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English/Nat The volatile economy in Hong Kong has not deterred buyers from splashing out huge sums at an auction of fine jewellery. Items worth over one (m) million U-S dollars came under the gavel on Tuesday. The highlight of the sale was a 22 carat diamond. The top lot at Christie's 'Magnificent Jewellery auction'. This exquisite circular-cut, flawless, diamond caught many an eye. After fierce bidding by phone and by those present it sold for more than 1.6 (m) million U-S dollars. Buyers were snapping up necklaces, earrings and watches - much to the suprise of the auction house. Christie's International Jewellery Director was apprehensive about sales in Hong Kong after the recent fluctuations in the stock market. His fears were put to rest once the auction began. SOUNDBITE (English) \"The mood is excellent, in fact I must tell you I came here with a little bit of apprehension, but this apprehension was dissipated the minute I walked into the rostrum and started conducting the sale. There are bids coming not only from Europe and America, but many cities in Asia, which is quite reassuring.\" SUPER CAPTION: Francois Curiel, International Jewellery Director, Christie's This eight carat ruby ring sold for nearly 200-thousand U-S dollars. Bids were phoned in from around the world. Although the value of jewellery appreciates through time, Curiel says that jewellery buyers are not buying the gems as an investment. SOUNDBITE (English): \"Stocks and bonds are an investment, where jewellery doesn't produce any returns. It just produces pleasure and jewellery must be bought for love or to give to someone one really likes. But not as an investment. If one was to make money with jewellery, one should become a dealer, but that should be left to people in the trade.\" SUPER CAPTION: Francois Curiel, International Jewellery Director, Christie's Also being put up for auction are paintings, ceramics plates and jade jewellery. This jadeite necklace, which will be put up for sale on Thursday is the auction's top-priced lot valued at nearly four (m) million U-S dollars. This jade necklace, comprises of 27 flawless beads. A diamond clasp is set to be the centre of another fierce bidding battle. Christie's four-day auction ends on Thursday. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/90032fe4c5724f85bb09ab92a754f642 Find out more about AP Archive: http://www.aparchive.com/HowWeWork