(rapaport.com) - After a slew of headline-grabbing prices, top colored diamonds have started tapering off. Experts say market fatigue may be denting the wow factor. At the spring auctions this year, a number of showstopping colored diamonds grabbed the spotlight, selling for eye-watering amounts that only the top 1% to 2% of society could bear to part with. At Sotheby’s Hong Kong in April, the De Beers Cullinan Blue — a 15.10-carat, fancy-vivid-blue diamond — fetched $57.5 million, well above its $48 million high estimate. In May, Christie’s Geneva sold the 205.07-carat, fancy-intense-yellow Red Cross diamond for $14.3 million against a presale price tag of $10.5 million. The Williamson Pink Star made headlines as late as October; Sotheby’s garnered a cool $57.7 million for the 11.15-carat, fancy-vivid-pink stone, nearly three times its $21 million high estimate. Even during the worst of the Covid-19 outbreak, sales of large colored diamonds seemed to flout the slowdown that other luxury items were witnessing. But in the latter half of the year, these phenomenally rare gems seem to have lost steam.
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