Forevermark partners Chow Tai Fook to launch HK$60m diamond

Hong Kong - Forevermark has partnered with Chow Tai Fook to launch a signature Forevermark diamond called the "Glory Star", valued at over HK$60 million, that carries a unique identification number - the starting date of the Beijing Olympic Games.

To generate the buzz on the 27.16-carat, pear-shaped diamond, Forevermark and Chow Tai Fook have organised a media event with a diamond show featuring top model Lisa Selesner at The Peninsula Hotel. PR for the event was handled by Ketchum. There will also be a "by invitation only" gala for the jewellers' exclusive guests this evening.

Kent Wong, director for Chow Tai Fook Jewellery said, "We are extremely honoured that Forevermark has selected a special identification number (20080808) for the unique and beautiful diamond - Glory Star - to mark and celebrate this unique and shining moment in China's history".

A private auction will be held for the sale of Glory Star. Wong said part of the proceeds will be used to promote sports development in China.

Demand for diamonds has been steadily increasing, with 30% year-on-year growth for 3 carats and above. For Chow Tai Fook, the focus is definitely on Mainland China. Wong said there are already 800 branches of Chow Tai Fook across the country, and the company aims to have 1,000 branches by 2010. He predicts a slowdown in sales in the third quarter due to the Olympics and the stock market, but thinks it will pick up in the last quarter of 2008.