Millions of people in America are worried about their finances with many losing their jobs in response to the coronavirus (COVID-19) pandemic but some are focusing funds on diamonds. There is a surge in diamond sales with restless rich people buying jewels amidst the COVID-19 pandemic.
Social-distancing mandates put an end to live auctions and pushing auction houses to sell online, leaving the future of jewelry sales uncertain. Though there was some reasonable uncertainty Bloomberg says that the shift to online sales has led to more people buying collectible jewelry now more than ever.
Sotheby’s auction house expected to have $5.7 million in sales from March to April but exceeded their sales goal for $6.1 million. Sotheby’s “magnificent jewels” specialist, Catharin Becket, says that good quality items are performing well and are better than it would have been for the last couple of months.
People are speculating that clients are living a dreary life at home and looking for a way to fulfill their lavish desires while waiting for the world to return to some level of normalcy. This weekend, Sotheby’s will be placing a Cartier diamond bracelet from the 1930s on auction that is set to sell for $600,000 to $800,000 but some are speculating it can sell for over $1 million.