Sapphires Shine in Geneva
Geneva was the location for this years May Magnificent Jewels auctions, with sapphires steeling the show and exceeding top estimates.
With a 55.19 carat, blue colour (medium-strong to strong saturation) Kashmir sapphire, the biggest ever to be auctioned, exceeding its top estimate of $2.8 million and achieving an astounding $3.529m at Sotheby's. Head of Magnificent Jewels Sales at Sotheby’s Geneva, Benoit Repellin, said “Kashmir sapphires are among the rarest coloured gemstones known to man. These gems have over the years acquired an almost legendary status.”
Whilst Kashmir sapphires are far rarer than those from Ceylon, both shone at Christie’s and Sotheby’s with all lots exceeding their top estimates.
What Makes Kashmir Sapphires So Rare?
True Kashmir sapphires are extremely rare due to the short period of time they were mined from the original deposit, known as the “Old Mine”. They have a blue colour that is deeply saturated and bright, with a velvety transparency, caused by tiny inclusions scattering light within the stone. Alas few sapphires originating from later mines compare to the quality of the "Old Mine" sapphires.
The best quality sapphires possess a vivid, fully saturated blue colour and the most coveted is known as “royal blue.”
Nowadays, very few truly high-quality Kashmir gemstones are available on the market. It is the uniqueness of their appearance combined with their rarity which make Kashmir sapphires so highly desirable.
The famous ‘Jewel of Kashmir’, a 27.68 carat sapphire was sold at auction in 2015 at Sotheby’s in Hong Kong for a record per carat price of US$242,145.
Resurgence in Sales of Coloured Diamonds
After a period of uncertainty as a result of the global pandemic, Christie’s Magnificent Jewels auction, held on the 13th April in New York, was the setting for what is hopefully a resurgence in the sale of fancy coloured diamonds.
Christies reported global participation with bidders hailing from 40 countries across 5 continents. Leading the auction was a trio of fancy coloured diamonds, described as the “Perfect Palette.” The pink, orange and blue diamond rings were sold separately but altogether achieved a total of $8.4 million, surpassing the top estimate.
The 2.17 carat Fancy Vivid Purplish Pink, cut cornered square, had a top estimate for $2.5 million and sold for an incredible $3,510,000. The arguably rarer, 2.13 carat Fancy Vivid Blue cut-cornered rectangular diamond, sold just shy of its top estimate at $2,670,000 and the 2.34 carat Fancy Vivid Orange cut-cornered rectangular diamond, sold for $2,190,000.
“Coloured diamonds are exceptionally rare and with the relatively recent closure of the Argyle Mine, which was the source of approximately 90% of the worlds pink diamonds, it is no surprise that the purplish pink sold above the price of the blue diamond, despite being less rare,” said Philip Baldwin, Managing Director and Co-Founder of Amma Group.
“Fancy Coloured Diamonds are unlike almost any other luxury investment, purely because they are a finite commodity. Much like a Renoir or a Picasso, their scarcity and rarity is driven by the inability to produce anymore. This differs greatly from other man-made luxury items whose scarcity is as result of a business decision”, said Mahyar Makhzani, Managing Director and Co-Founder of Amma Group.
Achieving uncorrelated returns in a unique asset class, Amma Group is a fancy coloured diamond and precious stone fund manager.
Rare Fancy Purplish-Red Diamond Sells Above Estimate
A 1.05 carat fancy purplish-red cut-cornered rectangular shaped diamond sold at Christies Geneva yesterday, the 10th November for $2.74 million, almost a million above its high estimate of $1.85 million. The stone with VS2 clarity, was mounted on a simple platinum and gold Graff ring and was flanked by 2 heart shaped white diamonds.
Also selling at the auction was a 3.96 carat fancy deep blue pear-shaped diamond ring which went within estimate, for $1.73 million; and a 16.45 carat Kashmir sapphire which sold for $789,570, almost one hundred thousand dollars above its top estimate.
The on-going results of auctions that have taken place during the pandemic, continue to prove that the rarest of rare are a commodity which holds its own, during economic downturn.
Highly Anticipated Magnificent Jewels Hong Kong Auction
On October 7th, the much anticipated Magnificent Jewels auction in Hong Kong will present some of the finest of natures gifts. Rare and exquisite treasures whose journey from mine to final design has taken enormous skill, artistry and unparalleled passion.
Featuring amongst other pieces, a very rare 6.41 carat Pigeon Blood, cushion cut, Burmese ruby ring with a reserve of between $2 to $2.8 million USD and showing no gemmological evidence of heat or clarity enhancement. The stone is also accompanied by AGL Jewelfolio™ stating 'Its size, provenance and outstanding quality signify a gem ruby of unique rarity and beauty... This ruby has received one of the highest colour grade determined by AGL: 2.5... Burmese rubies of this shade and appearance are typically described as having a Pigeon Blood colour '.
The auction also showcases a number of fancy coloured diamonds including a 4.84 carat Fancy Vivid Blue, Internally Flawless, pear shape ring with a reserve of $7 to $8.3m USD.
Internally Flawless 7.16 ct Fancy Intense Blue Diamond Sells For Over $3.8m
Christie’s New York, Magnificent Jewels auction on July 29, saw two impressive fancy coloured diamonds centre stage including an internally flawless 7.16 carat fancy intense blue pear modified brilliant-cut diamond ring, which sold for $3,855,000, and a 7.65 carat VS2 fancy light purplish pink pear modified brilliant-cut diamond ring, which after some spirited bidding sold for $819,000, well above its high estimate.
Several other gemstones achieved notable prices, including a sapphire ring of 53.48 carats, which sold for $615,000 and a sapphire and diamond necklace that sold for $325,000.