A glimmer in Hong Kong's eye
A 101-carat diamond could fetch millions of dollars in a spring auction in Hong Kong. Sally Herships reports Asia's love of luxury and increased wealth has raised the demand for gemstones.
A 101-carat diamond is displayed at Christie's auction house in London ahead of its May 28 auction in Hong Kong. (Leon Neal/AFP/Getty Images)
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Scott Jagow: A diamond that might sell for $6 million. Sally Herships tells us more.
Sally Herships: The 101-carat diamond being sold by Christie's this spring is almost the size of a squash ball. But what's bigger news still is the gem will be offered up for sale in Hong Kong.
Tom Moses works at the Gemological Institute of America. He says historically, demand for large stones has been more limited to the U.S., Middle East and Europe, but things are changing.
Tom Moses: There are now more customers that are capable to make these purchases, and that are chasing these important gemstones.
Jerry Wind is a professor at Wharton. He says that's partly due to increasing wealth in Asia.
Jerry Wind: It's expected that within the next few years, the number of billionaires from China will probably equal the number in the U.S.
And partly due to an Asian love luxury.
Wind: In every major city, in every hotel, you have all the luxury brands that you're familiar with.
There's a special draw for potential buyers of this gem: They get to name it. Now that's luxury.
I'm Sally Herships for Marketplace.
