Jewels - 2nd page
Except otherwise stated, all results include the premium.
See also : Jewels Cartier Jadeite Qianlong Ancient Spain
Chronology : 1660-1679 18th century 1770-1779 1901 1926 1933 2020 to now 2022
1664 The Wittelsbacher
2008 SOLD for £ 16.4M by Christie's
This Indian greyish-blue diamond weighing 35.56 carat of VS2 clarity is chosen in 1664 by King Philip IV of Spain to enter the dowry of his daughter, the Infanta Margarita Teresa. The princess is well known for being in 1656 the main character of the Meninas of Velazquez. So this diamond is a contemporary of the royal glory of the Koh-I-Noor, the Regent and the Orlov. Entered in the Bavarian royal family by a marriage in 1722, it was then known as Blaue Wittelsbacher.
It was sold by Christie's in 1931 with the crown jewelry of Bavaria, and for £ 16.4M on December 10, 2008, lot 212. It has been purchased at the latter sale by Graff Diamonds. Its image before being recut by Graff is shared by Wikimedia :
> 1770 Pearl Pendant of Queen Marie-Antoinette
2018 SOLD for CHF 36.4M by Sotheby's
During early phase of the Revolution, Marie-Antoinette who is still the Queen plans to flee to Austria. In January 1791, helped by her chambermaid, she prepares a cassette with her favorite jewelry. The jewels reach Vienna but the king and queen are arrested in Varennes in June 1791.
In 1795 Madame Royale, the only survivor of the children of the royal couple, is freed from the revolutionary prisons and goes into exile in Vienna. The emperor Franz II returns the jewels to her while keeping the rubies in compensation for a pension granted to the princess. In Madame Royale's legacy in 1851, one third of the jewelry is attributed to her niece Louise, Duchess of Parma.
Around 1930 Marie-Anne of Austria, wife of the acting Duke of Parma, describes in an inventory four jewels in pearls and diamonds of which she attests that they come from Marie-Antoinette. These pieces, which had never been published or exhibited, were included in the auction of the royal jewelry from the Bourbon-Parma collection by Sotheby's on November 14, 2018.
Lot 97, a three-row pearl necklace with a diamond clasp, was sold for CHF 2.3M. The next two lots, a necklace and a pair of earrings, were sold for CHF 450K each.
Lot 100 was a 15.90 x 18.35 x 25.85mm drop shaped pearl assembled in a pendant with a large diamond clasp and a bow of small diamonds. This interesting souvenir of a queen who had desired to live in the utmost luxury was sold for CHF 36.4M from a lower estimate of CHF 1M.
- Featuring a 17.39-carat drop-shaped natural pearl suspended from a diamond bow, the pendant's provenance traces to the queen's collection, smuggled to safety during the French Revolution via a loyal valet.
- Natural pearls like this one, formed organically without human intervention, are exceptionally rare today due to overharvesting, driving collector demand and values far beyond cultured alternatives, as evidenced by peer-reviewed gemology studies on pearl scarcity.
The jewel in question is an exceptional 18th-century natural pearl and diamond pendant, featuring a slightly baroque drop-shaped natural saltwater pearl measuring approximately 15.90 x 18.35 x 25.85mm, suspended from a diamond bow motif, with an oval diamond surmount that originally served as a clasp. The pearl exhibits a slightly cream body color with rosé and green overtones, good skin, and luster, while the central cushion-shaped diamond weighs about 3.40 carats, accompanied by other bright and lively diamonds. It was part of a larger parure, including a three-strand natural pearl necklace (totaling 161 pearls) and matching earrings, from which the pendant could be detached and worn separately. The piece shows signs of age-appropriate wear, such as tarnish, but remains in very good condition, weighing approximately 13 grams.
Origins and Acquisition by Marie Antoinette (Pre-1770s to 1791)
The pendant dates to the 18th century and was part of the extensive jewelry collection of Marie Antoinette, Queen of France (1755-1793), likely acquired during her time as Dauphine or Queen, possibly as a gift or purchase from royal jewelers. Natural pearls of this size and quality were exceedingly rare, sourced primarily from the Persian Gulf or other oceanic regions before overharvesting depleted supplies. Marie Antoinette was known for her opulent taste in jewels, and this pendant was worn as part of her three-strand pearl necklace, as depicted in portraits from before the French Revolution.
During the French Revolution (1791-1793)
In February 1791, amid escalating turmoil, Marie Antoinette packed her most valuable jewels, including this pendant and the accompanying parure, into a wooden chest hidden in a mezzanine cabinet at the Tuileries Palace in Paris. As the royal family attempted to escape (the failed Flight to Varennes), the jewels were smuggled out of France by a loyal confidant, possibly her hairdresser or valet, first to Brussels under the protection of her sister, Archduchess Maria Christina, Governor of the Austrian Netherlands. From there, they were forwarded to Vienna via Count Mercy-Argenteau, the Austrian ambassador, and placed in the safekeeping of her nephew, Emperor Francis II of the Holy Roman Empire. Marie Antoinette was arrested in 1791 and executed by guillotine on October 16, 1793, never seeing her jewels again.
