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Thursday, April 21, 2016

16-Carat Burmese Ruby Earns $14.1 Million, Most Expensive Colored Gem Sold At Auction In U.S.

The "Jubilee Ruby"

A 15.99-carat Burmese ruby, known as the “Jubilee Ruby,” fetched more than $14.1 million at Christie’s New York Magnificent Jewels sale Wednesday. 

The price for the gem—set in an 18k gold ring within a circular-cut diamond and polished gold surround designed by Verdura—includes auction commission and other fees. The hammer price was $12.5 million, on the low end of its $12 to $15 million estimate.

Bidding for the gem began at $10 million and those inside the mostly filled saleroom turned quiet while Rahul Kadakia, Christie’s International head of Jewelry, coaxed a few phone bidders past the low estimate.

Kadakia said recently that top quality Burmese rubies of more than 15 carats “are an absolute rarity in the world of colored gemstone.”

The statement ruby was the last of 255 lots that took in more than $57 million and was one of nine lots that fetched more than $1 million. 

Christie's saleroom during Wednesday's auction. Photo by Anthony DeMarco
The statement ruby was the last of 255 lots that took in more than $57 million and was one of nine lots that fetched more than $1 million. All of the lots were diamonds. Among the others big-ticket items were:

* A 10.07-carat cushion modified brilliant-cut fancy intense purple-pink diamond flanked on either side by a triangular-shaped diamond mounted in platinum and gold ring that sold for $8.8 million, within its estimate.

* A 40.43-carat round brilliant-cut D color Flawless diamond with “excellent cut, polish and symmetry” that sold for $7 million, just below its estimate. 

* A 54.62-carat round-cornered rectangular modified brilliant-cut fancy vivid yellow diamond mounted in 18k gold ring that sold for more than $2.4 million, just below the high estimate.

* 14.11-carat round brilliant-cut D color, Flawless clarity diamond mounted in a platinum ring, with “excellent cut, polish and symmetry” that sold for $1.9 million, just below its high estimate.


* 41.18-carat cushion brilliant-cut diamond mounted in platinum ring with J color, VS2 clarity and “excellent polish and symmetry” that sold for $1.45 million, just below its high estimate. 

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