marketing & Communications Manager Ronny Pang 高级市场及传讯经理 彭秋影 Assistant Marketing & Communications Manager Monica Kwok 市場及傳訊助理經理 郭君寧 Marketing & Communications Executive Vincent Wong 市场及传讯主任 黄志伟 PRODUCTION 制作部 Production Manager Jennifer So 制作部经理 苏丽娟 Senior Designer Eva Kam 高级设计师 甘铭灵 ADVERTISING REPRESENTATIVES 广告代理 China 中国: 广州代表处 胡淑晶 | Tel 电话: (86) 20 8666 0158 Email 电邮: [email protected] Germany 德国: Liz Dobelmann | Tel 电话: (49) 721 384 1881 Email 电邮: [email protected] Italy 意大利: Mauro Arati | Tel 电话: (39) 02048517853 Email 电邮: [email protected] Japan 日本: Nobuaki Nito | Tel 电话: (81) 3 52961020 Email 电邮: [email protected] Taiwan 台湾: Cela Chen | Tel 电话: (886) 2 2738 3898 Email 电邮: [email protected] Thailand 泰国: Thitima Sriutharawong | Tel 电话: (66) 0 2 036 0500 Ext. 248 Email 电邮: [email protected] US 美国: Bonnie Chan | Tel 电话: (1) 347 906 4693 Email 电邮: [email protected] President & CEO - Asia Margaret Ma Connolly 亚洲主席及行政总裁 马颖 Director of Jewellery Fairs Celine Lau 珠宝展览部总监 刘小雯 Published by Informa Markets 出版 17/F, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong 香港湾仔港湾道26号华润大厦17樓 Email 电邮: [email protected] JewelleryNet.com
DIGEST 市场指标 8 | JNA March/April 2025 印度 A miner in Mahenge, Tanzania showing a member of the GIA Field Gemology Team the indicator minerals they follow to find pinkred spinel deposits. (Photo credit: GIA) 坦桑尼亚Mahenge的一 名矿工向GIA实地宝石学团队的一名成员，展示他们在寻找粉红色 尖晶石矿床时能提供指示的矿物。(图片来源：GIA美国宝石研究院） 亿 US$2,360 美元 US$54M 5,400万美元 1,877.1 tonnes吨 The number of expeditions completed by Gemological Institute of America (GIA) field gemmologists over the last 17 years. GIA’s field gemmology programme is the foundation of its coloured gemstone research and identification, and countryof-origin services. “With over 29,000 verified samples (some comprising several hundred individual stones) – more than one million carats – from 20 countries, we have the most complete and detailed database of the chemical, geological and gemmological properties of coloured gemstones from mining locations around the world,” said Tom Moses, GIA chief laboratory and research officer. The average price of natural diamond jewellery across all product categories in 2024, representing a 2.7 per cent year-on-year uptick, according to the report, “Natural Diamond Trends, A 2024 Overview,” by the Natural Diamond Council. The report said round diamonds were the most popular, comprising 82 per cent of centre stones in natural diamond jewellery sold during the year while ovals and marquises gained market share. Total amount generated through the sale of the 549-carat Sethunya diamond and the 1,080-carat Eva Star diamond from Lucara's Karowe mine in Botswana. This was one of the most lucrative diamond sales in recent history, according to Lucara. GIA美国宝石研究院的实地宝石学家在过去17年期间所完成 的考察次数。GIA的宝石实地考察计划是其彩色宝石研究和鉴 定，以及原产国服务的基础。GIA鉴定所和硏发部首席执行官 Tom Moses说：“我们现时收集了来自20个国家超过29,000个 经过验证的样本(有些样本包括几百颗独立的宝石)——超过 100万克拉。我们拥有最完整、最详细的彩色宝石数据库，记录 了来自世界各地矿场的彩色宝石的化学、地质和宝石学特性。” 根据天然钻石委员会(NDC)发布的《天然钻石趋势：2024 年概览》，2024年所有天然钻饰产品类别的平均价格。 这数字代表同比上涨了2.7%。报告称，圆形钻石最受欢 迎，82%售出的天然钻饰中以圆形钻石为主石，而椭圆形 和马眼形钻石的市场份额也有所上升。 Global demand for gold jewellery in 2024, representing an 11 per cent year-on-year decline, according to the World Gold Council’s (WGC) latest Gold Demand Trends report. WGC attributed the dip to record-high gold prices that impacted affordability. While weakness was global, major markets China and India saw year-on-year decreases of 24 per cent and 2 per cent, respectively. 根据世界黄金协会(WGC)最新发布的《全球黄金需求趋势 报告》，2024年的全球黄金首饰需求。这数字代表同比下 降了11%。WGC指创纪录的高金价影响了人们的购买力。 虽然疲软表现属全球性，但同为主要市场的中国和印度则 分别同比下跌24%和2%。 卢卡拉钻石公司出售549克拉Sethunya钻石和1,080克拉 Eva Star钻石所得的总金额。两颗钻石均来自位于博茨瓦 纳的卡罗韦(Karowe)矿场。卢卡拉称，这是近代历史上最 重要的钻石销售之一。 100
DIGEST 市场指标 JNA March/April 2025 | 9 In Memoriam 悼念 14.5% 亿美元 Online Trade Updates 新闻快讯 Diamond trade intensifies marketing efforts 钻石业加大营销力度 Silver jewellery demand to dip 6% in 2025 2025年银饰需求将下降6% Jewellery sales steady amid revenue dip at Kering 开云集团整体 收入下滑，珠宝销售保持平稳 Diamond industry players are stepping up promotional initiatives to bolster market demand. The World Federation of Diamond Bourses (WFDB) has launched a social media campaign to promote natural diamonds while De Beers Group has made Botswana’s first Olympic gold medallist its global ambassador. 钻石业界正加 大宣传力度，以促进市场的需求。世界钻石交易所 联合会(WFDB)推出社交媒体宣传企划，旨在推广 天然钻石。而戴比尔斯集团则任命博茨瓦纳首位 奥运金牌得主担任其全球形象大使。 Lacklustre sales in India and China could weigh down on global demand for silver jewellery in 2025 but Western markets could provide support, the Silver Institute said. 