Posts by Lareef

    Thanks John for your update and Mike for the question arising from John's update. It is indeed true that the 13.14-carat catseye alexandrite of unknown country-of-origin had performed much better than the 10.02-carat, Ceylon catseye alexandrite.
    One possible reason for this is the pronounced and dramatic color change effect of the 13.14-carat catseye alexandrite from a dull brownish-green in daylight to a vibrant purplish-red under incandescent light. Even though in the case of the 10.02-carat, Ceylon catseye alexandrite only the image of the stone under incandescent light is available, that image alone is sufficient to show that the color change in this stone will not be dramatic as the other gemstone. The Ceylon catseye alexandrite has a brownish-purple color under incandescent light, but the color is not evenly distributed, which also might have contributed to the lower ppc-value of the stone. Under daylight it turns to a brownish-green color, also not evenly distributed.
    Inspite of the uneven color distribution in the Ceylon sapphire the chatoyancy is very prominent in this stone, with a centrally placed very distinct catseye. Hence, the chatoyancy of the stone did not have a depressing effect on the price of the stone.

    The classification is actually arbitrary based on prices achieved at public auctions. There may be discrepancies in this classification, such as a high-grade blue sapphire falling under medium or low grade, as the price achieved was affected by some factor other than quality-determining factors, such as the smaller size of the gemstone or vice-versa, a medium or low-grade sapphire falling under high-grade, as price was escalated due to historic provenance. Nevertheless, broadly speaking the price-based classification will agree with the quality-based classification, as prices of sapphires are usually determined based on quality factors, such as the hue, tone and saturation of the color and the perfectly symmetrical cut to suit the shape and size of the stone. In the case of Kashmir blue sapphires, the verification of the country-of-origin as Kashmir, itself gives a big boost to its price-per-carat value, but this does not affect the grade classification above, as we are dealing only with Kashmir blue sapphires.

    Indeed Rashid ! Heat treated blue sapphires have a low price-per-carat value than untreated natural blue sapphires. Both in terms of whole stone price and price-per-carat value, the 12.00-carat, cushion-shaped, heat treated Ceylon blue sapphire has the lowest value as the following lists clearly demonstrate.


    The price-per-carat values of the Ceylon sapphires highlighted by Mikegem seem to indicate the quality of these sapphires.


    Lot 1796 with the highest ppc-value of US$14,356 seems to have the highest quality, with a saturated, evenly distributed violet-blue hue and a medium dark tone, the look-alike of most Kashmir sapphires. Had the origin of this sapphire been conclusively proved to be Kashmir, its ppc-value would have shot up to over US$100,000.


    Lot 1560 has the lowest ppc value of US$2,550. The ridiculously low ppc-value of this sapphire is undoubtedly due to Lab confirmation that the stone had been subjected to heat enhancement.


    Lot 1622, despite the fact the sapphire is a natural Ceylon stone with no evidence of heat enhancement, also had a low ppc-value of US$3,572. This was probably due to the dark-blue hue and the very-dark tone of the sapphire.


    Lot 1779 on the other hand had a ppc-value of US$5,284 the price of an average-quality Ceylon blue sapphire. These sapphires have a slightly lesser dark hue and tone than lot 1622.


    Incorporating the sapphires highlighted by gemlite and Mikegem in the List of Ceylon blue sapphires that appeared at public auctions arranged in descending order of whole stone prices, we have the following revised list :-


    1) 102.61-carat, cushion-cut Ceylon blue sapphire - USD 4,203,118
    2) 43.27-carat, pear-shaped Ceylon blue sapphire - USD 545,243
    3) 28.21-carat, oval-cut Ceylon blue sapphire -USD 344,309
    4) 13.28-carat, cushion-shaped, Ceylon blue sapphire - USD 190,654
    5) 30.52-carat, rectangular step-cut Ceylon blue sapphire - USD 168,492
    6) 29.30-carat, circular-cut, Ceylon blue sapphire - USD 104,667
    7) 10.206-carat and 8.628-carat pear-shaped Ceylon blue sapphires, set as centerpiece of pair of sapphire and diamond cluster rings - USD 101,214
    8) 13.61-carat, cushion-cut, Ceylon blue sapphire -USD 92,643
    9) 8.90-carat and 7.86-carat matching, cushion-shaped, Ceylon blue sapphires - USD 88,564
    10) 15.32-carat, oval-cut, Ceylon blue sapphire - USD 74,932
    11) 22.99-carat, oval-cut Ceylon blue sapphire - USD 74,932
    12) 10.22-carat, oval-cut, Ceylon blue sapphire - USD 35,423
    13) 12.00-carat, cushion-shaped, heat-treated Ceylon blue sapphire - USD 30,595


