LUXURY

LOOKING THROUGH THE RECENT MARKET INDEX OF COLORED DIAMONDS AND EMERALDS

彩鑽與祖母綠近年市場趨勢索引

Text / 劉允華 Photo / Ravenel International Art Group

瀏覽各家精品投資報告，無論報告範圍涵蓋多少類別，彩鑽必然是 不可或缺的嬌客，彩鑽的表現，也因而成為難以忽視的投資標的。以整 體價格而言，近二十年來，彩鑽的表現始終突出。僅舉相關組織報告數 例：2002-2012 年之間，鑽石價格漲幅約 10%，但同期 0.5 克拉的阿蓋 爾礦區豔彩粉紅鑽漲幅則達 375%。其後 2010-2019 年間，彩鑽市場綜 合價格指數增長 77%，其中粉紅鑽增幅更高達 116%。

2020 年新冠肺炎疫情的變數，打亂了許多產業的腳步，幾乎無一 倖免，連帶也對精品市場產生影響。但相較之下，彩鑽交易價格則更為 穩定，承受經濟衝擊的抗壓性強， 並且在精品匯集的近代拍賣場上， 彩鑽也佔有主導性的地位。日內瓦各大拍賣場中售出最高價的 5 筆鑽石 單品之中，彩鑽就佔了前四名，分別是 2016 年以 5190 萬美元賣出的 Oppenheimer Blue、2015 年以 4840 萬美元賣出的 Blue Moon、2018 年 以 5066 萬美元賣出的 Pink Legacy、2010 年以 4620 萬美元賣出的 The Graff Pink 等。 另一方面，在歷史上光彩從未稍減的祖母綠，市場表現也相當不 凡。近年來，從寶田集團的增產，到哥倫比亞木佐礦區重新開採，雖然 祖母綠的產量有所提升，但身價仍不斷上漲。儘管祖母綠沒有標準報價 機制，但從各方調查報告裡仍可窺見趨勢。例如，至 2016 年止，哥倫 比亞祖母綠在各大拍賣場中賣出的總體價格連續 15 年上漲，每年漲幅 達 10%，而無浸油等級的祖母綠亮點拍品（每年拍賣場中最高價的 5 件） 更可達到 15%，並因而逐漸拉開與總體價格之間的落差。

▲ A 2.02 CARAT PEAR-SHAPED FANCY INTENSE PINK DIAMOND AND DIAMOND RING 2.02克拉水滴形濃彩粉紅色鑽石配鑽石戒指，附GIA證書 ▼ A 10.36 CARAT COLOMBIAN EMERALD AND DIAMOND RING, from Muzo no indications of clarity modification. 10.36克拉哥倫比亞祖母綠配鑽石戒指，MUZO礦區，無浸油，附SSEF及Gübelin證書

跟隨市場調查的腳步，我們也可以從全球拍賣場的祖母綠物件加 以觀察：近年來拍賣場賣出價格最高的 5 件歷史性拍品，分別是 2008 年以 430 萬美元賣出的祖母綠鑲鑽胸針、2011 年以 658 萬美元賣出 的 Elizabeth Taylor 胸針、2013 年以 990 萬美元賣出的 The Patiño Necklace 祖母綠鑽石項鍊、2018 年以 550 萬美元賣出的 Rockefeller Emerald 鑽戒，以及 2019 年以 450 萬美元賣出的來自哥倫比亞無浸油 祖母綠耳環 The Grand Muzos。

羅芙奧精品部認為，基於對市場資訊的綜合觀察，我們可以看到： 重要的稀有寶石品項，例如彩鑽與祖母綠等，在整體經濟動盪不安之 際，依舊能展現出抗跌穩升的保值實力。其間，特別是來自如哥倫比亞 等重要產區的頂級無油祖母綠、澳洲阿蓋爾礦區關閉後更為稀有的彩鑽 等等，在行家之間絕不陌生，拍賣場上持續大放異彩的優質品項，經過 一年多來的考驗，證明無論是將其作為投資、收藏，抑或保值傳家，都 是未來市場上值得期待的絕佳標的。

Navigating among the luxury investment reports from all the sources, no matter the extent of their research, one can always see the undisputed performance of colored diamonds that stands out on the billboards, which makes them an indispensable asset to invest in. From a broad perspective, in these twenty years, the colored diamonds always stand in the front. From various reports: between 2002 and 2012, diamonds' pricing was up by 10%, whereas an 0.5 carat Argyle Vivid Pink diamond could increase as much as 375%. A bit later, from 2010 to 2019, the Average pricing index of colored diamonds increased 77%, and pink diamonds' prices have increased even more, by 116%.

The surprising situation of 2020 has brought many companies to reconstruct their strategies of development with rare exceptions, including the luxury brands. In comparison, colored diamonds' price is more stable, more resistant to market impacts, and occupies the leading role in the much more competitive modern auctions. Among the 5 most expensive diamonds from the auction houses in Geneva, 4 were colored ones: Oppenheimer Blue sold for 51.9 million dollars in 2016, Blue Moon sold for 48.4 million dollars in 2015, sold for 51.9 million dollars in 2016, Pink Legacy sold for 50.66 million dollars in 2018, and The Graff Pink sold for 46.2 million dollars in 2010.

On the other hand, emeralds, with its brilliance never waned in history, remain extraordinary in their performance as always. In recent years, although the market has seen the increasing production from Gemfields, and the reopening of Muzo mines, it still treats emeralds very well. There is no global pricing standard for emeralds, yet we can observe the trend revealed in various research reports. For example, until 2016, the general price of Columbia emeralds in the auctions had increased continually for 15 years and averaged an increase of 10% each year. Of the 5 most expensive non-oiled items in auctions, this rate could be 15% percent each year, and therefore further expanding the pricing gap between high-end and general items.

Following the footsteps of market researches, we can unveil the recent trend by observing emeralds' performance in auction houses, such as the historically 5 most expansive items: an emerald brooch with diamonds sold for 4.3 million dollars in 2008, Elizabeth Taylor brooch sold for 6.58 million dollars in 2011, The Patiño Necklace sold for 9.9 million dollars in 2013, Rockefeller Emerald sold for 5.5 million dollars in 2018, and The Grand Muzos earrings sold for 4.5 million dollars in 2019, all in recent years.

Based on these observations, The luxury division of the Ravenel International Art Group suggests that a trend is clear: rare gemstone items, such as colored diamonds and emeralds, can hold on to a stable performance even during economic turbulence. One can focus on the top-tier non-oiled emeralds from Columbia and other mines, or colored diamonds even rarer after the closing of Argyle mines. These items are highly recognized among experts, and keep their excellent performance in the auctions. Surviving the harsh tests in this recent year, whether for the investments, collections, or an addition to the heritage, these gems have proven themselves worthy of being considered as extraordinary targets.

◀ A 1.16 CARAT AND 1.19 CARAT COLOMBIAN EMERALD AND PINK DIAMOND RING, from Muzo mine with no indications of clarity modification. 1.16克拉及1.19克拉哥倫比亞祖母綠配粉紅色鑽石戒指， MUZO礦區，無浸油，附SSEF證書 ▶ A 0.52 CARAT FANCY PINK DIAMOND AND 0.19 CARAT FANCY BLUE DIAMOND COCKTAIL RING 0.52克拉水滴形正彩粉紅色鑽石配0.19克拉正彩藍色 鑽石戒指，附GIA證書