Sotherby: Great Prices for Colored Jewels

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Exceptional Platinum, Kashmir Sapphire and Diamond Ring sold for $5,093,000.

NEW YORK – A new world auction record price per carat for any sapphire was set at Sotheby’s New York, when an Exceptional Platinum, Kashmir Sapphire and Diamond Ring sold for $5,093,000, eclipsing its $5 million high estimate. Described by the American Gemological Laboratories (AGL) as “a gem of singular importance,” the square emerald-cut Kashmir sapphire weighing 28.18 carats is one of the finest sapphires ever to appear at auction. “With its exceptional quality and deep color, I knew as soon as I saw it that the stone had the potential to reach historic heights,” commented Gary Schuler, Head of Sotheby’s Jewelry Department in New York.

The Kashmir sapphire was among the highlights of a Magnificent Jewels auction that achieved a total $44,313,500. Great prices for colored jewels was the theme of the night as the beautifully shaped Magnificent Fancy Intense Orangy Pink Diamond and Diamond Ring brought $6,101,000, exceeding its low estimate, and The El Dorado Emerald, a highly important emerald-cut Colombian emerald weighing 36.53 carats, sold for $2,165,000, just below its presale high estimate.

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