The gem, known as the Regent Kashmir, fetched HKD 74.7 million (USD 9.6 million), achieving a record-breaking price of USD 271,515 per carat. This sale eclipses all previous per-carat auction records for sapphires.

Set in a platinum ring and flanked by round diamonds, the antique cushion-shaped, unheated royal blue sapphire has a prestigious history. It previously held the per-carat price record when it sold for USD 7.4 million (USD 209,689 per carat) at Christie’s Geneva in 2015. Later that year, the record was surpassed by the 27.6-carat Jewel of Kashmir, which commanded USD 243,703 per carat at Sotheby’s Hong Kong.

Now, a decade later, the Regent Kashmir reclaims its title, reaffirming the market's enduring appetite for exceptional unheated sapphires from the storied Kashmir mines. The stone sold above its low estimate of HKD 65 million (USD 8.3 million), though it did not reach its high estimate of HKD 95 million (USD 12.1 million).

The sale underscores the ongoing strength of the coloured gemstone market, particularly for rare, untreated Kashmir sapphires, which remain among the most coveted in the world for their vivid hue and scarcity.