Pink diamond fetches $26.6M at Sotheby's Geneva sale

GENEVA -- An extremely rare, purple-pink diamond mined in Russia, which Sotheby's described as "a true wonder of nature," sold for 24.4 million Swiss francs ($26.6 million) on Wednesday, the auction house said.

Sotheby's had estimated that the flawless oval gem, "The Spirit of the Rose," could fetch $23 million to $38 million at the Geneva sale.

Bidding opened at 16 million Swiss francs and climbed to the final hammer price of 21 million Swiss francs, plus commission. It was bought by a telephone bidder who chose to remain anonymous, Sotheby's said.

Jewelry expert Benoit Repellin, who led the sale, said it set a record for a diamond graded fancy vivid purple pink sold at auction. The stone weighing 14.83 carats was the largest pink diamond with that color grading to go on the block.

The diamond was named after a ballet performed by the Ballets Russes and its legendary dancer Vaslav Nijinsky in 1911.

Mined by Russian diamond producer Alrosa in July 2017, it was cut from the largest pink crystal ever found in the country, Sotheby's said.

The diamond was shown in Hong Kong, Singapore and Taipei.

Colored stones have been greatly valued as an asset class by the super rich in recent years with top-quality pink diamonds especially prized.

The Argyle mine in western Australia, which produced the world's largest supply of pink diamonds, halted production last week due to depletion.

"The lucky buyer could well profit from prices soaring for pink diamonds in the coming years thanks to increased rarity," Tobias Kormind, managing director of 77 Diamonds, Europe's largest online diamond jeweler, said in a statement.

Naturally colored diamonds occur because they possess a particular lattice structure that refracts light to produce colored, rather than white, stones.

-reuters-

WHO warns of pandemic risk after virus peaks in China

GENEVA - The new coronavirus has peaked in China but could still grow into a pandemic, the World Health Organization has warned, as infections mushroom in other countries.

Financial markets have gone into a tailspin after grim news of deaths and outbreaks in the Middle East, Europe and Asia, even as the Chinese epicenter appeared to be calming, with the death toll at its lowest for 3 weeks.

But the situation is worsening in other countries, with more than 2,000 cases and 30 deaths reported abroad, prompting a raft of restrictions on travelers from infected nations.

South Korea, Italy and Iran have logged particularly sharp increases in infections and deaths, while several countries in the Middle East reported their first cases of the novel coronavirus.

But WHO chief Tedros Adhanom Ghebreyes insisted the virus could still be contained, praising China's drastic quarantine measures in several cities for helping to prevent an even bigger spread.

"For the moment we are not witnessing the uncontained global spread of this virus and we are not witnessing large-scale deaths," Tedros told reporters in Geneva.

He added, however, that countries should be "doing everything we can to prepare for a potential pandemic."

The term "pandemic" is used to describe an illness that spreads across numerous communities.

SOUTH KOREA HOTSPOT

South Korea, which has the largest number of cases outside China, reported 60 more infections and 1 more fatality on Tuesday, raising its death toll to 8 and total patients to nearly 900.

South Korea's outbreak has centered around a religious sect in Daegu, the country's fourth largest city.

The country is on its highest "red" alert. As part of the containment efforts, school holidays were extended nationally while the 2.5 million people of Daegu were told to remain indoors.


The US Centers for Disease Control raised its caution level to warn Americans against "all non-essential travel to South Korea."

Italy, which has reported 7 deaths and over 200 cases, has locked down 11 towns, while upcoming football matches in its Serie A and the Europa League will be played behind closed doors.

With police manning checkpoints to enforce a blockade, Prime Minister Giuseppe Conte has said that residents could face weeks of lockdown.

IRAN FEARS

The disease -- officially known as COVID-19 -- spread to new countries including Afghanistan, Bahrain, Iraq, Kuwait and Oman.

At least 12 people have died in Iran, the highest toll outside China.

But there were concerns the situation might be worse than officially acknowledged. The semi-official ILNA news agency quoted 1 local lawmaker in hard-hit Qom -- a religious center -- who said 50 people had died there.

