The upcoming Magnificent Jewels Auction hosted by Sotheby’s in Hong Kong this spring will be a self-titled “Red Sale.” The reason for the moniker is that Sotheby’s, this time around, will be showcasing both rubies and the elusive Red diamond in a nod to the recent rise in gemstone popularity, and is expected to generate international excitement, according to Deputy Chairman and Head of Sotheby’s Asian Jewelry Department, Quek Chin Yeow.
“We are also pleased to introduce a Red Sale which comprises an extraordinary and sensual selection of the finest Mogok Rubies of impressive quality,” Yeow told reporters. “And an extremely rare 1.92-carat VS2 Fancy Red Diamond together will undoubtedly spur intense bidding amongst international collectors.”
The highlight of the auction’s “Red” portion is a 27.67 Burmese ruby and diamond ring, which has a pre-sale estimate of anywhere from $1.5 million to $2.5 million. Burma, from which this giant gemstone hails, is well known for its rubies, and most notably their “pigeon’s blood” hue, the most desirable color for rubies, which this gem is also rated as.
The ruby, or any ruby over 10 carats, is considered extremely rare and considered irreplaceable, as the mines in Burma no longer produce rubies of that size and quality.
And while pink, yellow, and blue diamonds have recently captivated the world, red diamonds remain less prevalent in common society. Red diamonds are both unusual and rare in the gemstone world, and red hue is caused by unique features within the diamonds’ crystal lattice that are then mixed small amounts of nitrogen. The few specimen that exist are graded S1 or below in clarity and are rarely larger than one carat.
However, the 1.92 carat Red diamond that will be on the auction block this April is rated VS2, and is expected to sell anywhere from $2.5 million to $3 million dollars.
The entire auction will include 329 total lots, including a 25.50-carat Brilliant cut, flawless diamond with an estimate price of $3.8 to 4.8 million, and a 1.13 carat Fancy Vivid Yellowish Green Diamond Ring expected to sell for anywhere from $500,000 to $580,000. Green diamonds are often considered as rare as Red diamonds, making this another remarkable sale.
The auction will take place at the Hong Kong Convention and Exhibition Centre on Wednesday, 6 April and is expected to raise a total of at least $60 million.