Rapaport Auctions, the world’s leading recycler of diamonds, sold more than 83,000 carats of polished diamonds for $12.5m (£10m) at the recent Hong Kong jewellery shows, achieving a sell through rate of over 87%.
Hundreds of parcels of recycled and finely assorted commercial and premium quality diamonds in all shapes, sizes and qualities were sourced from retailers, pawnshops and refineries around the world.
The Rapaport Melee Index (RMI™) for small diamonds increased by 13.3% to 108.40 during the first quarter of 2017. However, year on year the index is down 7.9% from its level of 117.77 in March 2016.
Viewing appointments were at maximum capacity for the entire duration of the auction with more than 100 buyers seeking to source the wide variety of diamonds being offered.
Director of global trading at the Rapaport Group Ezi Rapaport said: “The Rapaport auction results exceeded expectations.
“With improved Far East demand and the Indian diamond market adapting well to demonetisation, the market was eager to trade after an extended period of uncertainty and liquidity constraints.”