The Iranian government denied the report, and pledged transparency.

Even so, authorities have only reported 64 infections in Iran, an unusually small number that would mean an extremely high mortality rate.

Michael Ryan, head of WHO's health emergencies program, said a team from the UN agency would be arriving in Iran on Tuesday.

But he cautioned against drawing any conclusions about the mortality rate. Iran "may only be detecting severe cases" because the epidemic was still at an early stage, he said.

Several countries have taken measures to prevent arrivals from Iran.

CHINA PEAK

In China, 508 new cases were reported, with all but 9 at the epicenter in central Hubei province. Although that was up from 409 on Monday it was much lower than new infections being reported just a week ago.

China's death toll reached 2,663 on Tuesday, after 71 more people died.

WHO's Tedros said the epidemic peaked in China between Jan. 23 and Feb. 2.

China has placed some 56 million in Hubei and its capital under quarantine since late last month, while other regions have enacted some forms of travel curbs and measures to keep millions more people indoors.

Bruce Aylward, leader of a WHO mission of international experts, said late Monday it was time for China to start lifting some of the restrictions.

"Obviously they want to get society back to a more normal semblance of what probably is the new normal, because this virus may be around... for months," Aylward said.

Reflecting the disquiet, global markets plunged on Monday, with Wall Street off 3.6 percent.

Bargain buying helped some Asian markets into the green on Tuesday, but disquiet remained, with Tokyo dropping 3 percent by lunchtime.

source: news.abs-cbn.com

Switzerland divided over new law against homophobia

GENEVA - For gay rights campaigner Jean-Pierre Sigrist, the new law being voted on in a referendum in Switzerland on Sunday might have stopped him getting beaten up 4 decades ago.

"And maybe I would not have been laughed at when I went to the police," said the 71-year-old, who believes the law will be "an added safeguard against homophobia."

The new law would widen existing legislation against discrimination or incitement to hatred on ethnic or religious grounds to include sexual orientation.

The change was passed by the Swiss parliament in 2018.

But the populist right wing Swiss People's Party (SVP) and the Federal Democratic Union of Switzerland (EDU), a small party based on Christian values, are opposed.

Critics of the law, who have forced a public referendum on the issue, believe it will end up censoring free speech.

Eric Bertinat, a UDC local lawmaker in Geneva, told AFP that he believed the law was "part of an LGBT plan to slowly move towards same-sex marriage and medically assisted reproduction" for gay couples.

UDF chief Marc Frueh has called it a "censorship law."

But Sigrist, founder of Switzerland's association of gay teachers, said it would counter growing intolerance.

The retired teacher said he supports freedom of expression, "but not the freedom to say anything at all."

All of Switzerland's major parties except the UDC, the biggest political force in parliament, support the law.

NO TO 'SPECIAL TREATMENT'

Under the new law, homophobic comments made in a family setting or among friends would not be criminalized.

But publicly denigrating or discriminating against someone for being gay or inciting hatred against that person in text, speech, images or gestures, would be banned.

The government has said it will still be possible to have opinionated debates on issues such as same-sex marriage, and the new law does not ban jokes -- however off-color.

"Incitement to hatred needs to reach a certain level of intensity in order to be considered criminal in Switzerland," Alexandre Curchod, a media lawyer, told AFP.

But he admitted that there could be exceptions "if it can be shown that, under the cover of artistic production or joking, someone is in fact engaging in incitement."

Gay rights campaigners are divided over the legislation.

A group called "No to Special Rights!" is opposed, arguing that the gay community does not need special protection.

"I fight for the acceptance and normalization of my sexuality. But for me that also means not asking for special treatment," said Michael Frauchiger, co-head of the group.

Opinion polls show that the Swiss as a whole are broadly in favor of the law, but that the margin between supporters and opponents has narrowed in recent months.

source: news.abs-cbn.com

At $50 million, pink 'Legacy' diamond shines brightest in Christie's sale

GENEVA - The 'Pink Legacy', a diamond weighing just under 19 carats, fetched a record 50.375 million Swiss francs ($50 million) as it outshone all other auction lots at Christie's in Geneva on Tuesday.

