Rare British-owned gemstone to be sold by Bonhams

A rare British-owned gemstone is set to be offered on sale by auction house Bonhams for the first time in 98 years. 

The Hope Spinel was part of one of the world’s greatest gem collections until its owner, London banker Henry Philip Hope, died in 1839. It has not been offered for sale since 1917 when it was purchased for £1,060 – the equivalent of £80,000 today.

Bonhams said that interest is high among collectors, jewellery lovers and investors with the auction house expecting bids in the region of £150,000 to £200,000 for the jewel.

Set in a 19th century silver and gold brooch, the 50.13-carat octagonal-cut stone is the size of a small plum and has a rose hue colour. Spinel is a gemstone sometimes confused with ruby because they’re found in the same rock formations, are chemically similar and have pinkish-red colouring.

Bonhams said that the “incredible” transparency and “impeccable” cut of the Hope Spinel means that it is classed as an “exceptional treasure”.

Hope, who was never married and from a dynasty of rich and powerful merchant bank, gifted his collection – including the Hope Spinel – to a nephew to avoid death duties.

The 700-strong collection became the subject of a decade-long inheritance feud. The Hope Spinel and several other of the most valuable gems became separated from the collection to resolve the issue. They were retained by Hope’s brother, Henry Thomas Hope.

Emily Barber, UK Jewellery department director at Bonhams, which is selling the magnificent gemstone on September 24 as part of its London Fine Jewellery sale, said: “An incredible 98 years since it was last auctioned, the Hope Spinel is now for sale again for the first time since the original sale.”

She said that it not only had “amazing” provenance but added that it’s also an “exceptional” gemstone in its own right.