At Sotheby’s Hong Kong Magnificent Jewels and Jadeite Autumn Sale held earlier this month, a “Very Rare and Impressive Ruby and Diamond Ring” – as Sotheby’s described it — designed and mounted by Indian jeweller Bhagat sold for a sum of US$ 10.5 million.
Sotheby’s described the exemplary ring as: “Set with an oval ruby weighing 13.26 carats, embellished with two rose-cut diamonds on the side and diamond-set prongs, to the graduated open sprung hoop set with calibrated faceted diamond beads, highlighted by two ruby bead terminals, the diamonds weighing approximately 10.50 carats in total, mounted in platinum.”
The sale was particularly noteworthy not only because the ruby ring emerged as the top lot of the sale but as it also out-stripped a blue diamond ring which failed to meet its reserve price.
The Hong Kong Sale raked in a total revenue of US$ 65 million. Another piece of jewellery which did exceedingly well at the sale was the Woolworth-Yard jadeite bead and diamond necklace which achieved a price of US$ 1.2 million, thus achieving a price 23 times of its pre-sale estimate
Quek Chin Yeow, Deputy Chairman of Sotheby’s Asia and Chairman of International Jewellery, Asia, said: “Everyone shared in the great excitement and enthusiasm of the undiscovered treasure of the Woolworth-Yard Jadeite Bead and Diamond Necklace. With an unprecedented 43 telephone bidders competing with collectors in the room to win this stunning piece, it was a memorable moment of the sale for me as the auctioneer. All eyes were also firmly fixed on the rare ruby and diamond ring designed and mounted by BHAGAT which went on to achieve the top price of HK$ 81.7 million.”
News Source: gjepc.org