The top lot of the night was a 10.94-carat natural fancy yellow diamond ring, which sold for $225,700. Photos courtesy Sotheby’s Australia.

Emerald and diamond Van Cleef & Arpels earrings sold for $42,700 — more than double the $20,000 Sotheby’s Australia had estimated.

BY KAREN AANONSEN

The August 31 Important Jewels auction at Sotheby’s Australia did more than unite jaw-dropping baubles with happy buyers. It demonstrated that jewelry sales are on an upswing Down Under. With 246 lots for the offering, the Sydney sale brought in $1.84 million, the highest total for a jewels auction for Sotheby’s Australia and the Australian market since June 2011. “There is renewed vigor in the acquisition of significant gemstones and designer pieces,” notes Geoffrey Smith, Chairman of Sotheby’s Australia. “Investors commented that, with the recent stock market turmoil and the weakening of the Chinese economy, they are looking to diversify into diamonds and quality jewels.” There will be even more glittering pieces to diversify with at the next Sotheby’s Australia Important Jewels sale on December 8.

—September 2015