14-carat Kashmir sapphire fetches £1.38m at auction

An “extremely rare” Kashmir sapphire single-stone ring has gone under the hammer for £1.38m.

The 14.13-carat stone was the subject to “fierce bidding” at the Bonhams Fine Jewellery sale in London on Sunday 4 December, selling for more than its pre-sale estimate of £600,000 to £800,000.

Jean Ghika, head of jewellery for Bonhams UK and Europe, said: “2016 has certainly been the year of the Kashmir sapphire. They have performed well at our auctions in London, New York and Hong Kong and are amongst the most highly prized gems for serious collectors.

“This Kashmir sapphire, weighing over 14 carats and with no indication of heat treatment, is a very rare specimen and there was strong competition from buyers worldwide wishing to add it to their collection.”

Diamonds also performed well at the auction. A 12.08-carat pear-shaped diamond single-stone ring – D colour and VVS1 clarity – sold to a telephone bidder for £773,000 against its pre-sale estimate of £500,000-£700,000.

Meanwhile, an 11.17-carat brilliant-cut diamond single-stone ring – E colour and VVS2 clarity – sold for £557,000 against a pre-sale estimate of £380,000-£400,000 and a 21.33-carat fancy pink-brown diamond ring sold for £725,000.

In total, the Bonhams London Fine Jewellery sale achieved £6,809,625, with 95% of lots sold by value.