    The same sapphires above arranged in descending order of price-per-carat values is given below :-


    1) 102.61-carat, cushion-cut Ceylon blue sapphire - ppc value USD 40,962
    2) 13.28-carat, cushion-cut, Ceylon blue sapphire - ppc value USD 14,356
    3) 43.27-carat, pear-shaped, Ceylon blue sapphire - ppc value USD 12,600
    4) 28.21-carat, oval-cut Ceylon blue sapphire - ppc value USD 12,205
    5) 13.61-carat, cushion-cut, Ceylon blue sapphire - ppc value 6,807
    6) 30.52-carat, rectangular step-cut Ceylon blue sapphire - ppc value USD 5,520
    7) 10.2-carat and 8.6-carat, matching pear-shaped, Ceylon blue sapphires - ppc value USD 5,383
    8) 8.90-carat and 7.86-carat matching cushion-cut, Ceylon blue sapphires - ppc value 5,284
    9) 15.32 carat, oval-cut, Ceylon blue sapphire - ppc value USD 4,891
    10) 29.30-carat, circular-cut, Ceylon blue sapphire - ppc value USD 3,572
    11) 10.22 carat, oval-cut, Ceylon blue sapphire - ppc value USD 3,466
    12) 22.99 carat, oval-cut, Ceylon blue sapphire - ppc value USD 3,259
    13) 12.00-carart, cushion-shaped, heat-treated Ceylon blue sapphire - ppc value USD 2,550


    In both lists above the heat-treated Ceylon blue sapphire occupies the last position.

    The same list of Kashmir sapphires above arranged in descending order of price-per-carat (ppc) values appears below :-


    1) 28.18-carat, square emerald-cut Kashmir Sapphire - price-per-carat - US$ 180,731 - April 2014
    2) 26.66-carat and 20.88-carat, cushion-cut Richelieu Sapphires - price-per-carat - US$ 175,821- November 2013
    3) 19.88-carat, cushion-cut "Star of Kashmir" Sapphire - price-per-carat - US$ 175,256 - May 2013
    4) 8.91-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 153,759 - December 2012
    5) 21.42 carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 150,867 - November 2013
    6) 14.84-carat and 13.47-carat, cushion-cut Kashmir sapphires - price-per-carat - US$ 146,067 - May 2011
    7) 26.41-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 145,342 - November 2011
    8) 22.66-carat, cushion-cut Hill's Kashmir Sapphire - price-per-carat- US$ 135,216 - April 2007
    9) 20.04-carat, cushion-cut Kashmir blue sapphire - price-per-carat - US$ 130,474 - April 2014
    10) 7.68-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$ 121,440 - April 2013
    11) 10.66-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$ 112,607 November 2012
    12) 21.27-carat, oval cabochon-cut, Kashmir blue sapphire - price-per-carat - US$ 98,966 Dec 2013
    13) 9.37-carat, circular-cut, Kashmir blue sapphire - price-per-carat - US$ 94,907 - November 2012
    14)11.71-carat, cushion-cut Kashmir blue sapphire - price-per-carat - US$94,822 - May 2013
    15) 11.06-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$84,327 - April 2013
    16) 31.53-carat, cabochon-cut, Kashmir blue sapphire - price-per-carat - US$84,316 - April 2012
    17) 42.28-carat, cushion-shaped Kashmir sapphire - price-per-carat - US$ 81,798 - November 2008
    18) 4.52-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$79,332 - November 2013.
    19) 6.90-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$64,460 - May 2013
    20) 12.71-carat, cushion mixed-cut Kashmir blue sapphire - price-per-carat - US$ 61,762 - April 2014
    21) 5.45-carat, oval-cut, Kashmir blue sapphire - price-per-carat- US$53,761 - April 2014
    22) 5.48-carat, cut-cornered step-cut, Kashmir blue sapphire - US$49,920 - November 2013
    23) 10.40-carat, sugar-loaf cabochon-cut, Kashmir blue sapphire - price-per-carat - US$43,600 - April 2013.
    24) 9.68-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$36,596 - May 2014
    25) 4.53-carat, oval-cut, Kashmir blue sapphire - price-per-carat - US$23,455 - April 2014
    26) 11.15-carat, cushion brilliant-cut, Kashmir blue sapphire - US$11,984 - October 2012.


