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Kashmir sapphire fetches Rs 2.8 crore

A diamond-platinum ring with a Kashmir sapphire was sold for $527,500 at an auction.

Written by Agencies | New York | Published: May 16, 2012 5:04:49 pm

A diamond-platinum ring with a stunning 8.99 carat Kashmir sapphire sold for USD 527,500 (Rs 2.86 crore) at an auction here,more than double of its pre-sale estimate.

The identity of the buyer of the ring that had a pre-sale estimate of USD 250,000-350,000 was not immediately known.

The cushion-shaped sapphire measuring 13.66 x 12.41 x 6.27 mm and described by Heritage Auctions as a breathtaking stone with no evidence of heat treatment was the centrepiece of the recent USD 4.1 million Jewelry Signature sale.

“This amazing sapphire was certainly the highlight of the auction,” said Jill Burgum,director of Jewelry Auctions at Heritage.

“It more than doubled its pre-auction estimate and was the chief indicator of the fierce competition we saw on many coloured diamonds and gemstones in the auction.”

According to the auction house,the spirited bidding on the large Kashmir sapphire was closely matched by the impressive contest for a dramatic Colombian emerald,diamond,platinum Ring,which tripled its pre-auction estimate of USD 100,000 to finish the day at USD 302,500,while bidders also showed substantial interest in a 4.26 carat diamond,platinum ring,which realised USD 104,500 and in a 9.81 carat ruby,diamond,platinum ring,which flirted with a six-figure final price realised to finish the day at USD 98,500.

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