A Ruby That Sold for $14 Million!

Posted on March 10th, 2016

When it sold recently at auction for the stunning price of $14.2 million, the historic ‘Jubilee Ruby’ made history. The sparking oval-shaped piece set a record at the Christie’s Magnificent Jewels sale event. In a matter of mere moments, the 15.99 carat multi-faceted stone became the single most valuable colored corundum gem to sell at a public auction in the United States.

Understanding High Diamond Prices

Of course, several other valuable pieces at the same auction garnered spectacular prices. The event produced approximately $57 million in jewelry sales, a rather remarkable tally.

Some impressive diamonds sparkled among the dazzling auction inventory. A well-cut brilliant diamond set in a ring obtained a winning bid of $1.4 million. The large 41.18-carat gem displayed an exquisite cushion cut.

Another, smaller, diamond ring offered in the same sale, a round brilliant-cut stone, measured 14.11-carats and included a beautiful platinum setting. The successful buyer paid $1.9 million for that piece. Another round-cut Type IIa stone, weighing an impressive 40.43-carats, commanded the hefty sum of $7.2 million.

Brightly Colored Diamonds

Bidders also paid generously for lovely colored diamonds at the auction. A pretty yellow diamond of 54.62-carats displayed a superb shimmering round-cornered rectangular cut. It brought a successful bid of $2.5 million, earning the seller an amount within the upper echelon of estimates furnished in advance of the sale.

An extraordinary purple-pink diamond of only 10.07 carats in a brilliant cut flanked by triangular diamonds attracted considerable interest. It eventually sold for $8.8 million.

A Ruby Like No Other

Of course, the historic ‘Jubilee Ruby’ with its record-setting sales price created one of the most dramatic moments of the auction, as bidding escalated upwards. Although the piece eventually sold within the upper range of the auctioneer’s estimates, it did generate a number of bids.

The piece displays a finely-crafted polished 18-karat gold setting in which sparkling accenting diamonds surround the central large red stone. Today, high quality red rubies from Burma have generated a lot of interest because of their comparative rarity and beauty.

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