SOTHEBY’S ACHIEVES UNPRECEDENTED GEMSTONE RECORDS WITH RUBY AND PINK DIAMOND, EACH SOLD FOR $34.8 MILLION

9th June 2023

In a ground-breaking auction, Sotheby’s New York has set two world records for gemstones, propelling the market to new heights. The first record was established by an extraordinary 55.22 carat Mozambique ruby, famously known as the “Estrela de Fura 55.22,” while the second record was claimed by a mesmerizing 10.57 carat fancy purplish-pink diamond, aptly named “the Eternal Pink.” Both magnificent stones fetched an astounding price of $34.8 million. This remarkable achievement marks the first instance in auction history where two gemstones have surpassed the remarkable threshold of $30 million in a single sale

The coveted ruby, hailed as a pinnacle of coloured gemstones, not only established a new benchmark for any coloured gemstone at auction but also captivated the attention of the gem world. With a price tag of approximately $3.3 million per carat, the pink diamond showcases an unprecedented value per carat for its exceptional colour grade. Importantly, both lots were backed by irrevocable bids, ensuring their successful sale.

Quig Bruning, the Head of Sotheby’s jewellery division in America, expressed profound excitement over this historic event, stating, “Today, we witnessed the historic sale of not one, but two of the most exquisite and important diamonds and gemstones to ever hit the auction block.” While specific presale estimates were not disclosed, it was revealed that the remarkable ruby found its new home with a private collector in the Middle East.

The ruby’s uniqueness and significance were hailed by the American Gemological Laboratories, which stated that it surpasses any other ruby ever produced in Mozambique, displaying unmatched characteristics. “Estrela de Fura” translates to “Star of Fura” in Portuguese, a reference to the mining company that unearthed this extraordinary gem. The company holds nine ruby mining licenses in Mozambique, further emphasizing the rarity of such exceptional stones. Sotheby’s noted that only two rubies have ever exceeded $15 million in auction history.

The diamond, mined by De Beers at the renowned Damtshaa mine in Botswana, outshone its predecessors, attaining a price far beyond any other diamond of the same variety. The previous record of $19.9 million for a diamond of similar caliber was set at Sotheby’s Hong Kong, featuring a 10.64 carat example. The Gemological Institute of America acclaimed the diamond as an awe-inspiring masterpiece, representing the astonishing transformation of nature through artistry and ingenuity.

Explaining the rarity of large, flawless diamonds, Sotheby’s highlighted the tumultuous journey these precious gems endure, often trapping other minerals or inclusions within them or fracturing into smaller fragments. Consequently, finding a pink diamond larger than 10 carats, free from such impurities, is considered unfathomably rare. This truth is particularly pronounced in pink diamonds due to their inherent structural irregularities, as emphasized by Sotheby’s.

Quig Bruning shared his overwhelming emotions upon encountering the Estrela de Fura, stating, “It’s difficult to express the range of emotions I felt when I first laid eyes on the Estrela de Fura, but to put it simply, I was entranced.” He further declared that the record-breaking price attained by this extraordinary gem is a testament to its unparalleled size, captivating colour, and remarkable optical transparency and clarity, cementing its position among the world’s most legendary gemstones.

These ground-breaking auction results not only underscore the timeless allure of sizable stones and coloured gems but also highlight the remarkable value that such rare treasures can command in the market. The success of Sotheby’s in achieving these unprecedented gemstone records showcases the enduring fascination and appreciation for extraordinary gems among collectors and connoisseurs alike.

The sale of the Estrela de Fura ruby and the Eternal Pink diamond demonstrates the immense value placed on exceptional gemstones of remarkable quality and rarity. These records serve as a testament to the enduring allure of precious stones and the significant figures they can achieve in the auction arena.

Furthermore, the auction event sheds light on the meticulous craftsmanship and expertise required to unearth and transform these natural wonders into breath-taking pieces of art. The Gemological Institute of America’s description of the diamond as a “stunning specimen” further emphasizes the artistic vision and ingenuity involved in showcasing nature’s brilliance.

In a world where mass production often dominates, these extraordinary gemstones remind us of the unparalleled beauty and splendour found in the earth’s depths. The vibrant hues, exquisite clarity, and sheer magnificence of these stones captivate the imagination and evoke a sense of wonder.

As the gavel fell on this momentous auction, it not only marked a historic achievement for Sotheby’s but also highlighted the enduring value and allure of exceptional gemstones. The records shattered by the Estrela de Fura ruby and the Eternal Pink diamond serve as a testament to the indelible impression that these extraordinary treasures leave on those fortunate enough to witness their brilliance.

As collectors and enthusiasts eagerly await the next opportunity to witness such unparalleled gemstones, the legacy of these record-breaking sales will undoubtedly shape the future of the gemstone market. The quest for extraordinary gemstones continues, and the allure of exceptional beauty remains a driving force in the world of high-end jewellery and auctions.

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