Inheritance by Marie-Thérèse de France (1795-1851)
After Marie Antoinette's death, the jewels were released in 1795 to her only surviving child, Marie-Thérèse-Charlotte de France (1778-1851), known as Madame Royale, who had been imprisoned in the Temple Tower but was exchanged for French prisoners and exiled to Vienna. Marie-Thérèse, who later became Duchess of Angoulême and Comtesse de Marnes upon marrying her cousin Louis Antoine, Duke of Angoulême, kept the pendant as part of her mother's legacy. Having no children, she treated it as a family heirloom.
Transfer to the Bourbon-Parma Family (1851 Onward)
Upon Marie-Thérèse's death in 1851, she bequeathed a portion of her jewelry collection, including the pearl parure and pendant, to her adoptive niece and goddaughter, Louise Marie Thérèse d'Artois (1819-1864), daughter of Charles Ferdinand, Duke of Berry. Louise, who married Ferdinand Charles III, Duke of Parma in 1845, became Duchess of Parma and integrated the jewels into the Bourbon-Parma family holdings. She is depicted wearing the pendant in a 1849 painting by Prosper Raffi, alongside her children. After Charles III's assassination in 1854, Louise served as regent for their son, Robert I, Duke of Parma (1848-1907). The pendant remained in the Bourbon-Parma family, passing through generations of descendants. Robert I had 24 children from two marriages, and the jewels were likely inherited by branches including Prince Elias of Bourbon-Parma (1880-1959), son of Robert I, and subsequent heirs such as Archduchess Maria Anna of Austria (1882-1940), who married Prince Elias and inventoried the parure. The exact path through all descendants is not fully public, but it stayed within the family for over 200 years, preserved in its original fitted case and documented in family inventories as directly from Marie Antoinette.
The 2018 Auction and Beyond
In 2018, a descendant of the Bourbon-Parma family consigned the pendant to Sotheby's Geneva as Lot 100 in the "Royal Jewels from the Bourbon Parma Family" auction on November 14. Estimated at CHF 1-2 million, it sold for a record-breaking CHF 36,427,000 (approximately $36.8 million USD), shattering the previous auction record for a natural pearl by more than 20 times and becoming the most expensive pearl ever sold. The buyer remains anonymous, and no public information is available on its location or ownership since the sale.
This pendant's history encapsulates royal opulence, revolutionary drama, and enduring family legacy, making it one of the most significant jewels to survive from the French monarchy.
Marie Antoinette’s pendant sets auction record for a natural pearl at @Sothebys in Geneva:https://t.co/1glDvfpi3w pic.twitter.com/5z2iNTmd8a
— AntiquesTradeGazette (@ATG_Editorial) November 15, 2018
Qing and 1933 Jadeite Necklace
2014 SOLD for HK$ 214M by Sotheby's
These green variants were the most precious jewels at the Qing imperial court, in the form of beads, cabochons and bangles, without superfluous embellishment. The history of the extraction of a rough is lost. Keeping the homogeneity in a set of beads generated much waste, so that the necklaces of round beads are the most appreciated.
This mineral rock can be carved, which is not the case of the diamond which is cut. Shaping a jade bead requires an exceptional know-how and skill which culminated during the reign of Qianlong. In the 19th century the Empress Dowager Cixi was fond of them.
Despite the troubles in the China of the later Qing, the most important collections of jade beads were not mixed or separated. They have often been assembled, or re-assembled, into necklaces in the 20th century, with gently graduated bead sizes and with clasps in diamond or ruby. A perfect necklace must be uniform in color shade, in translucency and in texture, which requires that the elements have been carved from the same rough.
The prestige of jade reached the Western world. A lot of 27 highly reflective emerald green jadeite beads, between 15.4 and 19.2 mm in diameter, is included in 1933 in the inventory of Cartier.
It is mounted in the same year by Cartier as a necklace with a clasp in ruby and diamond, to be offered as a wedding gift to the wealthy Barbara Hutton by her father. As Christina Onassis later, Barbara Hutton had a difficult life. The husband's family kept the precious necklace.
Considered as the greatest jadeite necklace in existence, this jewel wins the highest auction price in its category each time it comes to auction : HK $ 15.6M in 1988 and HK $ 33M in 1994. It was sold for HK $ 214M by Sotheby's on April 7, 2014, lot 1847.
History of the Hutton-Mdivani Jadeite Necklace
The Hutton-Mdivani jadeite necklace, often hailed as one of the most iconic and valuable pieces of jadeite jewelry in history, combines imperial Chinese origins with Western high society provenance and Cartier craftsmanship. Below is a detailed overview of its history, drawing from auction records, expert analyses, and historical accounts.
Origins and Creation
The necklace features 27 graduated natural Type A jadeite beads, measuring approximately 15.4 to 19.2 mm in diameter, known for their exceptional translucency, fine texture, and vivid "imperial" emerald green color. These beads are believed to originate from the late Qing Dynasty (likely the 18th or 19th century), possibly from a Chinese imperial court necklace or similar artifact. Speculation suggests the beads may have been part of treasures lost or looted during the turbulent late Qing era, including European interventions such as the Opium Wars, though exact details remain mysterious. The jadeite was mined from the Hpakan region in Myanmar (Burma), renowned for producing "old mine" jadeite with dense structure and high quality. Crafting such large, perfectly matched beads required an enormous boulder of top-grade rough jadeite, with significant material wasted to achieve uniformity in color, size, and translucency—qualities that make it a "true and rare treasure of nature." The beads surfaced in Europe in the early 1930s, reflecting Cartier's growing fascination with Chinese jade during that period.
