A Solid Auction Market for 2024 

Buoyant demand for exceptional fancy-color diamonds and colored gemstones underpinned the Magnificent Jewels market in 2024. Buyers remained cautious and discerning, seeking the rarest and highest-quality items, according to auctioneers. 

The past year was “all about color,” says Kristian Spofforth, owner of consultancy Cerberus Fine Jewellery and former head of the London jewelry department at Sotheby’s.  

The market for white diamonds softened in the first half of 2024, but outstanding stones achieved strong results, and prices started rising later in the year, auctioneers report. Natural pearls also excelled — often outperforming presale estimates — thanks to their increasing rarity, a factor that specialists say may be due to ocean pollution. 

Meanwhile, against the backdrop of a slow art market and a series of layoffs at auction houses — notably Sotheby’s — consumer confidence remained upbeat last year when it came to handcrafted, signed jewelry from maisons such as Cartier, Van Cleef & Arpels, and Bulgari. In particular, signed Art Deco-era pieces were much sought-after because of their characteristic designs and limited supply. 

“Key drivers of the market in 2024 included robust demand for colored gemstones — rubies, sapphires and emeralds — as well as colored diamonds, which consistently captured the imaginations of collectors,” reports Benoit Repellin, worldwide head of jewelry for Phillips. “Signed jewels and period pieces that epitomize their respective eras performed exceptionally well, further highlighting the appeal of unique artistry and craftsmanship.” 

These trends are set to continue in 2025, auctioneers say. Macroeconomic factors such as resilient US equities markets, as well as expectations of falling interest rates and lower taxes in the world’s largest economy, will likely embolden consumer interest in high-value collectables. 

Diamonds on parade 

Colored diamonds stood out among the highest-selling items last year.  Pinks led the way, with prices reflecting their rarity — especially since Rio Tinto’s Argyle mine in Australia, a leading source of pink diamonds, ceased operations in November 2020. 

“At Christie’s, the Eden Rose — [a] 10.20-carat, fancy-intense-pink diamond — sold for $13.3 million, making it the most valuable jewel sold at auction in 2024,” states Rahul Kadakia, the auction house’s international head of jewelry. The ring containing the round brilliant-cut, internally flawless diamond, which had a high estimate of $12 million, went under the hammer at the New York Magnificent Jewels live auction on June 11. 

Among other notable Christie’s results for colored diamonds was the 202.18-carat Yellow Rose, a fancy-intense-yellow specimen that sold for $6.7 million at the May 15 Magnificent Jewels auction in Geneva. That price — the second-highest ever for a yellow stone above 200 carats at Christie’s — made it the top-selling jewel of the Swiss city’s spring auction season. 

The most desirable colors for diamonds among collectors are blue and pink, followed by greens and yellows, according to Kate Flitcroft, co-head of jewelry for the UK at Bonhams. 

“Furthermore, there is a charm to old-cut stones,” she continues. “Unlike the colored diamonds which are mined today, mostly in south and east Africa, old-cut stones could originate from India — for example, the legendary Golconda mines. This rich history continues to capture people’s imaginations.” 

In terms of white diamonds, a selection of jewelry — including some signed Cartier pieces — that had belonged to Britain’s Sassoon family comfortably outstripped presale estimates at the Christie’s Geneva Magnificent Jewels sale in November. 

“Signed jewels and fine colored gemstones attracted a lot of bidding during the first half of 2024, and as we moved into the fall sales, we were encouraged to see that white-diamond prices were also steadily on the rise,” reports Kadakia. 

The five Sassoon jewels from the Art Deco period sold for nearly $7.8 million on November 12 — more than twice their  collective estimate. Among them was a Cartier Indo-Persian diamond necklace from circa 1935 that more than tripled its upper estimate, netting $5.1 million.  

It is rare to encounter a group of jewels that has remained in the same family since the pieces’ initial purchase in the 1920s and ’30s, Christie’s noted at the time.  

Triumphs for Phillips 

Last year was a particularly good one for Phillips’s jewel sales, according to Repellin. Phillips is the newest arrival at the top table of auction houses staging jewelry sales in Geneva, joining Christie’s and Sotheby’s in holding twice-yearly auctions there in May and November. 

Leading the year’s highlights at the UK-based auction house was a ring featuring a fancy-vivid-pink diamond, which achieved $12 million, making it a star lot of the Geneva spring auctions. 

