Chinese jewellery collectors in mainland China celebrate the festival a little differently compared to collectors in Hong Kong. “We find that the younger generations of Hong Kong customers view the festival less traditionally than their parents,” says Jonathan Abram, director at Ronald Abram. “They buy jewellery when it suits them and are not tied to a specific holiday or season. In contrast, our mainland Chinese customers still celebrate Chinese New Year with auspicious jewellery gifts, including the younger generation.”

In recent years, gemstones such as red corundums, aka rubies, and rubellites, have become more common at Chinese New Year auctions and collection debuts. A 50.24-carat pigeon blood ruby and diamond necklace was sold by Bonhams on November 26, 2022, for HK$9.8 million at the Hong Kong Jewels and Jadeite sale. But while rubies may be the most recognisable red stones today, and are revered as a sign of protection, love, wealth, and power, they were rarely used in traditional Chinese jewellery, as they were not easily available in the region. “In ancient times, when trade within the continent was limited, rubies were not well known among the Chinese,” says Young. “Red agate and chalcedony, found locally, were more acceptable [and common], while the rarer red corals found in the coastal regions were reserved only for kings and nobles.”

See also: Highlights From the Christie’s and Rosamund Kwan HK$100 Million Vintage Jewellery Auction

Austy Lee, owner and founder of the eponymous Hong Kong jewellery brand, honours the custom of using traditional materials for the new year through his creations. “I designed a new collection of reddish-orange coral for Chinese New Year. The Chinese believe that coral brings good luck and is a symbol of fertility because it comes from the sea, so these pieces are good for the festival and great for gifting purposes as well.”

While coral may have cultural significance, spinels and rubellites are proving to be contemporary alternatives that appeal to collectors. In June 2021, Bonhams sold
a rare spinel and diamond ring by Louis Vuitton for HK$3,377,500 at the Hong Kong Jewels and Jadeite Sale. “Historically, [spinels] were mistaken for rubies because some of them were set in royal crowns such as the British Imperial State Crown [where the Black Prince’s Ruby is found] and the Great Imperial Russian Crown [where Catherine the Great’s Ruby is found],” Young says. “Red spinels are known to be both larger and clearer than rubies, and somehow the fire in them is stronger than in a ruby, which makes them even more attractive to me.”

Abram confirms that the ruby-like stones are now in high demand and are a relatively affordable option. “These stones have a solid resale value and, if purchased with a knowledgeable advisor, can become an excellent investment option that stays within the family for many generations.” Lee adds, “People also buy rubellites instead of rubies. But even those are hard to find these days, especially if they [collectors] are looking for stones that are more than 20 carats.”

Yu, however, believes there is an even more alluring red gemstone: the mysterious alexandrite. “The basic colours of alexandrite are green and red: an emerald during the day and a ruby at night. In bright daylight, it appears to be a green hue [and changes] to a reddish purple [after sunset] in incandescent light.” he said.

But no matter how many lesser-known stones become popular, the lure of the ruby remains irresistible as the supply of rare, unheated pigeon blood Burmese and Mozambique rubies dwindles. “I have noticed that when Chinese collectors buy red gems, they are usually looking for unheated rubies of 20 to 40 carats or more, which are not available in local jewellery stores,” Lee says. “They are slowly becoming available only at auction houses. Now there are almost no mines producing these kinds of stones.”

For the past two years, Sotheby’s Hong Kong has planned auctions around Chinese New Year, and this year will be no different. In 2021, the auction house sold a red flower brooch which was considered auspicious for not just its colour, but also its intricate floral design. Other important lots included a ruby and diamond brooch by Cindy Chao and the ruby and diamond ring Fountain on Fire by Feng J. “In our Luxury Edit auction in January, we continue to offer exceptional rubies to meet the market demand for red gemstones, especially for collectors who want to start the New Year with something festively red,” Yu says. “People tend to be in a festive mood and want to collect something to commemorate all happy occasions. We therefore carefully curate a selection of jewellery to match the festive mood.”

NOW READ

Kate Middleton: Queen of Green Fashion Wears Rented Gown, Heirloom Choker to Earthshot Prize Ceremony

BTS, Blackpink and other K-pop stars love these Korean jewellery brands

Small talk with Christian Hemmerle