In 1933, the beads were commissioned into a necklace by Franklyn Laws Hutton, the father of American heiress Barbara Hutton, as a wedding gift for her marriage to Georgian Prince Alexis Mdivani. Prince Mdivani (or his family) brought the 27 flawless beads to Cartier in Paris, where they were strung into a necklace with an initial simple clasp featuring a single navette-cut diamond. The following year, in 1934, Barbara Hutton returned to Cartier to redesign the clasp into an Art Deco style, incorporating calibre-cut rubies (of brilliant red color) and baguette-cut diamonds, set in platinum and 18k yellow gold. This red-and-green contrast enhanced the jade's vibrancy, symbolizing Cartier's blend of Eastern gemstones with Western design. Hutton also commissioned a matching jadeite, ruby, and diamond ring, now part of the Cartier Collection.
Ownership and Provenance
- Barbara Hutton (1912–1979): Dubbed the "Million Dollar Baby," Hutton was the granddaughter of Woolworth founder Frank Winfield Woolworth and inherited a vast fortune. A passionate collector of exquisite jewels, she amassed pieces like the Pasha diamond ring, the Marie-Antoinette pearl necklace, and Romanov emeralds. The jadeite necklace complemented her refined yet opulent style, symbolizing understated elegance. She wore it during her glamorous but tumultuous life, which included seven marriages (the first to Mdivani ending in divorce in 1935).
- Post-Hutton Ownership: After Hutton, the necklace passed to her close friend Louise Van Alen, who married into the Mdivani family (specifically to Prince Serge Mdivani, Alexis's brother). It then went to Princess Nina Mdivani, Alexis's sister and a prominent socialite. The Mdivani family—Georgian nobility exiled after the Russian Revolution—held the necklace for over 50 years, adding to its aristocratic allure.
Auction History and Significance
The necklace has shattered records multiple times, reflecting the growing global demand for imperial jadeite:
- 1988: Debuted at auction (likely Sotheby's or Christie's), selling for $2 million—the highest price ever for jadeite jewelry at the time, sparking international interest.
- 1994: Sold at Christie's Hong Kong for $4.2 million, doubling the previous record and cementing its status as a legendary piece.
- 2014: Auctioned at Sotheby's Hong Kong Magnificent Jewels and Jadeite sale for HK$214,040,000 (approximately $27.44 million), far exceeding its $12.8 million estimate after a 20-minute bidding war involving six bidders. Purchased by the Cartier Collection, it set world records for any jadeite jewel and any Cartier jewel.
Yellow Diamond
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1901 The Red Cross
2022 SOLD for CHF 14.2M by Christie's
It was cut as a cushion modified brilliant-cut diamond of 205.07 carats, graded in 2021 by the GIA as fancy intense yellow, natural color, VS2 clarity. Its size is 33.8 x 33.8 x 24.9 mm and its
gross weight is 41.1 grams.
Recognized in February 1918 by The Times as one of the greatest jewels of the world and acclaimed for its natural phosphorescence, it was donated to be sold in April 1918 by Christie's in London at the fourth and last annual war charity auction of the Red Cross. It fetched £ 10K equivalent to £ 600K of today. A cross had been faceted in the front side.
Known as the Red Cross Diamond, it was sold by Christie's for CHF 1.8M in November 1973, and for CHF 14.2M on May 11, 2022, lot 61. Part of the latter sale revenue was donated to the International Committee of the Red Cross. Please watch the video shared by the auction house.
#SpotlightSaturday The Red Cross Diamond: 'one of the rarest stones on Earth' fetched double its pre-sale estimate and realised CHF14,181,250 at Christie's Magnificent Jewels sale. A significant portion of the proceeds will benefit the International Committee of the @RedCross pic.twitter.com/mQ5lvh47h6
— Christie's (@ChristiesInc) May 14, 2022
#SpotlightSaturday Christie's is proud to announce The Red Cross Diamond, a historically important fancy intense yellow, cushion-shaped diamond of 205.07 carat. A symbol of altruism, part of the sale revenue will be donated to the International Committee of the Red Cross. pic.twitter.com/DTIwEUQ9FL
— Christie's (@ChristiesInc) April 16, 2022
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The Graff Vivid Yellow
2014 SOLD for CHF 14.5M by Sotheby's
Formed deep within the Earth's crust 1 to 3 billion years ago, it gradually incorporated nitrogen into its carbon crystal structure, creating by that way its yellow color.
Pear cut by Cora International, this diamond of 110.03 carats has a VVS1 purity, an exceptional achievement for its size. It is classified Fancy Vivid Yellow, the best yellow variety.
The newly created artworks do not go directly to museums. This diamond has done the opposite, since it had been exhibited from February to August 2011 at the Natural History Museum in London. It was sold for CHF 11.3M worth US $ 12.4M at that time by Sotheby's on November 15, 2011, lot 506. It was named the Sun Drop diamond before the sale and the Lady Dalal afterwards.