The result showcased the enduring global demand for the rarest and most exceptional jewels, Repellin says. “We are experiencing a considered market that is becoming more selective in its acquisitions, yet the appetite for exceptional-quality jewels remains as strong as ever.” 

For its own part, “Phillips’s jewelry department has experienced tremendous growth over the past 12 months, bolstered by the successful launch of our Geneva Jewels auctions in November 2023,” he reports. “In 2024, Phillips’s Global Jewels Auctions achieved over $59 million, a remarkable  

51% year-on-year increase from 2023. These results reflect both the strength of our offering and the enthusiastic response to our sales that we have received from the global collecting community.”

Christie’s had a buoyant season as well at its live and online jewelry sales in Geneva, Hong Kong, London, New York and Paris — the leading centers for magnificent and high jewelry.  

“Sell-through rates were extremely high, with every center selling almost 90% of the lots on offer,” says Kadakia, crediting the auction house’s carefully curated jewelry offering and keen pricing. “More importantly, sale indexes were at 120% to 150% of the presale auction low estimates.” 

The provenance effect 

Bonhams reported a strong 2024 for jewelry, with collectors focusing on color. 

“There is a current increase in appetite for colored gemstones, with rubies leading the way, followed by emeralds and sapphires,” Flitcroft says. As with diamonds, customers are willing to pay premiums for old-cut stones, “or stones sourced from mines that have long since closed. This adds to the scarcity and allure of the stone.”  

In fact, she asserts, “the value and commercial appeal of colored gemstones depends almost entirely on the gemstone’s geographic origin. For example, the most desirable emeralds come from Colombia. The mines there were founded by the Spanish Conquistadors and date back to the mid-1550s. The stones from these mines were of exceptional quality and made their way to the courts of India, Egypt and Persia.” 

Similarly, Kashmir sapphires are in high demand because of their tight supply and alluring velvety blue color. These stones were mined for only a brief period in the 1880s, in often inaccessible mountains. Per-carat prices for top-quality Kashmir and Sri Lankan sapphires rose throughout 2024, according to Cerberus Fine Jewellery’s Spofforth. 

An outstanding example of a Colombian emerald that performed well on the 2024 jewelry auction circuit is the 37-carat Aga Khan emerald. Christie’s sold the brooch bearing the stone for $8.8 million in Geneva on November 12 — a world record price for an emerald at auction. After a flurry of bidding, auctioneer Max Fawcett — the house’s head of jewelry for Europe — brought down the hammer to a large round of applause as the brooch exceeded its $7.9 million high estimate. 

A key reason for the record price was the piece’s provenance, auctioneers say. Christie’s had sold the same brooch — which Prince Sadruddin Aga Khan commissioned for his wife, British socialite Nina Dyer — in 1969 for $75,000. Photographs show Dyer wearing the brooch at high-society events in the 1960s. 

Another case of provenance tipping the scales was the top lot at the latest Sotheby’s Royal and Noble Jewels sale in Geneva: an 18th-century diamond necklace containing some 300 carats of diamonds, formerly in the collection of Britain’s marquess of Anglesey and one of the last surviving court jewels of its era, according to the auction house. The piece sold for CHF 4.3 million ($4.8 million) at the November sale, nearly double its CHF 2.2 million ($2.5 million) high estimate. 

At Bonhams’s most recent London Jewels sale, which took place on December 5, highlights included a colored-diamond ring from circa 1830. The old pear-shaped, light-pink center diamond of 2.27 carats sits in a heart-shaped surround of cushion-shaped and old brilliant-cut diamonds. The ring sold for GBP 381,400 ($484,416), more than five times its GBP 70,000 ($88,907) high estimate — a result of colored diamonds’ general desirability plus the charm of the old-cut stone, according to Flitcroft. 

Favorable forecast 

After 2024’s strong showing, the auction outlook for 2025 is positive. Auctioneers foresee continued demand for the rarest and highest-quality pieces, notably those with colored diamonds, rubies, sapphires and emeralds, as well as signed items.  

In the United States, expected tax cuts and tariffs in 2025 may lead to inflation. This will likely help underpin the jewelry auction market, since many people view collectables like those at the Magnificent Jewels sales as hedges against inflationary trends. 

Main image: Bidding in action for the Aga Khan emerald at Christie’s. (Christie’s)