The closure is part of a global restructuring that also includes PGI winding down its operations in Japan, South Korea, and Hong Kong.
These Fancy Colored Diamond Hearts Could Sell for $18M Total
The two lots lead the Sotheby’s Hong Kong Magnificent Jewels auction July 10 as the house resumes live events in Asia.

Hong Kong—Sotheby’s will resume live auctions in Asia next month, starting with the sale of two big heart-shaped diamonds.
The auction house will present its Magnificent Jewels sale in Hong Kong July 10, featuring more than 200 lots.
Leading the sale is a pair of fancy vivid colored diamond rings in the shapes of hearts (to be sold as separate lots)—a 5.04-carat fancy vivid blue Type IIb diamond ring, estimated to garner between $7.7 million and $9.7 million, and a 4.49-carat fancy vivid pink internally flawless diamond, which could go for between $7.5 million and $8.8 million.
There will also be a few other heart shapes in the sale, including the pair of unmounted diamonds seen below. Both weigh 10.51 carats each, and the two are expected to sell for between $1.8 million and $2.1 million total.
Magnificent Jewels will also include pieces from iconic houses, like a pair of Colombian emerald and diamond earrings from Harry Winston that could sell for as much as $1.9 million, a famed “Zip” necklace from Van Cleef & Arpels that could go for up to $451,000, and an Art Deco brooch from Cartier’s famous Tutti Frutti series.
RELATED CONTENT: Cartier ‘Tutti Frutti’ Bracelet Sets Online Jewelry Auction RecordThere will also be a piece of royal jewelry.
The antique diamond bracelet seen below, signed by Garrard—the London jeweler to the British crown—was given to Princess Margaret, the Queen’s sister, on her 21st birthday. She was spotted wearing it in public numerous times.
Though the princess had some of her older jewels remounted into modern designs later in her life, she kept the bracelet, which also features enamel details, in its original antique setting.
It’s expected to sell for between $49,000 and $64,500 at the jewelry auction next month.
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