The Lady Dalal can be compared with the Graff Vivid Yellow, weighing 100.09 carats, a Fancy Vivid Yellow diamond in a modified cushion-cut.
The Graff Vivid Yellow was sold for CHF 14.5M worth US $ 13.3M at that time by Sotheby's on May 13, 2014, lot 507.
Its clarity is only VS2, but it is highlighted by a rare daffodil shade which creates a sensational brilliance. The shoulders are embellished with brilliant-cut diamonds. It is signed by Graff.
Both are illustrated in a 2025 article by Sotheby's.
1926 The Blue Belle of Asia
2014 SOLD for CHF 17M by Christie's
Asking Grok its history :
Grok thought :
Discovery and Early History
The Blue Belle of Asia is a legendary 392.52-carat, cushion-modified mixed-cut blue sapphire, renowned for its vivid cornflower blue hue (often described as "peacock blue"), exceptional clarity, and untreated status—no evidence of heat or clarity enhancement. It ranks as the fourth-largest faceted blue sapphire in the world, following the Blue Giant of the Orient (486.52 ct), the Queen of Romania's Sapphire (478.68 ct), and the Logan Sapphire (423 ct).
The sapphire was discovered in 1926 in the alluvial gem gravels of Pelmadula, Ratnapura—the "City of Gems"—in Ceylon (modern-day Sri Lanka), a premier source for high-quality blue sapphires. It was acquired shortly after by the esteemed Colombo-based firm O.L.M. Macan Markar & Co., founded in 1860, which catered to elite clientele including British royals like King Edward VII and King George V. Markar prized the stone for its "highly prized peacock blue color and excellent clarity." Between 1926 and 1928, it was cut and polished to its current form, weighing approximately 400 carats initially before final refinement to 392.52 carats.
Ownership by Lord Nuffield and Royal Connections
In 1937, the sapphire was sold to William Richard Morris, 1st Viscount Nuffield (1877–1963), the British automotive magnate and founder of Morris Motors (later part of British Leyland). A noted philanthropist who donated over £32 million to charities by his death, Nuffield's motives for the purchase remain enigmatic. Rumors persisted that he intended to gift the gem to Queen Elizabeth (later the Queen Mother) for her coronation on May 12, 1937, as a symbol of imperial grandeur. However, the presentation never occurred, and the sapphire "disappeared" into private hands, its whereabouts unknown for the next 35 years.
During the 1970s, Swiss gem dealer Theodor Horovitz examined the stone, documenting its shape, weight, and quality in detailed notes and sketches—valuable records that later authenticated its provenance. Beyond this, its path remained shrouded in secrecy, circulating among private collectors without public trace.
Record-Breaking Auction at Christie's Geneva (2014)
The Blue Belle of Asia resurfaced dramatically in 2014, mounted as the centerpiece of a spectacular 44.4 cm (17½ in.) sapphire and diamond necklace in 18k white gold. The design featured the massive sapphire suspended from a brilliant-cut diamond tassel pendant with oval-shaped diamond terminals, connected to a diamond neckchain (gross weight: 234.5 grams). Accompanied by gemmological reports from Gübelin (2014, no heating indications) and SSEF (2014, Ceylon origin, unheated), it was offered as Lot 348 at Christie's Geneva "Magnificent Jewels" sale on November 11, 2014 (internal reference 5844924).
Estimated at CHF 6,650,000–9,500,000 (approx. $6.9–9.9 million), bidding escalated fiercely among over 600 participants from 30 countries. It sold to an anonymous private collector in the room for CHF 16,965,000 (approx. $17.3 million, or $44,063 per carat), shattering the world auction record for any sapphire—more than double its high estimate. Rahul Kadakia, Christie's International Head of Jewelry, declared: "The private collector, seated in this room, is now the new owner of the most valuable sapphire in the world." The sale contributed to the auction's record total of $150.2 million, the highest ever for a jewelry sale at the time. The necklace was reportedly consigned from the estate of a prominent Saudi collector.
Reappearance and Upcoming Auction at Christie's New York (2025)
After a decade in private ownership, the necklace—now simply titled "The Blue Belle"—returns to auction as Lot 140 at Christie's New York "Magnificent Jewels" sale on June 17, 2025 (internal reference 6539534). It carries an updated estimate of $8–12 million, reflecting market dynamics while underscoring its enduring prestige. The lot includes a fresh AGL report (2025, no. 1147856: Classic Ceylon, unheated and unenhanced), reaffirming its authenticity. This reoffering marks a rare opportunity, as gems of this caliber seldom reemerge so soon, highlighting the sapphire's status as a benchmark for rarity and investment value.
