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Sotheby's said Friday 26 February 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. |
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Torgoen was founded by a group of aviation enthusiasts to provide similar enthusiasts with aviation watches of uncompromising quality.
Torgoen's commitment to the highest quality standards is uncompromised in every step of the manufacturing process. Each and every watch passes strict quality control procedures to ensure precision, water resistance and endurance. The watches are tested under various extreme conditions including temperature variation, dust, humidity, impact and vibration.
Experience the confidence that comes with using a fine instrument - a Torgoen watch. |
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Website everyday life
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The Democratic Republic of Congo plans to make the cleaning of rough diamonds compulsory before export as part of a wider drive to raise minerals revenues, officials said.
The move could raise the value of stones exported by the vast central African country, the world's No. 2 exporter by volume, by 25 percent, boosting government tax revenues, but may also exacerbate the country's deeply rooted smuggling problems.
"A decree is being prepared, we are awaiting its signature ... during the coming week," said Dona Kampata, head of the mines ministry's technical committee for planning and coordination.
The process, known as acidizing, boiling or de-oxidizing, consists of plunging the diamonds in powerful acids to clear impurities.
The practice is common in leading exporters such as South Africa because it enhances the value of the diamonds, but officials said Congo, the second biggest exporter after Russia by volume, would be the first country to require it.
"You must remove all the impurities before the diamond can reveal all its glory," said Jean-Pierre Amuri, chief valuer at the government's precious minerals valuation body CEEC.
Antwerp diamantaires Bob Bonde and David Zollman established an acidization lab in Kinshasa last year.
REVENUES AT STAKE
Congo produced 33.4 million carats of diamonds in 2008 -- a fifth of world production, according to data collected by the industry monitoring scheme, the Kimberly Process. Around 21 million were accounted for as having been exported, valued at about $600 million.
CEEC figures show the value of Congo diamond exports fell to $245 million in 2009, however, hard hit by the effects of the world financial crisis.
According to Amuri, washing diamonds could boost the value of Congo's exports by 20 to 25 percent, yielding a similar rise in export duties. Congo's tax rate on diamond exports is currently 3.75 percent.
De Beers, the world's top producer of diamonds, said its exports of the gems from South Africa, Botswana and Namibia are always acidized before a government valuer determines their price for export.
"Before our diamonds in South Africa go to the valuer, that (acidization) has happened twice. You want to get a fair market value, you want to do that," De Beers' Johannesburg-based spokesman Tom Tweedy told Reuters.
In addition to official figures, many Congolese diamonds are known to be smuggled out, with revenues suspected of funding rebel operations in the restive eastern provinces.
Some observers believe compulsory acidizing may encourage additional smuggling.
"The downside is no one likes paying export taxes and therefore there is a possibility of exporters not wanting to acidize goods before export. Some may take another route - i.e. smuggling," said Kimberley Process expert Ian Smillie.
"The requirement also provides corrupt authorities with an opportunity for extortion," he added.
A Kinshasa-based exporter feared the buyers in Antwerp, Tel-Aviv, Dubai or Mumbai may also refuse to have their diamonds cleaned in Congo. "I am sure that if some buyers do not want boiling, they will go through parallel channels," he said.
The strategy is part of a general effort to raise the value of Congo's mineral exports.
Congolese mining minister Martin Kabwelulu was quoted as telling a recent business meeting in the mineral-rich province of Katanga that a 2007 decision to force mining companies to refine copper-cobalt ores before export would soon be strictly implemented. |
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LONDON, 10th February 2010 - Casio Computer Co., Ltd., announced today that it has renewed its contract with the Red Bull Racing Formula One Team to continue serving as a Red Bull Racing Team Partner for the 2010 season. While providing strong support for the team, Casio will make the most of the official partnership to actively promote the company’s Edifice line of analogue metal watches for men.
Red Bull Racing entered the world of Formula One in 2005 and became a serious Championship contender in just five years. In 2009, the team had its strongest ever season, gaining six wins, 16 podiums and four one-two finishes. It ended the year by taking second place in the Formula One Constructors’ Championship - an achievement that demonstrates the remarkable growth and ability of Red Bull Racing.
Mark Webber and Sebastian Vettel will continue as team drivers for the 2010 season. Webber has built a solid reputation and is looking to gain more victories, while Vettel continues to grab headlines as the youngest man ever to set numerous Formula One records. This year he will look to improve on his second place finish in the 2009 Drivers’ Championship. The two drivers will take part in all 19 Formula One races this year, starting with the Bahrain Grand Prix on March 14, 2010.
Delivering the essence of speed and intelligence, the EDIFICE line of analogue metal watches evokes a sense of velocity and motor sports energy with the movement of the hands and distinctive watch face. Since first released, EDIFICE watches have been especially popular with motor sports fans, thanks to their rich stopwatch functions and stand out face designs, all based on the electronic technologies developed by Casio.
Red Bull Racing not only has intelligent racing strategies and a youthful image and energy, but also boasts outstanding technology development capabilities. The team pours everything it has into its race cars, all in the pursuit of speed. Casio believes that these qualities are a perfect match for the EDIFICE brand concept, which is why the company decided to renew its support for the Red Bull Racing team and its drivers, Webber and Vettel, in 2010.
EDIFICE has been designated as the official team watch for the 2010 season, and the Casio logo will appear on racing suits worn by Webber and Vettel, as well as on the mechanics’ uniforms. In addition to using images of the two drivers, their F1 race cars, and the team in advertising worldwide, Casio also plans to release special collaborative EDIFICE watch models. These global marketing activities are expected to further enhance the Edifice brand image and help to grow sales.
Red Bull Racing’s Team Principal, Christian Horner said: “I am delighted that our Team Partnership with Casio is continuing. We are at the cutting edge of technology and I think it’s important to be associated with brands that reflect that. Design, speed and intelligence are vital aspects of both ours and Casio’s businesses.” |
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