Two Kashmir sapphire lots, Lot 1752 and Lot 1938, that appeared at Sotheby's Hong Kong Magnificent Jewels & Jadeite Sale on October 7, 2014 appears to have broken the price-per-carat world record for a Kashmir sapphire set by the 28.18-carat, square emerald-cut Kashmir sapphire, at the Sotheby's New York, April 29, 2014 Magnificent Jewels Sale.
Lot 1752 - Fine Sapphire, Emerald and Diamond Ring by Cartier - with a pre-sale estimate of HKD6,000,000 — 7,500,000 (USD773,640 - 967,050) sold for a much enhanced price of HKD18,040,000 (USD2,326,078). The centerpiece of this ring is a 12.00-carat, step-cut Kashmir blue sapphire, flanked by calibré-cut emeralds on the shoulders and hoop of the ring, together weighing 1.60 carats, decorated by circular-cut diamonds and mounted in platinum. A lab report by AGL certified that the 12.00-carat sapphire is natural, and of Kashmir origin, with no gemological evidence of heat treatment, and posseses the velvety-blue color characteristic of Kashmir blue sapphires. The price-per-carat of this blue sapphire works out to USD193,839 which is above the ppc-value of the 28.18-carat, square emerald-cut Kashmir sapphire of USD180,731. Hence, the 12.00-carat step-cut Kashmir blue sapphire sets a new world record for ppc-value of USD193,839.
The other Kashmir sapphire lot, 1938 was an "Exceptional and Very Rare Sapphire and Diamond Ring" centering on a step-cut sapphire weighing 17.16 carats, known as "The Imperial Kashmir" surrounded by circular-cut and brilliant-cut diamonds together weighing 6.00 carats and mounted in platinum. Three lab reports by AGL, GGL and SSEF certify the 17.16-carat sapphire as natural and of Kashmir origin, with no no indications of heating. A supplemental letter issued by AGL, further states, that the sapphire displays a soft velvety "cornflower blue" colour that is commonly seen in sapphires of Kashmir origin...Large emerald cut Kashmir sapphires are rarely encountered in today's market. The provenance, size and intrinsic quality of the present 17.16 ct gem only adds to its rarity and desirability...In consideration of the special provenance, size and quality attributes of this exceptional gem, it has been named: "The Imperial Kashmir." A pre-sale estimate of HKD22,000,000 — 28,000,000 (USD2,836,680 - 3,610,320) was placed on this Kashmir Sapphire Lot, which sold for HKD 31,480,000 (USD4,059,031). This works out to a price-per-carat value of USD236,540 a new world record for price-per-carat for a Kashmir sapphire.