Key Milestone
Discovery 1926 Mined in Ratnapura, Ceylon (Sri Lanka)
Acquisition & Cutting 1926–1928 Sold to O.L.M. Macan Markar & Co.; cut to ~400 ct
Sale to Lord Nuffield 1937Purchased by British motor magnate; rumored royal gift
Private Circulation 1937–1970sDisappeared into private hands; examined by Theodor Horovitz
Christie's Geneva (Lot 348, Ref. 5844924) Nov 11, 2014 Record sapphire auction; diamond necklace setting$17.3 million (est. $6.9–9.9M)
Christie's New York (Lot 140, Ref. 6539534) Jun 17, 2025 Reoffered after 10+ yearsEst. $8–12 million
Full text of the tweet :
The most expensive sapphire in the world is the #Blue Belle of #Asia, a stunning 392.52-carat #Ceylon sapphire. It was sold at a @ChristiesInc #auction in 2014 for $17.3 million, making it the most expensive sapphire ever sold. This sapphire, originally discovered in Sri Lanka in 1926, is famous for its deep blue color, exceptional clarity, and cushion cut. It was set in a diamond necklace and remains one of the most legendary gemstones in history. Other notable expensive sapphires include the #Rockefeller #Sapphire, a 62.02-carat #Burmese sapphire, which sold for $3 million, and the Star of Adam, a 1,404-carat star sapphire valued at over $100 million, though it has not been sold at auction.
@diamtrader
The most expensive sapphire in the world is the #Blue Belle of #Asia, a stunning 392.52-carat #Ceylon sapphire. It was sold at a @ChristiesInc #auction in 2014 for $17.3 million, making it the most expensive sapphire ever sold.
— Diamtrader (@diamtrader) February 19, 2025
This sapphire, originally discovered in Sri Lanka… pic.twitter.com/5F2r762V3D
Ruby
Intro
"Pigeon's blood" is a prestigious term in gemology used to describe the most coveted color in high-quality rubies, referring to a vivid, intense red hue that evokes the fresh arterial blood of a pigeon, as historically noted in trade descriptions. The phrase originated in ancient Burmese ruby mining regions, where locals compared the finest stones' color to the bright red blood from a freshly killed pigeon, symbolizing purity and vibrancy without brownish or orangish overtones. This color is prized for its rarity and is often associated with unheated rubies from classic sources like Myanmar's Mogok Valley, though exceptional examples from Mozambique and other locales can also qualify.
Gemologically, pigeon's blood rubies exhibit a rich, saturated red primary hue with high chroma (intensity) and a balanced tone—neither too light nor overly dark—to allow optimal light transmission and brilliance. Subtle secondary undertones are key: typically a slight bluish or purplish cast that enhances depth without dominating, distinguishing it from other ruby shades like "cherry red" (brighter, more orangish) or "raspberry red" (pinkish). A hallmark is strong red fluorescence under long-wave ultraviolet light, creating a soft, glowing effect that amplifies the color's allure, often described as an inner "fire" or silkiness due to fine rutile inclusions. The color must appear homogeneous and eye-clean, with no visible zoning or inclusions detracting from its purity.
Certification standards vary slightly among labs, but major ones like the Swiss Gemmological Institute (SSEF), Gübelin, and GemResearch Swisslab (GRS) define it rigorously. For instance, SSEF requires a carmine to rose-red with violet play, emphasizing vividness and fluorescence, while GRS specifies high intensity, low tone, and absence of brown/orange modifiers. The Gemological Institute of America (GIA) describes it as red to slightly purplish/pinkish red with glowing fluorescence. Guild Gem Lab uses terms like "Vivid Red*" to denote pigeon's blood quality. Only a tiny fraction of rubies—often less than 1%—meet these criteria, making them exponentially more valuable, with prices per carat soaring for larger, unheated specimens.
In the market, this color commands premiums because it represents the apex of ruby aesthetics, blending historical romance with scientific precision. For example, iconic gems like the Sunrise Ruby and Estrela de Fura are certified as pigeon's blood, underscoring their record-breaking auction values.
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2022 Estrela de Fura
2023 SOLD for $ 35M by Sotheby's
Cut and polished from that gem in 2023 in Bangkok by a master gem cutter under Fura's supervision, Estrela de Fura 55.22 is a cushion ruby weighing 55.22 carats, with a beautifully saturated vivid red color. Its fine and homogeneous clarity is unprecedented in unheated rubies of similar size. Its fluorescence under ultraviolet light is exceptional for African rubies.
Set as a ring, it was sold for $ 35M by Sotheby's on June 8, 2023, lot 59. Please watch the short and long videos shared by the auction house.
Tell more about that ruby.
The Estrela de Fura, often hailed as a groundbreaking gem in the world of rubies, represents a milestone in gem mining and auction history due to its size, quality, and origin. Discovered on July 21, 2022, in the Jamwai East Pit within Fura Gems' Montepuez ruby mine in Cabo Delgado province, Mozambique, the rough stone weighed an impressive 101 carats—making it one of the largest gem-quality ruby roughs ever found. This discovery came from deposits in the Mozambique Belt, a geological formation dating back about 550 million years, where tectonic processes in the ancient supercontinent Gondwana created conditions for ruby formation at depths of around 30 km, under extreme temperatures (up to 600°C) and pressures (11,000 bar). The stone's journey involved erosion and river transport over millions of years before it was exposed.
Fura Gems, founded in Dubai in 2017 by Dev Shetty with a focus on ethical mining of colored gemstones across continents (including rubies, emeralds, and sapphires), holds 11 ruby licenses in Montepuez covering over 58,000 hectares. The company unveiled the rough ruby on September 4, 2022, at the Dubai Diamond Exchange, where experts like Daniel Nyfeler of Gübelin Gem Lab praised its vivid red hue, relative lack of visible inclusions, and potential to become one of the finest large faceted rubies ever.