    In the List above
    a) Sapphires 1 to 5 fall within the range of US$150,000 - US$181,000
    b) Sapphires 6 to 11 fall within the range of US$100,000 - US$150,000
    c) Sapphires 12 to 21 fall within the range of US$50,000 - US$100,000
    d) Sapphires 22 to 26 fall within the range of US$10,000 - US$50,000

    Thanks Yousuf, Peter, rashid and shah for fishing out more Kashmir blue sapphires that appeared at public auctions, and enriching our discussion. I think that both the whole stone price list and price-per-carat list needs revision taking into consideration only the Kashmir blue sapphires. So far 26 Kashmir blue sapphires have been considered in our discussion, and these sapphires arranged in descending order of whole stone prices are listed below.

    LIst of Kashmir blue sapphires that appeared at public auctions arranged in descending order of whole stone prices :-


    1) 26.66-carat and 20.88-carat cushion-cut Richelieu Sapphires - US$ 8,358,520 - Sotheby's Geneva, November 2013- Most expensive Kashmir blue sapphires sold at an auction.
    2) 28.18-carat, square emerald-cut, Kashmir blue sapphire - US$5,093,000 - Sotheby's New York, April 2014.
    3) 14.84-carat and 13.47-carat cushion-cut Kashmir blue sapphires from the pair of sapphire and diamond ear-pendants - US$4,135,165 - Christie's Hong Kong May 2011.
    4) 26.41-carat, cushion-cut, Kashmir blue sapphire - US$ 3,838,508 - Christie's Hong Kong, November 2011.
    5) 19.88-carat, cushion-cut "Star of Kashmir" blue Sapphire - US$ 3,484,102 - Christie's Geneva, May 2013.
    6) 42.28-carat, cushion-shaped Kashmir blue sapphire - US$ 3,458,420 - Christie's Geneva, November 2008.
    7) 21.42 carat, cushion-cut Kashmir blue sapphire - US$ 3,231,584 - Sotheby's Geneva, November 2013
    8) 22.66-carat, cushion-cut Hill's Kashmir blue Sapphire - US$ $ 3,064,000 - Christie's New York, April 2007
    9) 31.53-carat, cabochon-cut, Kashmir blue sapphire - US$2,658,500 - Christie's New York, April 2012
    10) 20.04-carat, cushion-cut, Kashmir blue sapphire - US$ 2,614,701 - Sotheby's Hong Kong, April 2014
    11) 21.27-carat, oval cabochon-cut, Kashmir blue sapphire - US$2,105,000 - Christie's New York, December 2013.
    12) 8.91-carat, cushion-cut Kashmir blue sapphire - US$1,370,000 - Christie's New York, December 2012.
    13) 10.66-carat, cushion-cut, Kashmir blue sapphire - US$1,200,398 - Christie's Hong Kong, November 2012.
    14) 11.71-carat, cushion-cut, Kashmir blue sapphire - US$1,110,370 - Sotheby's Geneva, May 2013.
    15) 7.68-carat, cushion-cut, Kashmir blue sapphire - US$932,657 - Sotheby's Hong Kong, April 2013.
    16) 11.06-carat, cushion-cut, Kashmir blue sapphire - US$932,657 - Sotheby's Hong Kong, April 2013.
    17) 9.37-carat, circular-cut, Kashmir blue sapphire - US$889,280 - Christie's Hong Kong, November 2012.
    18) 12.71-carat, cushion mixed-cut, Kashmir blue sapphire - US$785,000 - Sotheby's New York, April 2014.
    19) 10.40-carat, sugar-loaf cabochon-cut, Kashmir blue sapphire - US$453,446 - Sotheby's Hong Kong, April 2013.
    20) 6.90-carat, cushion-cut, Kashmir blue sapphire - US$444,775 - Sotheby's Geneva, May 2013
    21) 4.52-carat, cushion-cut, Kashmir blue sapphire - US$358,580 - Sotheby's Geneva, November 2013.
    22) 9.68-carat, cushion-cut, Kashmir blue sapphire - US$354,249 - Woolley & Wallis auctions, May 2014
    23) 5.45-carat, oval-cut, Kashmir blue sapphire - US$293,000 - Sotheby's New York, April 2014.
    24) 5.48-carat, cut-cornered step-cut, Kashmir blue sapphire - US$273,567 - Sotheby's Geneva, November 2013.
    25) 11.15-carat, cushion modified brilliant Kashmir blue sapphire - US$133,623 - saffronart online auction October 31, 2012.
    26) 4.53-carat, oval-cut Kashmir blue sapphire - US$106,250 - Sotheby's New York, April 2014

    Rob Weesner was kind enough to respond to our query.
    We reproduce below his reply to our query for your kind information please.


