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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Asia Pacific World Sotheby's to sell rare blue diamond in Hong Kong AFP - Saturday, February 27 Send IM Story Print A Sotheby's employee displaying a 10.49-carat deep blue diamond during an auction preview in 2008. Sotheby's said Friday it would auction a rare 5.16-carat blue diamond in Hong Kong to capitalise on the growing appetite for fine jewellery among buyers in China and other Asian countries. HONG KONG (AFP) - – Sotheby's said Friday it would auction a rare 5.16-carat blue diamond in Hong Kong to capitalise on the growing appetite for fine jewellery among buyers in China and other Asian countries. The auction house said the pear-shaped blue diamond from a private collector was expected to fetch up to 5.8 million US dollars at its April sale in Hong Kong, which now rivals Geneva and New York as an international auction hub for rare gemstones. Sotheby's said its Hong Kong share of international jewellery sales jumped from 19 percent in 1998 to 34 percent in 2008, overtaking New York to be its second biggest market after Geneva. Terry Chu, deputy head of Sotheby's jewellery department for China and Southeast Asia, said diamonds were particularly appealing to new Asian buyers because of stable prices and assured quality. "There have been a lot of new diamond buyers from mainland China, Hong Kong, Singapore, Taiwan and elsewhere in the region," Chu told AFP. "I think after the financial crisis, the Asian buyers realised that the prices of diamond are relatively stable compared to other types of auction items," she said. In December, a five-carat chickpea-sized vivid pink diamond set a per-carat world record price for a diamond after it fetched 10.8 million dollars at an auction held by Christie's in Hong Kong. The price beat a Hong Kong property tycoon's 10.5 million dollar winning bid for a seven-carat blue diamond in Geneva in May last year. Both Sotheby's and Christie's said last year that the city had overtaken New York and London as the largest wine market, spurred by China's economic boom and a rapidly growing demand from deep-pocketed Chinese businessmen for top wine. Recommend Send IM Story Print Related Articles US-ENTERTAINMENT Summary Reuters - Saturday, February 27 Jazz star Herbie Hancock goes global with album Reuters - Saturday, February 27 'Photogenic' Khrushchev reassessed in exhibition AFP - Saturday, February 27 Hollywood North readies for Bollywood West role Reuters - Saturday, February 27 Missing actor Andrew Koenig killed himself: father Reuters - Saturday, February 27 News Search Top Stories US economy surged 5.9 percent in fourth quarter US insurer suffers $8.9 bln fourth quarter loss British economic growth data revised upwards Lloyds bank suffers 2009 loss as bad debts rocket UN to review controversial climate panel More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Florida killer whale to stay in park after deadly attack China may be hiding US Treasury bonds: experts 'Zombies' have free speech rights too, US court rules Date-rape drugs, illegal online pharmacies on rise Tearful Toyota chief says sorry for auto defects More Most Viewed » Third-hand smoke also bad for you: study DNA reveals some mystery on King Tut, raises questions Pitt, Jolie sue British paper over split claims Sugary soft drinks linked to pancreatic cancer: study Scientists recreate Big Bang heat of 4 tln degrees C More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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