世界白银协会 表示，印度和中国销售低迷可能会拖累2025年全 球银饰需求，但西方市场或会提供支持。 Luxury group Kering reported a double-digit drop in 2024 revenues but said its jewellery business continued to “make progress,” with Boucheron driving sales. 奢侈品集团开云集团公布，2024年 的收入录得双位数跌幅，但其珠宝业务因受益于 宝诗龙的理想销售而继续“取得进展”。 Our digital platform provides additional content for an even more comprehensive industry perspective. Scan the QR code for the full story and more trade news. 我们的数字平台载有更多更全面的 行业视角报道，请扫瞄二维码查看 全文和更多行业信息。 news.jewellerynet.com/en/jnanews Two esteemed and influential figures in the world of gemstones and jewellery – Professor Henry A. Hänni, former director of the Swiss Gemmological Institute (SSEF), and Didier Brodbeck, founder of French jewellery magazine DREAMS – passed away on January 9, 2025 and February 7, 2025, respectively. Professor Hänni’s groundbreaking research on pearls and coloured gemstones, and his extraordinary mentorship have inspired new generations in the trade while Brodbeck’s passion for and expertise in jewellery, coloured gemstones, pearls and watches, highlighted through his journalistic endeavours and countless publications, helped enrich and reshape the jewellery industry. Year-on-year decline in Hong Kong’s retail sales of jewellery and other luxury items in 2024, according to the Census and Statistics Department. Sales fell 13.8 per cent in December alone. The government attributed the overall downturn to a combination of market uncertainties and changing consumption patterns while increased overseas travel of resident consumers dampened local holiday sales. 瑞士珠宝研究院(SSEF)前总监Henry A. Hänni教授和法国珠宝杂志 《DREAMS》的创始人Didier Brodbeck分别于2025年1月9日和2025年2 月7日逝世。 Hänni教授对珍珠和彩色宝石的开创性研究，还有他非凡的教学方 法，启迪了珠宝行业的新一代。而Brodbeck则将其对珠宝、彩色宝石、珍 珠和钟表的热情和专业知识，倾注于他所酷爱的新闻媒体工作和无数的 出版刊物，重塑了珠宝行业。 根据香港特区政府统计处的数据，2024年中国香港珠宝和其他奢侈品销 售额的同比降幅。仅12月份的销售额就下跌了13.8%。特区政府将整体下 滑归因于市场的不确定性和消费模式的改变，而市民在节日期间外游则 影响了本地假日的零售表现。
10 | JNA March/April 2025 FOCUS 焦点 Rarity and colour were the sweet spot for luxury jewellery auctions in 2024, with one-of-a-kind investment jewellery alongside signed pieces and single-owner collections gaining favour among seasoned and aspiring collectors alike. The buyer demographic has also become more dynamic. Younger clients continued to make their presence felt at auction circles while highly discerning and more sophisticated Asian bidders actively participated in overseas sales. Auction houses intensified their digital offerings, combining live and online events to expand their market reach. Meanwhile, several auctioneers strengthened their business strategies in Asia by opening bigger headquarters and aimed to offer rarer, more exquisite jewellery pieces. Not all is rosy though as companies faced headwinds that could continue well into 2025. The most pressing challenges include sourcing valuable private collections as well as pricing difficulties, ongoing macroeconomic and geopolitical instability, evolving consumer demand and heightened competition. Vivid and unique Colour was the clear winner at last year’s luxury jewellery auctions, led by fancy pink diamonds, rubies, sapphires and emeralds, to name a few. At Christie’s New York, a 10.20-carat fancy intense round brilliant-cut pink diamond ring in 18-karat rose and white gold fetched US$13.29 million, becoming the most expensive jewellery sold at auction in 2024. Demand for top-quality Kashmir, Burmese and Ceylon sapphires along with Colombian emeralds and Burmese rubies was equally robust, according to Ronny Hsu, head of sales, Jewellery Department at Christie’s Asia Pacific. At Christie’s Hong Kong, clients eagerly vied for a Burmese ruby and diamond ring that fetched close to HK$50 million (around US$6.42 million), and a 7.70-carat Kashmir sapphire and diamond ring, which was bought above estimate for over HK$8.6 million (approximately US$1.1 million). Bonhams shared this observation. Jean Ghika, Bonhams’ global head of Jewellery, noted, “The focus for buyers in 2024 has been colour. We have achieved strong results for | Bernardette Sto. Domingo 杜明高 | Bidders placed a premium on opulent fancy colour diamonds and coloured gemstones at global jewellery auctions in 2024, with a younger clientele showing heightened interest in auction pieces. 华丽的彩色钻石和宝石在2024年的拍卖会上大放异彩，年轻买家更展现出浓厚 的兴趣。 Colour splendour 环球拍卖会绽放绚丽光华 win at global auctions Brooch adorned with a 20.11-carat red spinel and diamonds, which fetched HK$2.79 million (around US$358,700) at Bonhams Hong Kong in May 2024 镶嵌20.11克拉红色尖晶石和钻石的胸针，在2024年5 月在邦瀚斯香港地区拍卖会以279万港元（约35.87万 美元）售出 &
