The recently held Important Jewel Sale in New York, by Sotheby’s concluded with earning worth $13.13 million and a reassurance that the current tight economic situation has not completely eaten the demand and purchase of the gem and jewellery auction market and industry. Of the 452 lots put on auction, 77.6 percent of the lots were sold, and in value the sale generated 79.4 percent of the total lots offered.

Private collectors from the US were present at the auction in significant numbers. The auction took place on September 25, 2008 with an equally good response for purchase of gemstones and decorative jewels.

Taking the lead in the auction was a Van Cleef & Arpels designed ring. It was made of a 25.25 carats emerald-cut sapphire, supported with two pear shaped diamonds mounted in platinum. The ring was bought by an anonymous buyer for $656,500, which was about twice its pre-auction estimate. Another high earner was a 5.81 carats pear-shaped diamond ring designed by Harry Winston. The diamond was a D color, VVS1 clarity. An international trader bought it for $470,500, while its estimate value was around $200,000 to 250,000. Another ring by Harry Winston, crafted with a 7.59 carats diamond of D color, VS1 clarity achieved $434,500 in sale. Its estimated value before sale was $250,000 to $350,000. A 12.09 carat emerald cut diamond ring, of I color, VS2 clarity was bought by a private collector for $398,500. A diamond bracelet made of eight oval-shaped diamonds, of D to G color and VVS1 to SI2 clarity was bought for $392,500 also by a private collector from the U.S. All diamonds in the piece weighed a total of 15.8 carats.

The prices of the diamonds were robust and period pieces of jewellery attracted good attention of the bidders