Rubies, spinels, and alexandrites have raked in millions. The crown jewel of the season was a 10.33-carat Burmese ruby and diamond ring at Sotheby’s, which hammered for an astounding $5.5 million. Burmese rubies, sourced from the famed Mogok Valley in Myanmar (formerly Burma), are celebrated for their rarity and exceptional colour. The most prized examples, like this one, exhibit a hue often referred to as “Pigeon’s Blood” with strong fluorescence due to high chromium concentration. Adding to its allure, the cushion-cut gem is unheated, a characteristic that significantly boosts its value. Accompanied by extensive documentation from SSEF, Gübelin, and two GIA reports, this ruby’s scarcity is heightened by the ongoing political and economic challenges affecting mining in Myanmar.
Close behind was a 16.53-carat alexandrite ring, also at Sotheby’s, which set a new world record price for the stone at $1.9 million. Alexandrites are renowned for their chameleon-like ability to change colour under different lighting, shifting from purple to purplish-red to bluish-green. This Brazilian alexandrite is particularly exceptional due to its high transparency and lack of treatment, further enhancing its natural colour-shifting brilliance. With the price of alexandrites steadily rising over the past decade, this record-setting sale underscores the growing demand for these rare gems, especially in larger carat sizes typically found only on the secondary market.
Over at Christie’s, Harry Winston dazzled bidders with a remarkable pair of spinel and diamond earrings. The Tanzanian spinels, weighing 22.42 and 21.87 carats respectively, are unheated and untreated, making them a rarity in the gemstone market. Set in platinum and 18-karat yellow gold, the earrings’ near-matching quality added to their appeal. While Burmese spinels continue to dominate the category, the size and quality of these Tanzanian stones, coupled with the Harry Winston name, drove their final sale price to $2,228,000.
Another standout at Christie’s was a stunning Cartier brooch from 1914, which surpassed its top estimate of $150,000 to sell for $1,381,000. The platinum brooch, adorned with a natural pearl, briolette-cut pink tourmaline, carved ruby, carved onyx, and old and single-cut diamonds, came from the collection of the late interior designer and philanthropist Mica Ertegun. The piece’s provenance and intricate craftsmanship made it a highly coveted lot. Additionally, Ertegun’s collection featured several sought-after Belperron pieces, further elevating the auction’s appeal.
For those eyeing Phillips’ upcoming New York Jewels auction, these results set the stage for an exciting event. Among the highlights is an unmounted, no-heat Kashmir sapphire, estimated between $150,000 and $300,000, which is sure to catch the attention of bidders seeking exceptional blue gemstones.
As the season unfolds, these record-breaking sales are a testament to the enduring allure and investment value of rare and exquisite gemstones.