    Hello Lareef,


    The third picture that is supposed to be the material that makes up the emeralds from the Iranian Crown Jewels, is of poor quality, to make any reasonable judgement of the material contained in that photo.The first two pictures of what he says is material found in his mine, are of fairly good quality. From what I can observe in these photos, I do not believe the material to be emerald. To me, it looks more like a type of nephrite jade, or possibly aventurine. Something along those lines. But, does not appear to be emerald.


    A couple of pictures I came across on the internet of some of the emeralds that are in the Crown Jewels of Iran, have a more vibrant, deeper green color to them. So the pictures of the material for comparison does not even look like the type of emerald that I have seen before and does not look like the material I saw in other pictures of the Crown Jewels of Iran.


    I hope this helps you out.


    Rob

    We referred your query to mineral expert and dealer in minerals Rob Weesner, whose email address is [email protected], who is also a participant in our forums. We reproduce the e-mail sent to him and his reply for your information please.


    e-mail sent to Rob Weesner by Lareef A. Samad


    Thanks for taking part in our forums and uploading images of several rare minerals onto our galleries, under the pseudonym "Hippi." We would appreciate continued inputs from you in the field of rare minerals, being an expert on the subject and experience gained by dealing in minerals over the years. In this connection, I would like to bring to your kind notice an intimation received from a member participating in our forums, who created a thread under Contact Us Forum - titled "Iranian Crown Jewels Loose Emeralds and Emeralds from my mine are exactly the same."


    This is what the member taking the Pseudonym "emeralds999" says under this thread :-


    I am an emerald miner . I came across these emeralds at one of my emerald mines. They appear to be just like the ones in the picture showing the Iranian loose emeralds and also 13 emerald rings that is found on your website. The only other place that I have seen these type of emeralds is at the Iranian Museum website and your website. They appear to be different from any other emeralds that I have seen before and there are none like them being sold anywhere that I was able to find. Could you tell me what you think about these emeralds .


    He has uploaded three images under his post. The first two images appear to be the green mineral found in his mine, cut in various shapes and tumbled or polished. The third image shows the Iranian loose emeralds which form part of the collection of the Iranian Crown Jewels. I would appreciate your imputs regarding the polished green minerals uploaded by "emerald999" and your opinion as to whether it is the same as the green emeralds found in the Iranian Crown Jewels.
    The images are sent as attachments to the e-mail


    Thank you and God Bless You !!!

    Incorporating the two Ceylon blue sapphires highlighted by Sunil, in the list prepared by Yousuf and re-arranging the diamonds in descending order of whole stone prices, we have the following revised list :-


    List of Ceylon blue sapphires that appeared at public auctions arranged in descending order of whole stone prices


    1) 102.61-carat, cushion-cut Ceylon blue sapphire - USD 4,203,118
    2) 28.21-carat, oval-cut Ceylon blue sapphire -USD 344,309
    3) 30.52-carat, rectangular step-cut Ceylon blue sapphire - USD 168,492
    4) 10.206-carat and 8.628-carat pear-shaped Ceylon blue sapphires, set as centerpiece of pair of sapphire and diamond cluster rings - USD 101,214
    5) 13.61-carat, cushion-cut, Ceylon blue sapphire -USD 92,643
    6) 15.32-carat, oval-cut, Ceylon blue sapphire - USD 74,932
    7) 22.99-carat, oval-cut Ceylon blue sapphire - USD 74,932
    8) 10.22-carat, oval-cut, Ceylon blue sapphire - USD 35,423


    The same list as above arranged in descending order of price-per-carat (ppc) value is as follows :-