JNA March/April 2025 | 11 FOCUS 焦点 The jewellery auction market in 2024 has shown resilience, reflecting stable demand for high-quality pieces that buyers were keen on investing in compared to mid-market items. – Uni Kim, co-head of Sale and specialist, Jewellery at Sotheby’s Asia Over at Sotheby’s, fancy colour diamonds and signed jewels were major growth drivers. Uni Kim, co-head of Sale and specialist, Jewellery at Sotheby’s Asia, explained, “Works that showcase uniqueness and rarity, both in terms of design and history, are highly coveted, with a special focus on single-owner collections.” At its Magnificent Jewels sale in Hong Kong last April, Sotheby’s offered a 7.01-carat fancy vivid yellowish-orange diamond ring, which attained HK$29.5 million (around US$3.7 million) and a Jacques Timey for Harry Winston sapphire and diamond ring, which was purchased for HK$19.81 million (about US$2.53 million). Kim also highlighted The Phillips Family Collection from Japan offered in April 2024, which achieved a 100 per cent sell-through rate, with 60 per cent of the items surpassing high pre-sale estimates. Bucking the colour trend was the Fortune Five Unmounted Diamond, a 55.55-carat Type IIA oval brilliant-cut white diamond that generated US$5.8 million at Sotheby’s Hong Kong in April last year. Apart from signed pieces, antique and vintage jewellery were also winners, having exceeded pre-sale valuations at Sotheby’s October auctions, added Kim. A few notable examples were a “Zip” diamond necklace and a “Bals de légende” turquoise, onyx and diamond clip brooch from Van Cleef & Arpels. Evolving landscape Despite a steady level of bidding enthusiasm observed in 2024, buyers remained cautious due to economic instability, noted Fung Chiang, head of the Jewels, Watches and Handbags Department of Poly Auction Hong Kong. And while demand for natural colourless diamonds was down, fine coloured gems and luxury signed pieces with investment and collection value were highly sought after, he added. Kim of Sotheby’s agreed, adding that this preference for rarity reflects a broader consumer desire for special pieces that tell a story. both fancy colour diamonds as well as coloured gemstones in our global salesrooms.” In June 2024, Bonhams auctioned off the “Toi Et Moi” ring adorned with fancy intense blue and fancy purple-pink diamonds by Mouwad for US$3.76 million in London. This growing penchant for colours became more pronounced during subsequent auctions. At a single-owner sale in Bonhams New York in September 2024, a buyer snapped up an 8.68-carat emerald and diamond ring by Oscar Heyman for US$508,500 while a Paraiba tourmaline and diamond ring achieved US$533,900. Another pink diamond made it to the list of topperforming lots last year – a 6.21-carat fancy vivid pink diamond ring, which attained US$12 million at Phillips Geneva. Appetite was likewise steady for red diamonds, the rarest of all fancy diamond colours, according to Janet Lam, senior specialist at Phillips Jewels. Phillips achieved a world record price for “The Argyle Phoenix,” a 1.56-carat fancy red diamond ring, which raked in US$4.2 million. Coloured gemstones also enjoyed the limelight. A 280.84-carat emerald, called “The Amazon Queen,” which sparked a 30-minute bidding war, sold for over US$3 million at Phillips Geneva. Auction houses similarly observed mounting fascination for signed jewels at last year’s auctions. “There is strong demand for discontinued, one-of-a-kind and limited-edition signed pieces,” said Hsu of Christie’s. “For example, an ‘India Tutti-Frutti’ necklace by Cartier realised HK$67.7 million (around US$8.7 million) in Hong Kong after over 10 minutes of competitive bidding.” The multi-gem ‘India Tutti-Frutti’ necklace by Cartier was snapped up for HK$67.7 million (around US$8.7 million) at Christie’s Hong Kong 镶嵌多颗宝石的卡地亚India Tutti-Frutti项链，于佳士得香港 地区拍卖会以6,770万港元(约870万美元)成交
