NEW YORK — Sotheby’s is getting into the retail diamond business with Sotheby’s Diamonds, a joint partnership with Steinmetz Diamond Group.
The collection will launch in December at Sotheby’s locations here and in Hong Kong, followed by events and private appointments in key markets worldwide, including London and Los Angeles. Initial offerings include loose diamonds and diamond jewelry starting at $100,000.
The retail venture aims to offer rare diamonds through the resources of Steinmetz, which is a De Beers site holder.
Steinmetz’s business includes cutting, polishing and manufacturing diamonds and jewelry, as well as e-commerce. Some of the company’s most famous stones include the De Beers Millennium Star, a 203.4-carat internally flawless diamond, and the 59.6-carat flawless fancy vivid pink diamond known as the Steinmetz Pink.
“For Sotheby’s, it’s a great opportunity,” said Marc Auclert, who will oversee Sotheby’s Diamonds along with Nir Livnat, chief executive officer of Steinmetz.
Auclert, who is also head of Sotheby’s jewelry business in Europe and Asia, said, “We have access to the best diamonds and will be able to cater to the needs of clients year-round. They won’t have to wait for auction.”
Sotheby’s Diamonds will take over the New York space where Sotheby’s Salon Privé is located, and Salon Privé, which sells fine jewelry, will be folded into the new enterprise.
Patti Wong, chairman of Sotheby’s China and Southeast Asia, has been named chairman of Sotheby’s Diamonds.
“Right now, the diamond market is extremely good, the demand is very strong,” said Auclert. “There are dynamic markets in the U.S., Europe and Asia, which is growing the most right now [and has experienced] double-digit increases in diamond jewelry purchasing.”
De Beers for the last few years has been encouraging its site holders to create new business ventures and develop diamond brands to increase sales of diamonds around the world.