    1) 102.61-carat, cushion-cut Ceylon blue sapphire - ppc value USD 40,962
    2) 28.21-carat, oval-cut Ceylon blue sapphire - ppc value USD 12,205
    3) 13.61-carat, cushion-cut, Ceylon blue sapphire - ppc value 6,807
    4) 30.52-carat, rectangular step-cut Ceylon blue sapphire - ppc value USD 5,520
    5) 18.8 carats - USD 101,214 PPC - ppc value USD 5,383
    6) 15.32 carat - USD 74,932 PPC - ppc value USD 4,891
    7) 10.22 carat - USD 35,423 PPC - ppc value USD 3,466
    8) 22.99 carat - USD 74,932 PPC - ppc value USD 3,259

    I just can't believe that Sotheby's would have taken that position, unless their gemologists had examined the stone and advised them that there is no market for such a stone. If your stone has a rich deep-blue color characteristic of many top-grade Ceylon sapphires, and has a perfect cabochon-cut, and very distinct centrally located six-rayed star, given the enormous size of the stone, its amazing that if someone says there is no market for such a stone. I am sure the GGL certificate specifies the natural status of the stone, its characteristics, country-of-origin as well as the fact that there is no evidence of heat enhancement. If your stone meets all these conditions it is without any doubt a valuable collectors item, and no auction house would refuse to put it for auction.


    I suggest you try other auction houses such as Christie's, Bonhams and Woolley & Wallis. In any case I would like to see an image of your Blue Star Sapphire, before I could give you further suggestions for its disposal.

    The best option to dispose of this enormous blue star sapphire of Ceylon origin weighing 510 carats, is to entrust the gem to one of the leading auction houses, such as Christie's or Sotheby's to be sold at one of their Magnificent Jewels Sale in Hong Kong, Geneva or New York. Going by the enhanced prices recorded by blue sapphires of Kashmir, Burma and Ceylon origin at these auctions, I am sure your blue sapphire would realize its full potential value at one of these auctions.
    Thanks and good luck !!!

    Thanks Mike for your update, and Joan for your sharp observation and gemlite for your subsequent confirmation. It's indeed puzzling how the central 5.40-carat, catseye alexandrite in the first image appears purple the usual color under incandescent light, while the smaller stones in the alexandrite surround appears green, the usual color when exposed to daylight.


    One possible explanation for this apparent contradiction, is selective illumination. While the central catseye alexandrite has been selectively exposed to incandescent illumination using a point source, which can be controlled and directed to a desired area, causing the purple color, the stones of the alexandrite surround had been left out of this selective illumination, still exposed to normal daylight and hence remaining green.


    The other explanation, which is highly unlikely, is that the alexandrite surround is actually made up of a different kind of green colored stone, which is not alexandrite, and hence do not become purple on exposure to incandescent light.

    The blue star sapphire weighing 510 carats of Sri Lankan origin, whose existence arihantsourcing has revealed, if true, is among the largest Sri Lanka blue star sapphires in the world. In the list of Famous Blue Star Sapphires Greater than 100 carats in Weight, there are 13 large blue star sapphires, of which 7 blue star sapphires are from Sri Lanka. These are :-

    1) Star of India - 563.35 carats - AMNH New York
    2) Un-named Blue Star Sapphire - 393 carats - NGJA, Sri Lanka
    3) Star of Artaban - 316 carats - NMNH Smithsonian
    4) Star of Lanka - 193.39 carats - Royal Ontario Museum, Canada
    5) Star of Bombay - 182 carats - NMNH Smithsonian
    6) Midnight Star Sapphire - 116.75 carats - AMNH New York
    7) Star of Ceylon - 101.01 carats - Private Collection, Seattle


    The 510-carat blue star sapphire, claimed to be of Sri Lankan origin by arihantsourcing, if correct is the second largest Sri Lanka Blue Star Sapphire in the world after the 563.35-carat "Star of India" which is the property of the AMNH New York. It is highly unlikely that an enormous blue star sapphire weighing 510 carats could have left the shores of Sri Lanka, without the discovery of its rough, whose weight must be at least over 700 carats, being reported.


    In any case if arihantsourcing can prove the Sri Lanka origin of the stone, with a country-of-origin report from a recognized gem-testing laboratory, the stone must be worth a fortune, given the fact that 393-carat, unnamed Blue Star Sapphire, owned by the National Gem and Jewelry Authority of Sri Lanka, which according to Richard Hughes is probably the finest large star sapphire in existence, was insured for £1 million equivalent to US$1.8 million, when the stone was exhibited for the first time in London, in 1981 at the Commonwealth Institute.