12 | JNA March/April 2025 FOCUS 焦点 Another rising phenomenon is younger buyers, or those under 50, becoming more active participants at auctions, which Kim attributed to the emergence of online platforms. The number of buyers under 20 years old has grown exponentially in the past five years while online participation of those in their 20s has surged by over seven times within the same period. Similarly, the number of buyers in their 30s has more than tripled. “This trend indicates a shift towards diversification in the market, with younger collectors showing interest in a wide range of items – from traditional luxury pieces to contemporary designs,” added Kim. Hsu of Christie’s noted that both upcoming and seasoned collectors are willing to invest within their budgets while seeking high-quality gemstones. Younger buyers, for instance, are interested in understanding gemstones and once they have a better grasp of a gem’s intrinsic value and beauty, their willingness to invest more time and money also rises. To better resonate with the younger generation, Christie’s incorporates online auctions that coincide with its live events. “This meets the diverse needs of clients across various price ranges and attracts more younger buyers,” remarked Hsu. Kim is anticipating stronger participation in online auctions moving forward as well as continued interest in one-of-a-kind pieces. The auction business is also evolving as it continuously adapts to changing consumer preferences, with a notable shift towards online sales and hybrid auction models that combine live events with digital participation. “These changes are advantageous as they broaden the market reach and engage new demographics, particularly younger collectors who value both tradition and innovation,” she added. Bonhams is likewise at the forefront of this digital evolution in the auction space. According to Ghika, consumers have become more confident in making jewellery purchases online and offline, even at higher price points. In fact, Bonhams’ global registration numbers have risen by 29 per cent year on year. Online auctions and the introduction of the Bonhams App made it easier for clients to place bids. “As a direct result, we have seen strong results with each sale made up of both local and international buyers with clients bidding in auctions outside of their local region. Additionally, we are seeing the Asian consumer actively participating in our European and US sales,” remarked Ghika. Asia strategy Ghika also said appetite for fine jewellery in the Asian market remains strong, especially for rare stones and innovative designs from established jewellery houses. Bonhams recently opened its new Hong Kong Headquarters at Six Pacific Place in Wanchai, which spans over 19,000 square feet and three floors. The new premises also feature flexible gallery spaces alongside a permanent salesroom. Christie's also inaugurated its new Asia Pacific headquarters at The Henderson in Central, which Hsu described as instrumental to advancing Christie’s business strategies in Asia and fostering the region’s unwavering demand for art and luxury. Presenting exquisite collections alongside providing educational experiences to inspire the next generation are at the centre of Christie’s new year-round calendar of sales and events, according to Hsu. “Our business strategy emphasises the importance of consigning private collections, allowing us to offer exclusive pieces that cater to discerning collectors,” added Hsu. Asia is also a key focus for Sotheby’s, revealed Kim. The auction house unveiled Sotheby’s Maison in Central in July last year, further enhancing client experience. 7.02-carat unheated Burmese ruby and diamond ring, which sold for US$1.25 million at Phillips Geneva 7.02克拉无烧缅甸 红宝石配钻石戒指，于富艺斯日内瓦拍卖会上以125万美元成交 The Eden Rose in 18-karat rose and white gold adorned with a 10.20-carat fancy intense round brilliant-cut pink diamond and diamond accents of various shapes sold for US$13.29 million at Christie’s New York “伊甸玫瑰”18K玫瑰金白金戒指的主石是一颗 10.20克拉的圆形明亮式切割浓彩粉钻，周围缀以多颗钻石，于佳士 得纽约拍卖会以1,329万美元的高价成交
JNA March/April 2025 | 13 FOCUS 焦点 Since its opening, the maison has welcomed over 400,000 visitors, 10 times more compared to 2023, as Sotheby’s was able to interact with existing and potential clients more conveniently and regularly. While physical presence is critical to growing the market, digital transformation remains a high priority for Sotheby’s too. These include stronger engagement strategies that leverage social media and influencer partnerships to attract younger buyers. Kim explained, “The jewellery auction market is poised for continued growth as it embraces technological advancements and shifts in consumer behaviour. Luxury spending remains strong.” Meanwhile, the year 2025 marks a significant milestone for Phillips as it celebrates its 10th anniversary in