Graded "vivid", the highest rating for a pink diamond's color, the gem is internally pure with a rectangular cut, and mounted on a platinum ring.

Once owned by the Oppenheimer Family, who built De Beers into the world's biggest diamond trader, the diamond had a pre-sale estimate of $30 to $50 million. The identity of the seller was not disclosed.

Vivid colored diamonds are the most strongly saturated gems, displaying the optimum hue of the stone. Most pink diamonds of this color weigh less than 1 carat, the auction house - which was holding its semi-annual jewellery sale - said.

Christie's said the 'Pink Legacy' achieved a new per-carat record for a pink diamond, and was the second most expensive one ever sold at auction.

($1 = 1.0073 Swiss francs)

source: news.abs-cbn.com

Rare pink diamond aims to make $50 million

GENEVA, Switzerland - The Pink Legacy, an exceptionally large pink diamond, is set to go under the hammer at Christie's in Geneva next week, when it is expected to bring in up to $50 million.

At nearly 19 carats, the vividly colored gem is extraordinary, Jean-Marc Lunel, an international jewellery specialist at Christie's, told AFP.

"If you consider that most pink diamonds weigh less than a carat, it is really something," he said.

The gem, which on Nov. 13 will be offered at auction for the first time, has been estimated at between $30 million and $50 million (26.5-44.1 million euros), and Lunel suggested it could hit the high end of that range.

"It is probably the most beautiful (specimen) ever presented at public auction," he said, insisting there was good reason to expect the rock to snatch an extraordinary price.

The rectangular-cut diamond has been graded "fancy vivid" -- the highest possible grade of color intensity.

Christie's pointed out that in the salesroom, fancy vivid pink diamonds over 10 carats are "virtually unheard of" and that only 4 vivid pink diamonds or over 10 carats have ever been offered for sale at auction.

One of them, the nearly 15-carat Pink Promise, was sold last November at a Christie's auction in Hong Kong for $32.5 million. That amounts to $2.176 million per carat, which remains the world auction record price per carat for any pink diamond.

And in 2013, a huge pink diamond weighing 59.60 carats meanwhile went under the hammer at Sotheby's for $83 million, or $1.39 million per carat.

The Pink Legacy, set to headline Christie's annual Magnificent Jewels auction on Tuesday, used to belong to the Oppenheimer family, which for decades ran the De Beers diamond mining company, but Christie's refused to say who the current owner was.

It was discovered in a South African mine around a century ago, Lunel said.

"It was probably cut in the 1920s," he said, adding that it had not been altered since.

The classic rectangular cut is traditionally used for white stones, but is rare for pink diamonds.

"Imagine a domino that you have cut the corners off of," Lunel said, pointing out that the cut is a "classical so-called emerald cut", which stands out from the typical, more rounded, multi-faceted cuts used today.

Rahul Kadakia, Christie's international head of jewellery, meanwhile said in a statement in September that he expected The Pink Legacy to "cause immense excitement with collectors and connoisseurs of diamonds around the world".

"Its exceptional provenance will no doubt propel it into a class of its own as one of the world's greatest diamonds."

source: news.abs-cbn.com

Luxury in focus as Geneva car show opens

PARIS - Europe's biggest annual car show kicks off in Geneva on Tuesday with luxury and crossover vehicles in the limelight, but with the emissions scandal still hanging over the industry.

Automakers are celebrating the end of the sector's crisis as European sales have returned to levels last seen in 2008 before a global financial meltdown inflicted deep dents on their business.

It is a far cry from last year's show where the industry was under a cloud after Volkswagen admitted in 2015 to having installed software in 11 million diesel engines worldwide to circumvent emissions tests, a scandal that will cost it billions in fines and compensation to car owners.

While Volkswagen has survived the crisis, the scandal has focused attention on emissions and the challenges automakers will have in building cars that can meet ever tougher pollution rules.