    The 510-carat Blue Star Sapphire, if it has a color, cut and distinctness of the star surpassing that of the 393-carat un-named Blue Star Sapphire owned by the NGJA, would be worth around US$ 2.4-2.5 million, going by the 1981 valuation, which works out to approximately US$ 5,000 per carat.


    However, given the fact that an exceptional Ceylon blue sapphire, with a perfect cushion-cut and saturated medium blue color weighing 102.61 carats sold for US$ 4,203,118 at the Sotheby's Hong Kong Magnificent Jewels & Jadeite Spring Sale, held on April 7, 2014, the highest price achieved by a Sri Lanka blue sapphire at an auction, working out to a price-per-carat value of US$ 40,962, we can safely predict that the 510-carat blue star sapphire if exceptional in all respects, would be worth more than double or treble the estimated value based on the 1981 valuation. Hence, this particular Ceylon blue star sapphire would be worth between US$ 5.0 -7.5 million, if its credentials are impeccable.

    Thanks Joan, John and Mary for taking us to the next logical topic in the discussion - the extremely rare chatoyant alexandrites - with two phenomenal optical effects, distinct color change in daylight/fluorescent light and incandescent light, and the chatoyant or "catseye" effect caused by inclusions known as rutile fibers, commonly referred to as "silk." This is one rare instance where inclusions contribute to the beauty of a gemstone. The "catseye" effect is caused by needle-like rutile fibers occurring in an orientation parallel to the c-axis, causing light entering the stone to be reflected along a single zone, producing a distinct streak of light across the crystal, known as the "catseye" effect. This effect is best seen in gemstones cut as cabochon perpendicular to the c-axis.


    Any alexandrite over 10 carats is beyond rare. In such alexandrites to have two optical effects combined together - distinct color change and prominent chatoyancy - are extremely rare indeed. The 23.19-carat, Brazilian catseye alexandrite highlighted by Johnruby is such a gemstone, which explains the high price-per-carat value of US$ 65,785 fetched by this stone, which is very close to the PPC value US$ 69,845 fetched by the world record holder for price-per-carat for an alexandrite, the 21.41-carat, cushion-cut alexandrite of Russian origin which sold for US$ 1,495,395 at Christie's Geneva on May 14, 2014.

    Thanks Peter for your updates.
    The price-per-carat values of the Ceylon pink sapphires highlighted so far are as follows :-


    1) 49.04-carat, cushion-cut, Ceylon pink sapphire with a vivid purplish-pink color - PPC US$ 41,540
    2) 26.19-carat, oval-cut, Ceylon pink sapphire with a intense purplish-pink color - PPC US$ 32,767
    3) 13.06-carat, oval-cut, Ceylon pink sapphire with a medium purplish-pink color - PPC US$ 11,839
    4) 19.38-carat, oval-cut, Ceylon pink sapphire with an intense purplish-pink color - PPC US$ 20,237
    5) 11.90-carat, oval-cut, Ceylon pink sapphire with an intense purplish-pink color - PPC US$ 11,876
    6) 24.54-carat, elongated cushion-cut Ceylon pink sapphire with an intense purplish-pink color -PPC US$ 10,370


    The average price-per-carat for exceptional Ceylon pink sapphires ( Sapphires 1, 2 and 4 above) are above US$ 20,000. However, the average price-per-carat of a normal Ceylon pink sapphire appears to be around US$ 10,000.

    Given this fact, the 17.16-carat, oval-cut Ceylon pink sapphire which remained unsold at the Sotheby's Hong Kong Magnificent Jewels and Jadeite Sale held on October 8, 2007 has a minimum estimated value of around US$ 170,000, assuming that the sapphire is normal and not exceptional. Hence the pre-sale estimate of US$ 141,779 - 167,557 placed on this pink sapphire is the least possible estimate and seems to be fairly accurate. In this context it is surprising that this pink sapphire ring remained unsold at the auctions.

    Thanks gemlite for your update.