Asia. Lam of Phillips said the goal this year is to offer a diverse range of items to attract different buyer segments and tailor auction offerings to satisfy local preferences. Echoing the need to tap into new markets, Chiang of Poly Auction revealed that the company will focus on branding and expanding its customer base in mainland China and Hong Kong in 2025. The year ahead Lam said the auction market faced volatility in 2024 arising from economic and geopolitical instability, and fluctuating consumer demand. However, the key to mitigating potential headwinds was securing top consignments from seasoned collectors. Fine gems and investment-grade jewellery remain resilient to business uncertainties as these are always highly favoured by connoisseurs, shared Lam. Additionally, the auction market is increasingly becoming more competitive, with several auction houses vying for prominent consignments and buyers. Other stakeholders echoed this sentiment. Chiang remarked that 2025 will continue to be a challenging year due to macroeconomic uncertainties. More and more people, however, are viewing jewellery as a valuable investment. This also brings to the fore the importance of consigning high-quality jewellery for buyers, which is a major priority for Poly Auction. Hsu, for his part, noted that sourcing private collections with unique pieces at competitive prices remains a significant challenge. High-quality collections that come to auction and are meticulously curated often lead to remarkable results, he added. As such, Christie’s is focusing on consignment strategies critical to building an exceptional sale. “Jewellery and gemstones have an enduring appeal and, following the demand witnessed at Christie's throughout 2024, we enter 2025 with cautious optimism,” stated Hsu. “Securing extraordinary pieces at competitive estimates will be vital for our auction success in 2025. This strategy not only attracts bidders but also enhances our reputation as market leader.” Hsu added that robust pricing trends in the gemstone market over the past year, which indicates strong demand and limited supply, are likely to persist, reinforcing the stability of gemstone investments. Meanwhile, Ghika of Bonhams remains upbeat about further growth in 2025, adding that the market is buoyant for fancy colour and antique, old-cut diamonds as well as rare period jewellery, particularly from major houses. “In our December New York Jewels sale, we saw early indications of a return to white diamonds with the top lot being a 10.22-carat heart-shaped diamond pendant, which sold for US$343,400,” revealed Ghika. The market is becoming more selective in its acquisitions yet the appetite for exceptional jewellery pieces remains as strong as ever, particularly in Asia where there have been significantly more sophisticated collectors over the past 30 to 40 years. – Janet Lam, senior specialist at Phillips Jewels Paraiba-type tourmaline and diamond pendant necklace by Kat Florence, which sold for US$539,500 at Bonhams Hong Kong Kat Florence帕拉依巴碧玺配钻石吊坠项链，于邦瀚斯香港地区 拍卖会上以539,500美元售出
14 | JNA March/April 2025 FOCUS 焦点 Diamond necklace by Van Cleef & Arpels from Sotheby’s The Phillips Family Collection from Japan auction in Hong Kong 苏富比香港地区The Phillips Family Collection from Japan拍卖会上的梵克 雅宝钻石项链拍品 色彩缤纷的稀世珍宝，在2024年的高级珠宝拍卖会 上成为了瞩目的主角。独一无二的投资级珠宝、 签名珠宝和单一藏家系列，都受到资深和新进藏 家青睐。 竞投者的年龄层渐趋年轻，而眼光敏锐的亚洲买家也积 极参与海外的拍卖会。 各大拍卖行加强了数字营销力度，通过结合现场和线上 拍卖来扩大市场范围。同时，多家拍卖行也在亚洲开设规模 更大的总部，呈献更稀有的绝世珍宝。 然而，拍卖业务发展也并非一帆风顺。行业上的种种挑 战可能会在2025年持续，除了珍贵的私人藏品难求，定价上 也带来考验。其他障碍还包括经济和地缘政治持续不稳定、 消费者需求变化和行内竞争加剧。 鲜艳独特的瑰宝 色彩是2024年珠宝拍卖会的关键词，其中粉色彩钻、红 宝石、蓝宝石和祖母绿的成绩尤其亮丽。佳士得纽约拍卖会 上，一枚镶嵌10.20克拉圆形明亮式切割浓彩粉钻的18K玫 瑰金白金戒指,以1,329万美元拍出，成为2024年拍卖会上成 交价格最高昂的珠宝。 佳士得亚太区珠宝部拍卖主管许仁玮透露，市场对优质 的喀什米尔、缅甸和锡兰蓝宝石、哥伦比亚祖母绿和缅甸红 宝石也需求甚殷。 佳士得香港地区的客户争相竞投一枚缅甸红宝石配钻 石戒指，成交价近5,000万港元(约642万美元)，而另一枚 7.70克拉喀什米尔蓝宝石配钻石戒指则以超过860万港元 (约110万美元)成交。 邦瀚斯环球珠宝部主管Jean Ghika也同样表示现今买家 钟情于色彩夺目的珠宝，“2024年买家关注的焦点是色彩， 我们在全球各地的彩钻和彩宝拍品成绩斐然。” 2024年6月，邦瀚斯伦敦拍卖会以376万美元拍出一枚 Mouwad浓彩蓝钻配紫粉彩钻双主石戒指。随后的拍卖会 上，买家对瑰丽彩宝更加爱不释手。 2024年9月于纽约举行的邦瀚斯单一藏家拍卖专场上， 一枚Oscar Heyman 8.68克拉祖母绿配钻石戒指以508,500 美元售出，而一枚帕拉依巴碧玺配钻石戒指的成交价则为 533,900美元。 另一颗粉钻也在去年表现超群——一枚6.21克拉的艳彩 粉钻戒指，在富艺斯日内瓦拍卖会上以高达1,200万美元成 交。富艺斯珠宝部门资深专家林颖怡透露，买家对举世难寻 的红钻同样需求持续。该行以420万美元拍卖了一枚1.56克 拉的“阿盖尔凤凰”红钻戒指，刷新了拍卖价格纪录。 与此同时，彩色宝石也备受瞩目。一颗重达280.84克拉、 名为“亚马逊女王”的祖母绿，在富艺斯日内瓦拍卖会上引起 买家争相竞投30分钟，最后以超过300万美元的价格成交。 据各大拍卖行观察所得，去年买家对签名珠宝的兴趣也 日益浓厚。 佳士得的许仁玮表示：“已停产和限量版的签名珠宝独 一无二，因此不乏需求。例如，卡地亚的India Tutti-Frutti项链 在香港地区的拍卖会上经过超过10分钟的激烈竞投后，以 6,770万港元(约870万美元)的价格成交。” 在苏富比，彩钻和签名珠宝亦推动业务蓬勃增长。苏富 比亚洲珠宝联合销售总监兼专家金允喜解释道：“作品凡展 现出设计或历史方面的独特和稀有性，尤其是单一藏家的 珍藏，必会令买家心动。” 去年4月的苏富比香港地区瑰丽珠宝拍卖会上，一枚 7.01克拉的艳彩黄橘钻戒拍出了2,950万港元(约370万美 元)，而一枚海瑞温斯顿Jacques Timey设计蓝宝石配钻石戒 指的成交价亦高达1,981万港元(约253万美元)。 金允喜还重点介绍2024年4月的The Phillips Family Collection from Japan拍卖会，所有拍品全部售罄，其中60% 的成交价超越最高估价。 ‘The Amazon Queen’ Colombian emerald fetched over US$3 million at Phillips Geneva “亚马逊女王”哥伦比亚祖母绿，于富 艺斯日内瓦拍卖会上以超过 300万美元落槌