Carmakers are now having to steer toward engines that emit no more than 95 grams of CO2 per kilometre by 2021 to meet European requirements, compared to 130 grams in 2015.

But as diesel cars have been getting a bad rap because of emissions scandals, that target looks harder to meet.

"Diesel cars emit 15 percent less CO2 per kilometer" than gasoline-fueled models, said Christophe Aufrere, a technology strategist at car parts maker Faurecia.

With electric vehicles still only accounting for a sliver of European car sales, that means gasoline-powered cars have to take up the slack, requiring the industry to squeeze more efficiency out of engines and to reduce vehicles' weight.

Research and development costs "have practically doubled in the past decade" said Remi Cornubert at AT Kearney, a consulting firm, and if carmakers fail to succeed, the bill will be high.

Automakers failing to meet the CO2 targets -- capping petrol consumption to 4.1 liters per 100 kilometres and diesel to 3.6 litres -- will have to pay 95 euros ($100) for every extra CO2 gram emitted by each car -- potentially adding up to tens of millions of euros of fines.

NEW MODELS

Jostling among carmakers for market position is also likely to dominate discussions after French carmaker PSA announced Monday the acquisition of General Motors' European subsidiary, which includes the Opel and Vauxhall brands, for 1.3 billion euros ($1.38 billion), catapulting it into second place in Europe.

And there was more good news for PSA in Geneva on Monday after its Peugeot brand won European car of the year for its 3008 urban 4x4, as the show opened to the press.

Volkswagen, meanwhile, unveiled its first prototype autonomous car Monday evening, the electric Sedric.

The German giant, whose brands include Audi and Porsche, said it planned to join a string of other automakers in investing billions of dollars in developing the vehicle over the coming years.

Despite the greater emphasis on fuel economy, the Geneva car show is unlikely to disappoint in terms of its usual glitz and glamour.

The legendary Ferrari, Lamborghini, Pagani, McLaren and Bentley have all picked Lake Geneva's shores to present new models. Renault will showcase the final version of its Alpine A110 sports car.

"Geneva has always been the show of beautiful automobiles and prestigious racing cars," said Ferdinand Dudenhoeffer at the CAR institute.

But the greatest buzz may come from so-called "crossover" vehicles (CUVs), which combine features taken from sports utility vehicles (SUVs) with those of passenger cars.

The segment, including fashionable urban four-wheel drive vehicles, now makes up nearly 30 percent of the European car market and features the Volvo XC60, the Citroen C-Aircross, the DS7 Crossback and the Land Rover Velar.

Some 180 companies will be present at the 10-day show which opens to the public on March 9 after two press days during which most major corporate announcements are expected. Last year's show attracted 687,000 visitors.

source: news.abs-cbn.com

LOOK: Patek Philippe watch fetches record $11M at auction

A stainless steel Patek Philippe watch has sold for a record $11 million (10.2 million euros) in Geneva, an auction house said Monday.

The piece from the Swiss company's 1518 series sold on Saturday for 11,002,000 Swiss francs following a 13-minute bidding war, according to a statement from Phillips, a leading watch auction firm based in London.

When Patek Philippe introduced the 1518 series in 1941, they were the first-ever perpetual calendar chronographs, meaning they were the first timepieces that had both a stop-watch function as well as a calendar designed to keep track of dates for centuries, with leap years factored in.

The piece sold on Saturday was made in 1943, Phillips said, calling its sale price "a new world record for any wristwatch at auction", which more than tripped the pre-sale estimate.

Neither the buyer, nor the seller were identified.

A total of 177 watches were sold over weekend in the Swiss city, fetching $27.5 million collectively.

source: www.abs-cbnnews.com

Luxury watchmakers face severe shortage of craftsmen

GENEVA - Anita Porchet has a skill that Swiss watchmakers can't afford to do without. As an enamel painter, she decorates watches for the likes of Patek Philippe and Vacheron Constantin which can sell for hundreds of thousands of dollars.