    The revised highest price-per-carat list for blue sapphires incorporating this information runs as follows :-


    1)28.18-carat, square emerald-cut Kashmir Sapphire - price-per-carat - US$ 180,731 - April 2014
    2) 26.66-carat and 20.88-carat, cushion-cut Richelieu Sapphires - price-per-carat - US$ 175,821- November 2013
    3) 19.88-carat, cushion-cut "Star of Kashmir" Sapphire - price-per-carat - US$ 175,256 - May 2013
    4) 8.91-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 153,759 - December 2012
    5) 21.42 carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 150,867 - November 2013
    6) 26.41-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 145,342 - November 2011
    7) 22.66-carat, cushion-cut Hill's Kashmir Sapphire - price-per-carat- US$ 135,216 - April 2007
    8) 20.04-carat, cushion-cut Kashmir blue sapphire - price-per-carat - US$ 130,474 - April 2014
    9)11.71-carat, cushion-cut Kashmir blue sapphire - price-per-carat - US$94,822 - May 2013
    10) 31.53-carat, cabochon-cut, Kashmir blue sapphire - price-per-carat - US$84,316 - April 2012
    11) 42.28-carat, cushion-shaped Kashmir sapphire - price-per-carat - US$ 81,798 - November 2008
    12) 6.90-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$64,460 - May 2013
    13) 114.73-carat, oval-cut, Burma blue sapphire - price-per-carat - US$ 62,214 - November 2013
    14) 62.02-carat, rectangular step-cut Rockefeller Sapphire - price-per-carat - US$ 48,871 (Mogok Sapphire) - April 2001
    15) 102.61-carat, cushion-cut Sri Lanka sapphire - price-per-carat - US$ 40,962 - April 2014

    The revised list of 24 alexandrites above particularly in terms of PPC values shows that the market ranking for alexandrites based on origin - Russia - Brazil - Sri Lanka - Other sources - still largely holds good, though some exceptional Ceylon alexandrites fetching higher prices had broken this ranking at places 6 and 10 . The record-breaking Russian alexandrite occupies the top of the list. Brazilian alexandrites occupy the middle of the list and Ceylon alexandrites are found at the bottom of the list.


    According to the list the world's most expensive alexandrite both in terms of whole stone price and price-per-carat is the 21.41-carat, cushion-cut alexandrite of Russian origin, which sold for US$ 1,495,395 at Christie's Geneva on May 14, 2014. The world's most expensive Brazilian alexandrite in terms of whole stone price is the 19.05-carat, cushion-cut alexandrite which sold at Christie's New York on October 16, 2007 for US$ 959,400. The most expensive Brazilian alexandrite in terms of price-per-carat is the 15.58-carat, cushion-cut alexandrite which sold for US$ 934,480 at Christie's Hong Kong on May 29, 2012. The most expensive Ceylon/Sri Lanka alexandrite is the 18.23-carat, cushion-cut alexandrite, which sold for US$ 557,000 at Christie's New York on October 15, 2013.


    According to the list, the average price-per-carat of Ceylon alexandrites vary between US$5,000 - 10,000. However, exceptional Ceylon alexandrites may sell for much enhanced prices of around US$ 20,000 to 30,000.The average price-per-carat of Brazilian alexandrites vary between US$ 10,000 - 20,000. However, exceptional Brazilian alexandrites may have a PPC value exceeding US$ 20,000 and sometimes reaching up to US$ 50,000. The highest PPC values are for the extremely rare Russian alexandrites, provided their Russian origin can be firmly established.

    The revised list of above alexandrites arranged in descending order of price-per-carat values :-