JNA March/April 2025 | 15 FOCUS 焦点 此外，也有部分拍品与色彩趋势反其道而行。一颗名为 “福运之星”的55.55克拉IIA型椭圆形明亮式切割白钻，去 年4月在苏富比香港地区拍卖会上以580万美元成交。 她补充道，古董珠宝在苏富比10月拍卖会的成交价亦 超出了估价水平。例子有梵克雅宝的Zip钻石项链和Bals de légende绿松石、黑玛瑙配钻石胸针。 不断演变的拍卖业 保利香港地区拍卖珠宝、钟表及手袋尚品部门主管蒋肇 丰指出，尽管2024年的拍卖气氛持续畅旺，但由于经济不稳 定，买家态度变得较为谨慎。 他补充道，虽然白钻的需求下跌，但具有投资和收藏价 值的珍贵彩宝和签名珠宝却备受推崇。 苏富比的金允喜对此表示赞同，并指出罕有珍品的热度 反映出人们普遍对珠宝背后的经历和故事的渴求。 此外，50岁以下的年轻买家也更踊跃参与拍卖，金允喜 将此归因于线上平台的出现。过去五年来，岁以下买家数目 大幅增加，而20岁以上人士的线上参与度则上升了七倍多。 此外，30岁以上买家的数目亦增至超过三倍。 她补充道：“这显示了市场变得更多元化，年轻藏家对传 统奢侈品以至当代设计都大感兴趣。” 佳士得的许仁玮表示，不论是新进或资深的收藏家，都 愿意在预算范围内投资优质宝石。 年轻的买家都希望了解宝石的内在价值和魅力，从而投 入更多的时间和资金。 为了吸引年轻买家，佳士得特别将线上和现场拍卖结合 起来。许表示：“这样能够满足不同价格范围的需求，并吸引 更多年轻竞投者。” 金允喜预计，未来线上拍卖的参与度将进一步上升，而 独一无二的珠宝也持续大热。随着拍卖业积极迎合消费者 的喜好，行业也明显转型至线上拍卖，以及结合现场与数字 形式的混合模式。她说：“这样有助拓宽市场并吸引新的年 龄层，特别是重视传统和创新的年轻收藏家。” 邦瀚斯同样走在拍卖领域数字化发展的前沿。Ghika指 出，现今的消费者更有信心在线上和线下竞投珠宝，价格较 高也在所不惜。 而事实上，邦瀚斯的全球买家注册数目同比增长29%。 线上拍卖和邦瀚斯应用程式相继推出后，更能方便客户进 行竞投。 Ghika指出：“最直接的成效就是业绩飙升，每场拍卖都 有当地和国际买家参与，不少都是举行地点以外的客户。再 者，亚洲买家也积极参与我们的欧美拍卖会。” 亚洲市场策略 Ghika表示，亚洲市场对高级珠宝的需求依然旺盛，尤其 是知名珠宝品牌的稀有宝石和创新设计。 最近，邦瀚斯在湾仔太古广场六座开设香港地区总部， 逾19,000平方呎的空间横跨三层，设有拍卖中心和布局灵活 的艺廊空间。 佳士得也在中环The Henderson开设全新亚太区总部， 许仁玮称此举有利于推行亚洲业务策略，以及培养区内对 艺术品和奢侈品的持续需求。 今年佳士得的活动日程除了呈献珍贵的藏品外，亦致力 教育和启迪下一代买家。 许补充道：“我们的策略核心在于私人藏品寄售，以向品 味独到的买家提供独家珍品。” 金允喜指出，亚洲也是苏富比的重点市场。该行在2024 年7月于中环开设全新旗舰艺廊，极致提升客户体验。 艺廊面世令苏富比能够定期与现有和潜在客户交流，开 幕以来已接待了超过400,000万名访客，比2023年多出10倍。 实体活动和设施对于市场发展至关重要，但数字转型仍 然是不可或缺的，策略包括透过社交媒体和网红效应来吸 引年轻买家。 金解释：“随着珠宝拍卖业积极拥抱高科技发展和消费 者行为的改变，市场预期将继续增长。奢侈品消费势头仍然 强劲。” 踏进2025年，富艺斯亦隆重庆贺进军亚洲10周年。 富艺斯的林颖怡透露，该行今年将呈献更多样化的拍 品，以吸引不同的买家群，并根据各个地区的喜好调整拍品 种类。 保利的蒋肇丰亦表示该行将致力开拓新市场，在2025年 将专注于品牌建设，以及扩大中国内地和中国香港的客户群。 来年展望 林颖怡表示，拍卖市场在经济和地缘政治不稳定和消费 者需求波动的影响下，于2024年起伏不定。然而，若能获得 资深藏家寄售优秀藏品，将可减轻潜在不利因素。 她指出，顶级宝石和投资级珠宝一直深受鉴赏家欢迎， 在动荡市况下有避险作用。此外，拍卖市场竞争愈发激烈， 多家拍卖行都在争取显赫拍品以获得买家的垂青。 其他业内人士也深表同意。蒋肇丰表示，宏观经济的不 确定性令2025年挑战重重。不过，由于越来越多人将珠宝视 为投资品，保利的首要任务是物色优质珠宝寄售品。 许仁玮则指出，要搜罗价格具竞争力且独一无二的私 人藏品难度甚高。一般来说，经过精心挑选的优质拍品往往 成绩昭彰。因此，佳士得正专注实践寄售策略，以推动销售 佳绩。 许表示：“佳士得在2024年乐见需求强劲，证明了珠宝和 宝石具有持久的吸引力，我们对2025年抱持谨慎乐观的态 度。来年的成功要素，就是以具竞争力的估价搜罗非凡拍品， 不仅能吸引买家，也能够提升我们作为市场领导者的声誉。” 许补充，去年的宝石价格走势显示其需求畅旺而供应有 限，趋势可能会持续下去，有利于宝石投资的稳定性。 与此同时，因为彩钻、古董老式切工钻石和特定时期的 知名品牌稀有珠宝仍然活跃于市场，邦瀚斯的Ghika对2025 年的业务增长仍感乐观。 她透露：“在本行的12月纽约珠宝拍卖会上，我们窥 见白钻潮流开始回归，最高价拍品是一枚10.22克拉 的心形钻石吊坠，以343,400美元成交。” 'Toi Et Moi' ring with diamond and fancy colour diamond centre stones by Mouawad, which sold for US$3.77 million at Bonhams London Mouawad “Toi Et Moi”双主石戒指，镶有钻石 和彩色钻石，于邦瀚斯伦敦拍卖会上以377万美元成交
16 | JNA March/April 2025 SPOTLIGHT 市场聚焦 Meet the judges of the Sustainability Awards 2025 by JWA Five experts, representing a diverse range of knowledge and experience from within and outside the jewellery industry, have been chosen to select the winners of the Sustainability Awards 2025 by JWA (Jewellery World Awards), according to events organiser Informa Markets Jewellery. The judging panel consists of John Mulligan, head of Sustainability Strategy at the World Gold Council (WGC) and president of the Sustainable Development Commission of the World Jewellery Confederation (CIBJO); Brandee Dallow, president of Ethical Metalsmiths and chief sustainability officer of Grandview Klein Diamonds; Caroline Yuan, vice president of the Shanghai Diamond Exchange (SDE); Andrew Lau, director of ESG Advisory for Colliers Asia; and Jan Porter, director of ESG at Meiyume, a B2B provider of beauty solutions. Invaluable platform Mulligan, who also served as judge last year, said, “In a world facing unprecedented social and environmental challenges, against a backdrop of escalating tensions and increased fragmentation, we need to find platforms to communicate and celebrate our shared sustainability goals. We also need to come together to develop a clearer vision of what success might look like if jewellery industry practitioners focus on positive actions and outcomes beyond their direct markets and products. I hope these Awards will continue to foster that common understanding and convergence, while inspiring others in the industry to commit to embedding sustainability at the heart of their