But the industry is facing a severe shortage of craftsmen and women who have mastered the techniques of enamel painting, marquetry and engine-turning - at a time when there is growing demand for high-end handmade watches.

One of Porchet's masterpieces is a miniature painting on a watch dial of Marc Chagall's ceiling of the Opera Garnier in Paris which took her three months to create.

Having been taught by her godfather as a teenager and worked tirelessly to refine her art over the years, the 53-year-old is determined to stay independent and has resisted recent overtures from big brands that wanted to recruit her.

"I said no. I want to keep my freedom to be able to explore my creative possibilities," she said. "Many old women have taught me their enamel secrets in their kitchen."

The clamouring for her skills reflects the industry's wider problem.

"I have seen some crafts disappear during the last 30 years," said Juan-Carlos Torres, head of Vacheron Constantin, which is owned by Richemont. "Engine-turning almost disappeared, enamelling as well, (at one point) there were only two or three decent enamellers left in the world."

Faced with this dearth of talent, the likes of Richemont and Breguet owner Swatch Group - hungry for the high margins offered by the handmade watch segment - are trying to recruit artisans and investing in training programmes so they can secure these skills by bringing them in-house.

Richemont, which also owns Cartier, Jaeger-LeCoultre and Piaget and is the biggest player in high-end watches, is currently building a fine watchmaking campus in Geneva where it will train enamel painters and engravers for its own needs from 2016 - part of a 60 million Swiss franc ($67 million) investment in training and research over 10 years.

"TRUE GIFT"

Decorative crafts have a long tradition in Geneva, tracing their roots back to the 17th century and the arrival of the Huguenots from France who turned to decorating watches because other luxury objects were banned at the time.

Enamel painting is one of the oldest techniques, Patek Philippe, whose most sophisticated timepieces can cost $1 million, says on its website. The painters apply a vitreous substance based on silica sand and coloured with metal oxides that is later fired at over 800 degrees Celsius.

"At the last firing, a piece can be damaged, it can crack. A lot of patience is needed for this difficult work," said Sandrine Stern, head of creation at Patek Philippe. "Miniature painting on enamel is even more rare, it's a true gift."

In engine-turning or "guillochage", an expert creates kaleidoscopic patterns on metal with a hand-operated machine, while marquetry involves assembling up to hundreds of tiny pieces of wood, straw or even dried flowers to create an image.

After their heyday in the 19th century, artistic watches and the know-how needed to make them entered a period of slow decline, coming close to extinction in the 1970s when the market for mechanical, hand-decorated watches collapsed due to the arrival of cheaper, battery-powered quartz watches.

Because of the consequent lack of demand for watch decoration, training programmes were scrapped, such as the renowned enamel painting course offered by Geneva's art school.

But growing appetite for luxury goods from the 1990s led to renewed interest in Swiss mechanical watches, with sales growth in the high-end segment outperforming growth in entry and mid-priced watches over the last decade.

The number of Swiss mechanical watches exported more than doubled from 2.7 million in 2000 to 6.8 million in the first 11 months of 2013, while the number of quartz watches dropped from 28.7 million to 19.1 million, according to the Swiss Watch Federation. Over the same period, the average price of a Swiss watch rose to 728 francs from 323 francs.

High margins - Richemont's operating margin exceeds 31 percent versus around 23 percent for midprice-focused Swatch - are also attracting new players to the high-end segment, such as Hermes' watch unit.

"ANYBODY CAN HAVE LACQUER"

If complex technical achievements are the bread of high-end watchmakers, sophisticated handmade decorations are the butter, allowing them to justify sky-high price tags to consumers in search of exclusivity and lasting value.

"If I used lacquer instead of enamel, I could sell a watch for 80,000 euros ($109,000) instead of 110,000 euros. I could sell more but what is the value in the eyes of customers? None. Anybody can have lacquer," said Vacheron's Torres, adding an enamelled dial now cost 15-20 times more than 15 years ago.

Despite the rising demand for those rare watch decoration skills in the last decade, in Switzerland only jewellers, engravers and polishers can sign up for official training programmes, the Fine Watchmaking Foundation said.

