Hong Kong's rising status as a international centre for fine jewellery auctions has received a boost from Sotheby's decision to put a 5.16-carat blue diamond ring on sale in the Chinese territory instead of in one of its more traditional markets.
The sale of the pear-shaped stone, estimated to fetch up to $5.8m at auction, will add momentum to the diamond trade in Hong Kong, which now rivals that of New York and Geneva.
Hong Kong has benefited from the proximity of wealthy Chinese buyers and their growing purchases of diamonds, platinum and sapphires.
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