businesses.” Dallow, for her part, said the Awards transcends traditional notions of excellence by recognising the profound intersection of artistry, innovation and ethical responsibility. “As our industry continues to evolve, it is imperative that we celebrate those who not only elevate craftsmanship and design but also champion sustainability, transparency and purposeful leadership,” she noted. Returning judges Lau and Porter said they were looking forward to seeing more innovations from the jewellery industry. Lau remarked, “As a sustainability professional, it is fascinating to see the positive progress in sustainability within the jewellery industry. Despite a tougher market environment, investing in ESG consistently yields positive impacts on financial returns, the environment (our Earth) and social well-being (our community).” Yuan added SDE was delighted to see JWA's evolution from a platform that recognises industry excellence “into something even more profound.” Informa Markets Jewellery’s Director of Jewellery Fairs Celine Lau said, “Purposefully assembled, our panel embodies a diverse spectrum of knowledge – from our very own jewellery community to experts deeply engaged in sustainable business practices within their respective domains – all aimed at fortifying the objectivity and equity of the awards. Our primary objective is to guarantee that the most deserving entries receive the recognition they have rightfully earned.” 2025 edition The categories for the Sustainability Awards 2025 are Environmental Stewardship: Life Below Water & Life On Land; Community Catalyst; Tech For A Sustainable Future; Diversity, Equity & Inclusion; and Sustainability Leadership. To qualify, candidates must present evidence of the launch, implementation or completion, along with the tangible outcomes, of their sustainability initiatives in 2024. Eligible companies may enter up to two categories, with each submission to be completed individually through Jewellery industry leaders and sustainability experts power the independent jury of Informa Markets Jewellery’s Sustainability Awards 2025 by JWA. 2025年JWA可持续发展大奖主办机构Informa Markets Jewellery公布 ， 大奖的独立评审团将由珠宝行业领导和可持续发展专家组成。 2025年JWA可持续发展大奖 公布评审团名单
JNA March/April 2025 | 17 SPOTLIGHT 市场聚焦 2025年JWA可持续发展大奖主办机构Informa Markets Jewellery宣布，五位珠宝业内外权威应邀加入大奖的 评审团，将以他们广博的专业知识和经验，选出本届 得奖者。 评审团成员包括：世界黄金协会(WGC)可持续发展战略 主管及国际珠宝首饰联合会(CIBJO)可持续发展委员会主席 John Mulligan，道德金工主席及Grandview Klein Diamonds 首席传讯及可持续发展官Brandee Dallow，上海钻石交易所 副总裁袁文瑶，高力亚洲环境、社会及管治(ESG)咨询服务 董事刘德安，以及美妆产品包装解决方案供应商Meiyume 可持续发展董事Jan Porter。 意义深远的奖项 去年首届JWA大奖的评委Mulligan表示：“在面临严峻的 社会和环境挑战，以及日趋紧张和分化的大环境下，我们需 要各种平台来进行沟通和推动共同的可持续发展目标。我 们急需团结起来，构建一个更清晰的愿景：珠宝业者除了聚 焦于各自的市场和产品外，还需关注能够推进可持续发展 的积极行动和正面影响，一起创造更灿烂的未来。希望此奖 项计划能继续促进业界对可持续发展的共同理解和融合， 并将其纳入业务核心。” Dallow則指这项活动意义非凡，超越了传统上对“卓越” 的定义，强调融合技艺、创新和伦理责任的重要性。她说： “随着行业的发展，表彰那些在工艺和设计方面有卓越贡 献、并倡导可持续性与透明度的企业，变得十分重要。” 再次成为评委的刘德安和Porter同样表示，他们期待能 看到今年珠宝业有更多的创新。刘德安說：“作为可持续发 展专业人士，目睹珠宝业在可持续发展方面的积极进程，令 我雀跃万分。尽管市场环境日益严峻，持续投资于ESG将对 财务回报、环境(我们的地球)和社会福祉(我们的社区)皆产 生正面影响。” 袁文瑶补充道，SDE很有幸看到JWA从一个表彰珠宝业 界卓越的奖项，发展成为“意义更加深远的平台”。 Informa Markets Jewellery珠宝展览部总监刘小雯表 示：“我们非常荣幸能够邀请到这五位专家加入评审团。他们 丰富的经验和专业知识，以及对永续发展的热情，将令评选 过程生色不少。他们的参与，对奖项至为关键！我们力求评 审团能够具备多方面的知识，因此邀请了在珠宝业和其他领 域中积极实践可持续发展的专家，以加强评审的客观性和公 平性。我们的首要目标，是确保获表彰的企业皆实至名归！” 2025年大獎 本届JWA可持续发展大奖的类别在去年的基础上加以 改进，包括：环境管理奖：水下和陆地生态，社区促进奖，成 就可持续未来科技奖，多元、公平及包容奖，以及可持续发 展领袖奖。 参选企业须提供证据，阐明其可持续发展计划在2024年 的举措、实施情况和实际成果。符合资格的公司最多可参与 两个奖项类别，每项提名须通过网上提名表格逐一递交。今 年有一项新增要求：提名必须附有一段不超过两分钟的视 频，当中企业高层代表须说明该提名值得获奖的原因。提名 期将于4月7日(中国香港时间下午6时)结束。 决赛入围者将于6月19日在寰亚盛会 | 六月香港珠宝首 饰展览会(JGA)媒体聚会上公布。获奖名单在7月正式揭晓。 颁奖典礼定于9月17日在环球盛事 | 九月香港珠宝首饰展览 会(JGW)开幕酒会上举行，地点为香港会议展览中心。 the online nomination forms. They must also submit a short video where a senior representative of the company explains why their organisation deserves the award. The awards programme is accepting entries until April 7, 2025. Finalists will be revealed on June 19 at Jewellery & Gem ASIA Hong Kong’s Media Gathering, and winners will be announced in July. The Awards Presentation is slated for September 17 at the Fair Reception of Jewellery & Gem WORLD Hong Kong. Judges of the Sustainability Awards 2025 by JWA 2025年JWA可持续发展大奖评审团 As WGC’s head of Sustainability Strategy, John Mulligan leads its climate change and nature research programmes and associated engagement with investors, policymakers and stakeholder organisations. Furthermore, he contributes to its wider insight and communications outputs to improve understanding of the whole gold supply chain, and the integration of ESG and sustainability considerations into strategic market perspectives. Mulligan also serves as president of CIBJO’s Sustainable Development Commission, chairs the climate programme of the Watch & Jewellery Initiative 2030 and is the main convenor of the industry group backing the Gold Industry Declaration of Responsibility & Sustainability Principles. In addition, he recently became chairperson of the ISO Technical Committee on Jewellery & Precious Metals. John Mulligan是总部位于伦敦的世界黄金协会(WGC)的可 持续发展战略主管，负责领导WGC的气候变化和自然研究 项目，并在这些范畴与投资者、政策制定者与利益相关组织 紧密联系。