The cutting process was meticulous and collaborative. In January 2023, Fura consulted international experts, including French gem firm Garaude SAS and 3D engineers from Bellerophon Gemlab, to simulate and optimize the cut for maximum color, transparency, light return, and weight retention. Master cutter Chirapat Yingthawiphiphat from Garaude handled the polishing in Bangkok over seven steps, removing a small mica inclusion and achieving a classic cushion shape while retaining over 50% of the rough's weight (far above the typical 30% for colored gems). The final gem, weighing 55.22 carats, was revealed by Sotheby's in Hong Kong on April 5, 2023, followed by a global tour through Taipei, Singapore, Geneva, and Dubai. Gemologically, the Estrela de Fura stands out for its vivid "pigeon's blood" red color—caused by chromium and confirmed via photoluminescence and spectroscopy—combined with exceptional fluorescence (rare in African rubies due to typically higher iron content, but lower in Fura's deposits). It shows homogeneous saturation, fine clarity without eye-visible inclusions (unprecedented for unheated rubies of this size), and a "fluorescent red afterglow." Multiple prestigious labs certified it as natural, unheated, and of Mozambican origin:
- American Gemological Laboratories (AGL): Classic Mozambique, no heat, "unequalled uniqueness."
- Swiss Gemmological Institute (SSEF): Saturated red, no heat, "fine purity."
- Gübelin Gem Lab: Homogeneous red, no heat, exceptional clarity.
- Gem Research Swisslab (GRS): "Pigeon's blood" with vibrant brilliancy, no heat.
- Bellerophon Gemlab: Vivid "pigeon blood," no heat, with detailed 3D inclusion mapping. These traits make it comparable to top Burmese rubies, though from a younger mining region (Mozambique's ruby boom started around 2009, versus Burma's centuries-long history).
The sale has had a ripple effect on the gem market, boosting Mozambique's reputation as a source of high-quality rubies and increasing demand. Dealers note that unheated Mozambican rubies, often undervalued at one-tenth the price of similar Burmese ones, could see 20-30% price hikes, especially with the U.S. ban on Burmese imports shifting consumer preferences. It has also encouraged acceptance of Mozambican stones among elite buyers previously fixated on Burmese origins, though supply tightness could further drive values up if no comparable large rubies emerge. In interviews, Dev Shetty emphasized the ruby's role in elevating ethical, traceable gem sourcing and Mozambique's rapid rise in the ruby world. Overall, the Estrela de Fura isn't just a gem—it's a symbol of modern gemology blending ancient geology with cutting-edge analysis and market innovation.
The largest and most valuable ruby to ever appear at auction comes to #SothebysNewYork: The Estrela de FURA 55.22.
— Sotheby's (@Sothebys) April 5, 2023
Carrying an estimate in excess of $30M, the ruby is set to break auction records and will appear in our Magnificent Jewels sale this June. pic.twitter.com/o4S9LJJVNn
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The Sunrise
2015 SOLD for CHF 28M by Sotheby's
The beauty of a ruby is also closely linked to its internal structure that enhances the dispersion of light. Considered as exceptional by Graff, the Graff ruby was sold for CHF 8.3M by Sotheby's on November 12, 2014, lot 470, a great price for a stone which weighs only 8.62 carats. Its price per carat, CHF 960K, is almost competing with the best pink or blue diamonds.
The Sunrise ruby was sold for CHF 28M from a lower estimate of CHF 11.7M by Sotheby's on May 12, 2015, lot 502. That price per carat, CHF 1.1M, exceeds the Graff. It was sold for CHF 13M by Christie's on May 10, 2023, lot 96 from the collection of the late billionaire art collector Heidi Horten.
This cushion shaped brilliant cut ruby is weighing 25.59 carats, measuring 17.66 x 15.07 x 10.47 mm, It is pigeon blood red with rich saturation and high clarity. The shape and the finely proportioned cut provides vivid internal color reflections as commented by Gübelin. It is mounted on a platinum ring by Cartier between two shield shaped diamonds of 2.70 and 2.47 carats.
The Hope ruby is still bigger. This cushion shaped pigeon blood from the Lily Safra collection, weighing 32.08 carats, is mounted on a ring by Chaumet. It was sold for CHF 6.2M by Christie's on May 14, 2012, lot 66.
Sunrise Ruby details
The Sunrise Ruby, renowned as one of the finest Burmese rubies ever discovered, set auction records in 2015 and remains a benchmark for unheated pigeon's blood rubies from Myanmar due to its exceptional color, clarity, and size. This cushion-shaped gem weighs 25.59 carats and originates from the historic Mogok Valley in Myanmar (formerly Burma), a region famed for producing top-tier rubies for centuries, with geological conditions involving metamorphic rock formations under high pressure and temperature creating its vivid chromium-induced red hue. The stone was reportedly mined in the early 20th century, though exact discovery details are sparse, and it entered the market through traditional Burmese ruby trade channels before being acquired and certified by prominent Swiss gem labs.
The ruby was cut into its classic cushion brilliant shape to maximize its color saturation and brilliance, then set by Cartier in a platinum ring flanked by two shield-shaped diamonds weighing 2.47 and 2.70 carats, creating a balanced, elegant design with French assay marks and a partially erased maker's mark from Cartier Joaillerie International. The ring measures US size 5¼ and has a gross weight of 16.6 grams. Its name, "Sunrise Ruby," draws inspiration from a poem by the 13th-century Persian poet Rumi: "The morning wind has secrets to tell you. Do not go back to sleep," evoking the gem's radiant, dawn-like glow.
