Rare Kashmir sapphire and diamond ring sets new world auction record

A rare sapphire and diamond ring acheived $1.35m (£892,000) at Bonham’s New York fine jewellery auction on 8 December, setting a new world record.

The Tiffany & Co ring – centred by an oval-cut sapphire, and flanked by European-cut diamonds weighing 7.84-carats – set the world record for the most paid for a Kashmir sapphire under 10-carats, at $172,000 paid per carat (£113,600).

Daniel Struyf, senior director of international jewellery at the auction house, said: “On the heels of three world-records at our recent Bonhams London jewellery sale, Bonhams New York sets another world-record in price per carat for a Kashmir sapphire under 10-carat.

“It’s been a successful week for Bonhams’ international jewellery department and a sign that colored gemstones are on the rise.”

Other top lots included the sale of a sapphire and diamond ring which sold for $269,000 (£177,800), a 5.23-carat kashmir sapphire and diamond ring which sold for $269,000 (£177,800), and a 24.16-carat sapphire and diamond ring of Ceylon origin which sold for $125,000 (£82,600),

Also sold was a fancy colour diamond and diamond ring, featuring a 1-carat fancy cut grey-blue diamond within a diamond strap band, for $173,000 (£114,400).