此外，他还为WGC提供全面的洞察和传讯咨询， 以增进业界对整个黄金供应链的了解，同时将ESG和可持续 发展的考虑因素，整合到市场策略的观点中。 Mulligan还担任国际珠宝首饰联合会(CIBJO)可持续发 展委员会主席、“钟表与珠宝2030倡议”气候计划主席，以及 支持“黄金行业责任宣言和可持续发展原则”行业组织的主 要召集人。 不仅如此，他近期还获任命为国际标准化组织(ISO)珠宝 和贵金属技术委员会的主席。
18 | JNA March/April 2025 SPOTLIGHT 市场聚焦 Brandee Dallow is the recently elected president of the US-based non-profit Ethical Metalsmiths. Her jewellery industry career began in 1999 when, as a partner at J. Walter Thompson, she worked in the Diamond Information Center on the De Beers’ diamond account. In 2014, Dallow joined Rio Tinto Diamonds, leading its diamond sales and marketing activities across North America. She was also the past president of both the Women’s Jewelry Association and the Women’s Jewelry Association Foundation. Dallow is currently on the boards of the Jewelers Vigilance Committee, Jewelers for Children and the U.S. Kimberley Process Authority, and is a board advisor to the Black in Jewelry Coalition. She is presently chief communications and sustainability officer at Grandview Klein Diamonds. Brandee Dallow近期当选为美国非牟利组织道德金工主 席。她的珠宝职业生涯始于1999年，当时身为J. Walter Thompson合伙人的她，参与了其客户戴比尔斯的钻石信息 中心的工作。2014年，Dallow转职至力拓钻石，领导公司在 北美的钻石销售和市场营销工作。在工作以外，她还曾担任 女性珠宝协会(Women’s Jewelry Association)及女性珠宝协 会基金会的主席，目前在珠宝商警戒委员会、儿童珠宝商， 以及美国金伯利进程管理局担任董事会成员，并且是Black in Jewelry Coalition的董事会顾问，为行业作出更深远的贡 献。现时，她在Grandview Klein Diamonds出任首席传讯及 可持续发展官。 Caroline Yuan is one of the founding executives and current vice president of the Shanghai Diamond Exchange (SDE), the only official platform in China dedicated to diamond import and export. Before joining SDE, Yuan developed her career at the China National Pearl Diamond Gem & Jewellery Imp./Exp. Corp. (Sinogem), where she oversaw its diamond business across China as deputy general manager. Her background provided her with firsthand experience in witnessing the evolution of the diamond trade in the country, granting her valuable insights into this industry. 袁文瑶是上海钻石交易所(SDE)副总裁，SDE创始高管之 一。SDE是中国钻石一般贸易进出口的唯一官方平台，是世 界钻石交易所联合会的成员，成立于2000年。在加入SDE之 前，她任职中国珠宝首饰进出口公司副总经理，负责全国钻 石进出口和加工贸易业务。她亲历了中国钻石业发展的过 程，从而对这一领域有独到的洞察与见解。 Andrew Lau has a track record of driving ESG and Sustainability leadership for multinational companies in the Asia-Pacific region for over 20 years. As director of ESG Advisory at Hong Kong-based Colliers Asia, he covers a wide range of markets, including Greater China, Japan, Korea, Singapore, Vietnam, the Philippines, Thailand and Malaysia. Lau’s delivered projects have resulted in remarkable energy savings, exceeding 60 GWh of electricity to date. An engineer by training, he holds a Master of Science in Intelligent Building Technologies and Management from the Hong Kong University of Science and Technology, as well as a Bachelor of Applied Science in Mechanical Engineering from the University of Toronto. 刘德安致力推动亚太地区跨国企业在ESG和可持续发展的 领导地位，从事相关工作20多年。身为高力亚洲ESG咨询服 务董事，他的工作涵盖大中华区、日本、韩国、新加坡、越南、 菲律宾、泰国和马来西亚等多个市场。他推动的项目在节约 能源方面成效显著，至今共节省了超过60GWh的电力。工 程师出身的刘德安拥有香港科技大学智能建筑物技术与管 理理学硕士，以及多伦多大学机械工程应用科学学士学位。 Jan Porter has led the Meiyume Sustainability department since 2019. As director, ESG at Meiyume, he oversees the sustainability requirements of its operations in the manufacture and trade of its plastic, metals, glass, textile and formulations products across Asia, Europe and the Americas. This includes creating policies and driving actions related to decarbonisation, responsible water use, adoption of sustainable materials, product end-oflife, supply chain transparency, socially responsible supply chains and compliance with emerging legislation. Jan Porter自2019年起主管Meiyume可持续发展部门。身 为Meiyume的可持续发展董事，他负责公司在亚、欧、美洲 的塑料、金属、玻璃、纺织品和配方产品的制造和贸易业务 上对可持续发展的要求，在不同的领 域制定政策并推展行动，包括脱碳、 负责任用水、可持续物料的使用、产 品报废、供应链透明度、负社会责任 的供应链，以及应对新法例的合规 措施。 www.jwawards.com/faq Scan to join JWA 2025 扫码参与2025年JWA
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