Enamel painting and engine-turning are only passed on from artisan to artisan in the country. The watch industry employers' association, Convention Patronale, offered training sessions with an engine-turner in recent years, but had to stop because the artisan passed away.

Enamel painting and marquetry courses exist abroad, notably in France, but they are not specifically for watches.

Yann von Kaenel, an independent engine-turner who employs about 10 people in his workshop, says he does not have the time and means to train apprentices and would not want to see them absorb his knowledge and then join a big group.

However now, as well as companies investing in training, the Convention Patronale said it had been asked by a group of watch brands to reopen a course for enamel painters. "We're looking into it," said training head Severine Favre.

Despite the push by brands such as Richemont to pull such skills in-house, family-owned Patek Philippe insists it is just as important to support independent artisans, who it says are often more creative and innovative.

"It has never been our goal to make everything internally. There are many independent artisans, they are artists and don't necessarily like working office hours," said Patek's Stern.

Porchet said she was happy the boom of enamel painting kept her busy, but she also sounded a note of caution about big companies investing in training to increase production.

"It's not good if the market is flooded with pieces - there's a risk enamel becomes banal and people lose interest."

source: www.abs-cbnnews.com

Geneva Cruz is engaged again

MANILA -- If at first you don't succeed, try and try again. For singer Geneva Cruz, this cliche applies to love as well, as she announced her engagement to her non-showbiz boyfriend Lee Paulsen.

Cruz, who shot to fame as one of the members of Smokey Mountain, confirmed the happy news on Monday on her official Twitter account and Facebook accounts.

"He proposed to me, so I said... 'YES,'" Cruz wrote in the caption of a photo of her and Paulson kissing, which she uploaded on Facebook.

She also used the hashtags ‪#‎thisisit, #‎oneofthehappiestdaysofmylife,‬ ‪#‎blessed and‬ ‪#‎GODISGREAT‬ in her post.

"Tonight is one of the happiest days of my life," she tweeted.

source: www.abs-cbnnews.com

Human Rights Council backs Internet freedom

The UN Human Rights Council (HRC) in Geneva passed its first resolution on Internet freedom on Thursday with a call for all states to support individuals’ rights online as much as offline.

Despite opposition on the issue from nations including China, Russia and India, states promoting the resolution hailed the support of dozens of countries ahead of its adoption.

“This outcome is momentous for the Human Rights Council,” US ambassador Eileen Chamberlain Donahoe told reporters.

“It’s the first UN resolution that confirms that human rights in the Internet realm must be protected with the same commitment as in the real world.”

The text had the support of 85 co-sponsors, 30 of whom are members of the HRC, Donahoe added. The United States was among the text’s co-sponsors.

“This resolution is a welcome addition in the fight for the promotion and protection of human rights and fundamental freedoms online,” said US Secretary of State Hillary Clinton, in a statement issued in Washington.

“The free flow of news and information is under threat in countries around the world. We are witnessing an alarming surge in the number of cases involving government censorship and persecution of individuals for their actions online — sometimes for just a single tweet or text message,” Clinton added.

Of other states supporting the initiative, Tunisia’s ambassador Moncef Baati said it was particularly important for his country because of the role social networking websites played in ousting president Zine El Abidine Ben Ali in 2011.

“The most important result of the Tunisian revolution is this right to freedom of expression…(this) is very important at the moment (in Tunisia) and it is for this reason that there is a strong commitment in Tunisia to consolidate Internet rights,” he said.

“Our link with all media networks during the revolution doubles the importance of this commitment to freedom of expression on the Internet which remains a major tool for economic development.”

The independent Tunisian authority charged with reforming the media, the National Body for the Reform of Information and Communication (INRIC), announced on Wednesday that it had shut down after failing to achieve its objective, accusing the North African nation’s Islamist-dominated government of censorship.

Other countries that backed the resolution on the Promotion, Protection and Enjoyment of Human Rights on the Internet included Brazil, Nigeria, Sweden and Turkey.

source: interaksyon.com