An Alexandrite of Russian origin sets world auction record for an Alexandrite at Christie's Geneva May 14,2014 Magnificent Jewels sale

A stunning oval-shaped 16.80-carat alexandrite set as the centerpiece of an exquisitely designed flower ring by Wallace Chan, appeared at Christie's Hong Kong Magnificent Jewels and Jadeite Sale, held on November 28, 2007. The floral ring is designed to display the alexandrite's two stunning colors to their best effect, by the harmonius arrangement of pear-shaped, rose-cut diamonds and cabochon-cut pink tourmalines, like the petals of a flower, mounted in 18k pink gold and titanium. The lot was accompanied by a Gem Research Swiss Lab report certifying the natural origin of the alexandrite and its prominent color change from green in daylight to purplish-red in incandescent light. The report however did not specify the country-of-origin of the alexandrite. Despite this, the flower ring made a significant impact by selling for USD 434,842 within the pre-sale estimate of USD 360,000 - 450,000. The PPC value of this alexandrite works out to USD 25,883.

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
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

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
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

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.

What about the rare alexandrites showing chatoyancy - the catseye alexandrites - which have been left out of the discussion so far ?
The following images of a perfectly chatoyant alexandrite with a green color in daylight and purple color in incandescent light, are from the gia.edu website.

One of the finest catseye alexandrites with an extraordinary color change and prominent chatoyancy, ever to appear at an auction, was the 23.19-carat, round cabochon-cut alexandrite set as the centerpiece of an 18k white-gold ring, with a stylised bombé surround pavé-set with small circular-cut alexandrites and diamonds. Two lab reports by AGL and GGL certified the Brazilian origin of the catseye alexandrite, and its natural status without any treatment, with a well-centered and prominent chatoyancy, very high degree of transparency, and distinct color-change from bluish-green in daylight to reddish-purple in incandescent light. AGL further stated that this is the finest catseye alexandrite of its size the lab has ever examined.

The catseye alexandrite ring appeared at Sotheby's Hong Kong Jewels & Jadeite Sale held on April 6, 2011. A pre-sale estimate of HKD 10-12 million (US$ 1,286,300-1,543,560) was placed on this lot which sold within the estimate for HKD 11,860,000 (US$ 1,525,552) equivalent to a price-per-carat value of HKD 511,427 (US$ 65,785).

The images uploaded by John speak for themselves. The color, clarity and chatoyancy of the alexandrite, particularly under incandescent light is astounding ! Thanks John for the update.

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.

Two cabochon-cut, catseye alexandrites of Brazilian origin set as the centerpiece of platinum rings appeared at Christies Hong Kong Magnificent Jewels sale held in December 2008 and November 2012. The one that appeared in December 2008, had a weight of 5.40 carats, with a distinct color change from green in daylight to purple in incandescent light and well-centered and pronounced Chatoyancy. The perfectly round cabochon-cut catseye alexandrite was set within an alexandrite trim, in turn surrounded by a pave-set layer of diamonds. A GGL report accompanying the lot certified the natural Brazilian origin of the catseye alexandrite and its distinct color-change and pronounced chatoyancy. The ring sold within the pre-sale estimate of USD 46,000-71,000 for USD 59,963 working out to a ppc value of USD 11,104.

The other catseye alexandrite that appeared in November 2012, had a weight of 9.01 carats with a dramatic color change from dark green in daylight to dark purple in incandescent light, and a very distinct and sharp chatoyancy, highlighted by the dark background colors. The oval-shaped, cabochon-cut, catseye alexandrite was set as the centerpiece of an 18k oxidized gold ring, within an alexandrite surround consisting of 14 oval-shaped alexandrites. An AGL report certified the natural Brazilian origin of the stone, with no gemological evidence of enhancement or treatment. The lot sold within the pre-sale estimate of USD 129,663 - 194,449 for USD 158,196, working out to a ppc value of USD 17,558.

The images of the two catseye alexandrites highlighted by Mike are indeed very stunning. The purple color of the 5.40-carat catseye alexandrite shows that the image was taken in incandescent light. On the other hand the green color of the 9.01-carat catseye alexandrite reveals that its image was taken in daylight. Both rings are of similar design, with the central catseye alexandrite set within an alexandrite surround of smaller alexandrites of varied cuts. What puzzles me about these images is, that while in the second image taken in daylight both the central catseye alexandrite and the oval-cut stones of the alexandrite surround appear green, as they ideally should be, in the second image taken in incandescent light only the central stone appears purple, while the stones of the alexandrite surround appear green, the typicl color in daylight. What is the cause of this apparent contradiction ?

You are dead right Joan ! Thanks for your sharp observation, which calls for an explanation.

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.

An image of an exceptional Sri Lanka alexandrite in incandescent light, taken by International Colored stone Association photographer Bart Curren, appears in several websites. The perfect cabochon-cut of this alexandrite, combined with the brownish-purple color in incandescent light and the very sharp and distinct chatoyancy is indeed a very rare spectacle. I am uploading an image of this extremely rare catseye alexandrite for the benefit of our members.

Wow ! The image of the Ceylon catseye alexandrite is indeed very stunning. I never knew that catseye alexandrites can be so stunningly beautiful. Thanks sunil for your update.

Wonder if an image of the same catseye alexandrite under daylight is also available for comparison. The two images placed side by side would indeed be a real treat !