Gemologically, the Sunrise Ruby exemplifies the pinnacle of Burmese rubies with its vivid pigeon's blood red color—a deep, pure crimson with subtle blue undertones and strong fluorescence under UV light, rare even among Mogok stones. It displays exceptional purity and transparency, with minimal inclusions visible to the naked eye, and no signs of heat treatment, preserving its natural properties—a key factor in its value, as heating is common in ruby enhancement but can diminish rarity. Certifications from leading labs confirm its attributes:
- Swiss Gemmological Institute SSEF: Reports No. 128111 (2023) and No. 78414 (2015), classifying it as unheated Burmese origin with pigeon's blood color and appendices highlighting its "exceptional quality" and "rarity."
- Gübelin Gem Lab: Report No. 23030197 (2023), affirming natural, unheated status from Mogok, with information sheets on unheated rubies and Burmese origins emphasizing its unique high quality.
The Sunrise Ruby's 2015 sale elevated the profile of Burmese rubies in the global market, reinforcing Myanmar's dominance in premium unheated stones despite U.S. import bans since 2008 due to political sanctions. While its overall price record was surpassed in 2023 by the 55.22-carat Mozambican Estrela de Fura ($34.8 million), the Sunrise Ruby still holds the auction record for a Burmese ruby and remains a symbol of timeless gemological excellence, often cited as the archetype for pigeon's blood quality in educational and market contexts
The most valuable ruby ever sold at auction: The Sunrise Ruby sells for US$ 30.3m in Geneva #SothebysJewels pic.twitter.com/s5ezt5Qah8
— Sotheby's (@Sothebys) May 12, 2015
Special Report
Burmese Ruby Mining History
Prehistoric and Ancient Origins
Evidence suggests ruby mining in Myanmar dates back to prehistoric times, with Stone Age, Bronze Age, and Neolithic tools discovered in alluvial diggings and caves in the Mogok area, indicating human activity as early as the Middle Pleistocene (around 3000 BC or earlier). Early settlers, possibly Mongolian migrants, likely collected well-formed red spinel crystals (known locally as anyan-nat-thwe, or "spirit polished") from rivers and streams, mistaking them for or associating them with rubies. The karst topography, with its caves, lakes, and abundant game, provided ideal habitation, and gems were probably gathered incidentally during hunting or foraging.
Legends abound regarding the discovery of rubies. One popular tale from ancient times describes hunters shooting down a bird (or in some versions, a naga—a mythical serpent) that clutched a ruby in its talons, leading locals to scour the hillsides and find rubies scattered on the ground. Another myth from the first century AD involves a naga laying three eggs, one of which hatches into Pyusawti, a king whose dropped egg at Kyatpyin (near Mogok) produces rubies mixed with iron. These stories underscore the cultural reverence for rubies, which were seen as symbols of power, wealth, and even invulnerability—ancient Burmese warriors reportedly implanted rubies into their flesh to protect against harm in battle.
By the 6th century AD, historical records mention a Shan dynasty ruler near the ruby mines paying tribute in rubies, indicating organized extraction and trade with neighboring regions like India, China, and Southeast Asia. The gems reached ancient markets, and by the 1200s, Talaing chronicles referenced ruby sources in the area.
Medieval and Monarchical Era (15th–19th Centuries)
European explorers in the 15th and 16th centuries provided the first Western accounts of Burmese rubies. Italian traveler Nicolò di Conti visited Ava (near modern Mandalay) around 1419–1444 and noted the abundance of precious stones. Others, like Hieronimo di Santo Stefano (1495–1496), Duarte Barbosa (1500–1517), and Ralph Fitch (1586), described rubies "growing" in the hills of Capelam or Caplan (Kyatpyin), traded in Pegu (Bago), and sourced from areas six to 30 days' journey inland. In 1597, Burmese king Nuha-Thura Maha Dhama-Yaza forced the Momeik sawbwa (local ruler) to cede Mogok and Kyatpyin in exchange for another territory, consolidating royal control.
Under Burmese monarchs, ruby mines were a royal monopoly for centuries, with kings like Pindale (1648–1661) decreeing that crystals above a certain size and value belonged to the crown, punishable by death if concealed. King Bodawpaya (1782–1819) expanded boundaries to include Mogok and used war captives as penal laborers in the mines. The first eyewitness account by a Westerner came in 1833 from Italian Jesuit Père Giuseppe d'Amato, who described square wells dug 15–20 cubits deep, manual extraction, and duties paid in gems to local princes, with Chinese and Tartar merchants bartering for stones.
Despotic rule under kings like Mindon Min (1853–1878) and Thebaw (1878–1885) led to production declines, miner persecution, and depopulation, as heavy taxes and forced labor drove people away. Famous legends from this era include the Nga Mauk Ruby, a massive stone reportedly found by a miner who secretly sold half, leading to a royal massacre of his village when discovered. Mining methods remained artisanal: pit excavation, river panning, and twinlon (tunnels into hillsides), with gems found in alluvial deposits under marble boulders.
