TORONTO--(BUSINESS WIRE)--With recent news of new record prices being set for colored diamonds, Canadian auction firm Ritchies, for the first time will exclude local Canadian buyers as it targets collectors overseas.
On Wednesday, December 9th at 7pm, Ritchies will host an auction, conducted entirely online, where over $20 million of rare coloured diamonds are to be sold. Several pieces have special provenance, originating from the famed Argyle mine in Australia. “When you consider that their total annual production of pink diamonds could fit in a couple of teaspoons, you understand why global demand is driving prices up so fast. These pink diamonds are the highest concentrated form of wealth known to man and the mine that produces them is set to close this decade.” For more information about the online auction go to: http://ritchies.com/blog/fancy-coloured-diamond-auction/.
“We have seen a major shift occur quite quickly as the weak price of oil and the weak Canadian Dollar have turned Canadian Collectors into sellers” states Kashif Khan, Managing Director. “At the same time the huge demand from buyers in China has created an opportunity for firms like ours to expose Canadian assets to the right people.”
With recent highly publicized records being set, including a rare blue diamond selling for USD48,000,000 to a Hong Kong billionaire, the mystery around the value of these rare gems has been a topic that has shifted from being a secret of the wealthy, to mainstream news. Rare pink diamonds have outperformed all major stock indices with record price increase of 3165% in the last 20 years. And with rumours of the Argyle mine closing in 2018, prices have recently increased the pace of their climb. Certain categories have gone up 25% in the last year alone.
Founded in 1868 as a small trading company, Ritchies launched as an auction house in 1967. Since then, Ritchies has become Canada’s leading auctioneer of fine Canadian art, fine international art, decorative art, jewellery, rare wine, and other personal property. In 2011 the Ritchies name was purchased and re-invented as a world-class auctioneer of fine gems and jewellery, truly putting Toronto on the international stage. The new Ritchies team is proud of the incredible feats achieved by Ritchies Inc. at auction, and intends to continue building upon those accolades and achievements.
With offices in Toronto, New York and Hong Kong, we offer over 20 auctions per year to a broad national and international market. Our buyers include leading collectors, dealers, designers, and curators, in addition to discerning private individuals, who have come to trust our expertise, experience and in-depth market knowledge.