    1) 21.41-carat, cushion- cut alexandrite of Russian origin - PPC value US$ 69,845
    2) 15.58-carat, cushion-cut alexandrite of Brazilian origin - PPC value US$ 59,979
    3) 19.05-carat, cushion-cut alexandrite of Brazilian origin PPC value US$ 50,362
    4) 4.50-carat, cushion-cut alexandrite of Russian origin - PPC value US$ 37,888
    5) 11.66-carat, cushion-cut alexandrite of Brazilian origin - PPC value US$ 36,149
    6) 18.23-carat, cushion-cut alexandrite of Ceylon/Sri lanka origin - PPC value US$ 30,554
    7) 3.46-carat, pear-shaped alexandrite of Brazilian origin - PPC value US$ 28,902
    8) 16.80-carat, oval-cut alexandrite of unknown country-of-origin - PPC value US$ 25,883
    9) Three oval-cut alexandrites totalling 16.73 carats of Brazilian origin - PPC value 22,477
    10) 10.41-carat, cushion-cut alexandrite of Ceylon/Sri Lanka origin - PPC value US$ 17,531
    11)12.00-carat, oval-cut alexandrite of unknown country-of-origin -PPC value US$ 16,982
    12) Three oval-cut alexandrites totalling 5.12 carats of Brazilian origin - PPC value US$ 16,129
    13) 7.65-carat, cushion-cut alexandrite of Brazilian origin - PPC value US$ 15,378
    14) 4.10-carat, cushion-cut alexandrite of Brazilian origin - PPC value US$ 14,634
    15) 8.02-carat, cushion-cut alexandrite of Brazilian origin - PPC value US$ 14,214
    16) 6.59-carat, cushion-cut alexandrite of Brazilian origin - PPC value US$ 13,657
    17) Seven oval-cut alexandrites totalling 18.78 carats of Brazilian origin - PPC value US$ 12,353
    18) Two oval-cut alexandrites totalling 6.32 carats of Brazilian origin - PPC value US$ 11,788
    19) 6.72-carat, oval-cut alexandrite of Tanzanian origin - PPC value US$ 10,640
    20) 8.41-carat, cushion-cut alexandrite of Ceylon origin - PPC value US$ 10,404
    21) 3.95-carat, oval-cut alexandrite of unknown origin - PPC value US$ 6,633.
    22) 15.86-carat, cushion antique mixed-cut alexandrite of Ceylon/Sri Lanka origin - PPC value US$ 6,588
    23) 10.16-carat, oval-cut alexandrite of Ceylon/Sri Lanka origin - PPC value US$ 4,921
    24) 29.97-carat, cushion modified brilliant-cut alexandrite of unknown country-of-origin - PPC value US$ 4,571

    Incorporating all the alexandrites highlighted so far in the list of whole stone prices and price-per-carat values achieved, we can have a better and broader picture of the market values of alexandrites originating from different sources.


    The revised list of alexandrites arranged in descending order of whole stone prices is as follows :-


    1) 21.41-carat, cushion- cut alexandrite of Russian origin - US$ 1,495,395
    2) 19.05-carat, cushion-cut alexandrite of Brazilian origin - US$ 959,400
    3) 15.58-carat, cushion-cut alexandrite of Brazilian origin - US$ 934,480
    4) 18.23-carat, cushion-cut alexandrite of Ceylon/Sri lanka origin - US$ 557,000
    5) 16.80-carat, oval-cut alexandrite of unknown country-of-origin - US$ 434,842
    6) 11.66-carat, cushion-cut alexandrite of Brazilian origin - US$ 421,501
    7) Three oval-cut alexandrites totalling 16.73 carats of Brazilian origin - US$ 376,039
    8) Seven oval-cut alexandrites totalling 18.78 carats of Brazilian origin - US$ 231,989
    9) 12.00-carat, oval -cut alexandrite of unknown country-of-origin - US$ 203,794
    10) 10.41-carat, cushion-cut alexandrite of Ceylon/Sri Lanka origin - US$ 182,500
    11) 4.50-carat,cushion-cut alexandrite of Russian origin - US$ 170,500
    12) 29.97-carat, cushion modified brilliant-cut alexandrite of unknown country-of-origin - US$ 137,000
    13) 7.65-carat, cushion-cut alexandrite of Brazilian origin - US$ 117,640
    14) 8.02-carat, cushion-cut alexandrite of Brazilian origin - US$ 114,000
    15) 15.86-carat, cushion antique mixed-cut alexandrite of Ceylon/Sri Lanka origin - US$ 104,500
    16) 3.46-carat, pear-shaped alexandrite of Brazilian origin - US$ 100,000
    17) 6.59-carat, cushion-cut alexandrite of Brazilian origin - US$ 90,000
    18) 8.41-carat, cushion-cut alexandrite of Ceylon origin - US$ 87,500
    19) Two oval-cut alexandrites totalling 6.32 carats of Brazilian origin - US$ 74,500
    20) 6.72-carat, oval-cut alexandrite of Tanzanian origin - US$ 71,500
    21) 4.10-carat, cushion-cut alexandrite of Brazilian origin - US$ 60,000
    22) 10.16-carat, oval-cut alexandrite of Ceylon/Sri Lanka origin - US$ 50,000
    23) Three oval-cut alexandrites totalling 5.12 carats of Brazilian origin - US$ 40,000
    24) 3.95-carat, oval-cut alexandrite of unknown origin - US$ 26,000