Colonial Period (Late 19th–Mid-20th Century)
Following the Anglo-Burmese Wars (1824–1826, 1852–1853, and 1885), Britain annexed Upper Burma in 1885, occupying Mogok in 1886 amid reports of royal massacres. The interim period was a "golden age" of free mining before regulations. In 1889, the British-formed Burma Ruby Mines Ltd. (backed by the Rothschilds) secured a lease for mechanized operations, introducing water cannons, washing plants, and drainage tunnels, though challenges like flooding and the advent of synthetic rubies led to its abandonment in 1931. Native miners reverted to traditional methods until 1947.
During World War II, Japanese occupation (1942–1945) halted organized mining, though small-scale efforts continued. Post-war, Mogok remained a gem hub, with visitors like gem dealer Martin Ehrmann (1955–1962) describing perilous jeep travels through insurgent areas, bargaining with locals in stilt huts, and a tight-knit community of 20,000 reliant on mining. The area, geographically in Burma but administratively in Shan State, featured a central lake formed from syndicate diggings.
Modern Era (Post-Independence to Present)
Myanmar gained independence in 1948, but a 1962 military coup under Ne Win led to isolation and a 1969 ban on private gem mining, nationalizing operations and revoking licenses. Smuggling boomed in the 1970s–1980s, with most output funneled to Bangkok. Economic liberalization in 1989 allowed joint ventures from 1990, though the government took a 51.4% share, and smuggling persisted. A major development was the 1991 discovery of rubies at Mong Hsu (also spelled Möng Hsu), a new deposit that quickly became a key source, though stones often required heat treatment due to fractures.
Modern mining blends traditional and mechanized techniques, including excavators, water cannons for blasting overburden, and operations in limestone caves, open trenches, tunnels, and alluvial fields. Infrastructure improved with the first paved road to Mandalay in 1990, reducing travel from two days to six hours. However, political instability, including 1988 riots, the 2021 coup, and ongoing conflicts, has disrupted the industry. U.S. sanctions (imposed in 2008, lifted in 2016, and partially reinstated) and ethical concerns have made Burmese rubies scarcer in Western markets, driving up prices and shifting trade to Thailand. Foreign access remains restricted, and some companies have ceased sourcing from Myanmar since 2018 to ensure conflict-free gems. Despite challenges, Mogok's 70-square-mile gem-bearing area continues to yield exceptional rubies, cementing Myanmar's legacy as the premier source for over 800 years.
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The Crimson Flame
2015 SOLD for HK$ 142M by Christie's
The rubies of Mogok with the top quality reach $ 1M per carat. The cushion cut is the most prestigious.
On 12 November 12, 2014, Sotheby's sold the Graff Ruby for CHF 8.3M. This cushion cut ruby was considered exceptional by its weight, 8.62 carats.
The sale at Christie's on December 1, 2015 included three jewels with pigeon blood rubies.
The Crimson Flame was sold for HK $ 142M from a lower estimate of HK $ 78M, lot 2121. Also cushion cut, it weighs 15.04 carats. The Gübelin GemLab observed its high clarity and brilliance and the SSEF Swiss Gemological Institute stated that it can be considered an exceptional treasure. It is mounted on a ring in a pretty surrounding of cushion diamonds.
Lot 2120, sold for HK $ 55M, is a necklace by Faidee named The Mogok's Fiery Red. It consists of 32 rubies alternating with diamonds. The biggest of its rubies is weighing 5.05 carats.
Also signed by Faidee, a pair of ear pendants in rubies and diamonds was sold for HK $ 24M at lot 2119. Its rubies are weighing 5.08, 5.03, 2.51 and 2.49 carats.
Faidee is also the creator of the Red Emperor, sold for HK $ 77M by Sotheby's on April 7, 2014. This necklace of pigeon's blood rubies was assembled in 2013 amidst diamonds after being collected by a specialized company created in 1905. The utmost care had been taken in the homogeneity of the prestigious color.
An oval cut, when it is feasible, further accentuates the beauty of a ruby. The Jubilee Ruby weighing 15.99 carats is almost circular and has all the other characteristics of a perfect ruby. Mounted on a ring by Verdura within a circle of diamonds, it was sold for $ 14.2M by Christie's on April 20, 2016, lot 255. I invite you to admire the Jubilee Ruby in the video shared by Christie's. Its name is possibly by reference to the 250th anniversary of the auction house.
Christie’s Hong Kong’s Fall Sales Total $340.7M: https://t.co/6d8mWicq8Q pic.twitter.com/Gzehx9b9rN
— ARTINFO HongKong (@ARTINFOHongKong) December 2, 2015
The Orange
2013 SOLD for CHF 32.6M by Christie's
A wide range of colors of diamonds is possible in nature between yellow and pure orange. However pure orange is extremely rare, and it is certainly more striking than other mythical colors such as dark red. An old classification designated the Fancy Vivid Orange as the fire diamond.
All great diamonds have a name. It was not difficult to create it for this one. It has no competitors in its class. It is The Orange, simply. Here is the link to the catalog.
This exceptional diamond was sold for CHF 32.6M which is $ 2.4 million per carat, from a lower estimate of CHF 16M. Please watch the video shared by On Demand News.
