A rare 5.16-carat blue diamond sold at auction for $6.4 million in Hong Kong on Wednesday, confirming Asia’s fast-growing taste for the precious stone.

London’s famed Moussaieff Jewellers paid more than the $5.9 million expected price tag for the pear-shaped stone, the first blue diamond from the celebrated De Beers Millennium Jewels Collection to appear at auction.

The De Beers Millennium Collection, displayed in London’s Millennium Dome in 2000, comprised 12 rare gems and took decades to assemble.

“It’s a bargain and I got it at this price because everyone was asleep,” Moussaieff said in an interview.

Her London-based boutique will change the gem’s mounting and offer the stone “to discerning clients, possibly in Asia,” she said.

The design-led, all suite heritage hotel that occupies the upper floors of Hullett House offers guests a refined and elegant experience that is reminiscent of Hong Kong’s vibrant past.

Hullett House is conveniently located on Canton Road in Tsim Sha Tsui, in a magnificent white-stucco colonial building dating from 1881.

The hotel provides a collection of bespoke, individually hand-crafted suites that join the property’s five popular dining and entertainment venues in this elegant celebration of old Hong Kong.

The suites, which range in size from 800 to 1,100 square feet, feature spacious private terraced balconies and breathtaking views of Hong Kong’s famous skyline, with sweeping lawns and gardens below.

In a bold recognition of the world’s fastest-growing auction market, Sotheby’s recently hoisted China‘s flag at the most conspicuous spot outside its New York headquarters.

The flag now flies between those of the US, UK, France, and Switzerland, where the auction house has established its core client base.

“We proposed it. To my great surprise, not only was the Chinese flag hoisted, it was hoisted in the middle,” Kevin Ching, chief executive officer of Sotheby’s in Asia, told AFP.

Hong Kong has become the world’s third largest auction hub after New York and London, thanks to the rising political and economic prowess of China.

CNN posted an interesting video today about the growing number of mainland Chinese shoppers flocking to Hong Kong to buy luxury goods, much to the enjoyment of Hong Kong retailers and international luxury brands alike.

Pernod Ricard has opened the first Martell Experience Boutique at Hong Kong International airport (HKIA) terminal one’s arrivals area.

The Martell Experience Boutique is one of only two places in the world to obtain a bottle of L’Or de Jean Martell, according to Jean-Etienne Gourgues.

Customers who buy a bottle of L’Or de Jean Martell is entitled to a personal engraving on the decanter with the recipient name or message of their choice.

Prices for antiques in China have risen sharply over the past five years and now galleries all over the world over are waiting for the nation’s cashed-up collectors to spread the wealth overseas.

Speaking on the sidelines of the Netherlands’ Tefaf Maastricht, New York gallery director James Hennessy said that internationally things were looking up in the antique market, but all eyes were on China.

“Business is better than last year,” Hennessy told the Bloomberg news agency.

“The market for Chinese art expands with the Chinese economy. There are thousands of collectors in mainland China who are seeking out works in the West.