Sotheby's 7.59 carat blue diamond is estimated to sell for $19M

(IDEX Online News) – Sotheby’s in Hong Kong will auction a 7.59-carat blue diamond in October which it estimates will sell for around $19 million, according to The New York Times.

The diamond – “The Premier Blue” – will be auctioned on October 7 as part of Sotheby’s regular twice-yearly auction series, the auction house will announce later today (Monday), the newspaper said.

Quek Chin Yeow, deputy chairman of Sotheby’s in Asia, said the diamond was likely to sell for around $19 million.

“Since about 2006, 2007, Hong Kong has ranked alongside Geneva and New York as a center for jewelry sales,” Quek said. “It is now the third pillar of the global jewelry market.”

Sotheby’s is previewing the stone and other auction items around Asia, including in Beijing, Shanghai, Bangkok, Singapore, Jakarta and Taiwan.

About 25 to 30 percent of the money spent at the Hong Kong art and jewelry auctions comes from mainland Chinese buyers, but Hong Kong buyers are also very active, as are Singaporeans, Indonesians, Taiwanese and southeast Asians, Quek added.