Hill's Kashmir Sapphire

Thanks Afrojack for your timely update on the "STAR OF KASHMIR SAPPHIRE" and the images of the three most expensive sapphires in the world. Hoping for more useful contributions from you in the future.

The first and second most expensive blue sapphires in the world, the Star of Kashmir Sapphire and the Hill's Kashmir Sapphire, being of Kashmiri origin, without any doubt supports the belief that blue sapphires of Kashmiri origin command premium prices and rank among the most expensive blue sapphires in the world, as stated by Geo-scientist Haji Abdul Majid Butt and world renowned Gemologist Richard W. Hughes, in his book "Ruby & Sapphire."

Yes indeed John ! According to Richard W. Hughes, whether one likes it or not, there is a definite market ranking for sapphire according to origin in the order Kashmir, Burma (Mogok), Ceylon (Sri Lanka) followed by everything else. This is further confirmed by the observation that while the 1st and 2nd most expensive blue sapphires in the world, the Star of Kashmir Sapphire and the Hill's Kashmir Sapphire are of Kashmiri origin, the 3rd most expensive blue sapphire in the world, the 62.02-carat, rectangular step-cut Rockefeller Sapphire is of Burmese origin (Mogok), conforming to Richard W. Hughes' market ranking.

In one of your previous write-ups on Gemstone Geographic Origin Determination and their limitations, you had stated that some renowned laboratories in spite of the limitations involved, issue geographic-origin/country-of-origin reports on sapphires, and these labs concentrate mainly on sapphires originating from non-basaltic deposits such as Kashmir, Burma, Sri Lanka, Madagascar and Tanzania, whose sapphires command premium prices at international markets. Among the laboratories you mentioned were the American Gemological Laboratories (AGL), the Gubelin Gem Lab (GGL), Swiss Gemological Institute (SSEF), the American Gem Trade Association (AGTA) Gemological Testing Center.

The "Star of Kashmir Sapphire" was also accompanied by three laboratory reports that confirm the country of origin of the sapphire was Kashmir. The three labs that issued the reports were SSEF, GGL and AGL, three of the four labs you had listed earlier. What was the need for obtaining three independent country-of-origin reports instead of one ?

The need for obtaining three independent country-of-origin reports was clearly meant to reassure any prospective bidder/buyer that the blue sapphire was indeed a natural sapphire originating from Kashmir, that commands premium prices at competitive public auctions, especially in the context of a reported success rate of only 80% in the relatively new field of Geographic origin determination despite advances in analytical methods. Given the failure rate of 20% considered too high by some renowned laboratories that refuse to issue geographic/country-of-origin reports on any gemstone, it is imperative that at least three independent country-of-origin reports be obtained to reassure prospective bidders/buyers that the blue sapphire is indeed of Kashmiri origin.

According to Afrojack the 19.88-carat, cushion-shaped, Star of Kashmir Sapphire is the most expensive Kashmir sapphire in the world, having sold for US$ 3,484,102, a world record price, for a whole stone and price-per-carat, ever paid for a blue sapphire. However, I am sorry to say, that Afrojack is probably mistaken, as he might not have been aware of another Christie's Magnificent Sale held in Hong Kong in November 2011, at which another cushion-shaped Kashmir sapphire weighing 26.41 carats and set as the centerpiece of a sapphire and diamond brooch, sold for a whopping US$ 3,838,508 or US$ 145,342 per carat. According to the renowned gemologist Richard W. Wise's blog, - "The GemWise Blog" - the price realized by the 26.41-carat Kashmir sapphire is a new world record for a Kashmir sapphire both for single stone and price-per-carat, pushing the 22.66-carat, Hill's Kashmir Sapphire that held the previous record of US$ 3,064,000 to second place.

The price of US$ 3,484,102 is the second highest price realized for a Kashmir sapphire, and hence the 19.88-carat "Star of Kashmir Sapphire" is actually the second most expensive Kashmir sapphire in the world, followed by the Hill's Kashmir sapphire which occupies the 3rd place and the Rockefeller sapphire occupying the 4th place.

Two images of the 26.41-carat Kashmir sapphire, the current world record holder for the most expensive sapphire, is attached to this post.

Thanks Mary for your update. Your contribution has indeed helped us a lot in setting the record straight on the most expensive Kashmir blue sapphire in the world.

Hence it follows that the 1st, 2nd and 3rd most expensive blue sapphires in the world are all Kashmir sapphires followed by a Burma (Mogok) sapphire - the Rockefeller Sapphire - which occupies the 4th place. The order of the most expensive blue sapphires still conform to the Richard W. Hughes market ranking of blue sapphires based on origin, viz. Kashmir-Burma (Mogok)- Ceylon (Sri Lanka) and everything else.

As a contribution to the on-going discussion on Kashmir blue sapphires, I am uploading the following image of a natural, untreated Kashmir blue sapphire weighing 11.15 carats, with a cushion shape and a modified brilliant-cut crown and modified step-cut pavilion, measuring 13.70 x 9.54 x 8.49 mm, with geographic origin certified as Kashmir that appeared at a saffronart online auction of fine jewels and watches held on October 30 & 31, 2012. A pre-sale estimate of US$ 137,255 - 156,865 was placed on the sapphire which eventually sold for US$ 133,623, just below the lower estimate. The sapphire was certified natural, untreated and originating from Kashmir by two renowned laboratories the GIA (Gemological institute of America) and GRS (Gem Research Swisslab).

I am afraid that the list of most expensive blue sapphires in the world needs further revision after the stunning performance of some exceptionally beautiful Kashmir blue sapphires at the Sotheby's Magnificent Jewels Geneva Sale held on November 13, 2013. The two lots that did creditably well are :- Lot 332 - A Very Fine Sapphire Ring - set with a cushion-cut Kashmir blue sapphire weighing 21.42 carats, accompanied by SSEF and GGL reports stating that the sapphire is of Kashmir origin, with no indications of heating, with a highly attractive and saturated blue color - poetically also referred to as 'royal blue'- and an outstanding purity. A pre-sale estimate of USD 741,139 - USD 991,819 was placed on the lot, but the lot was sold for a stunning USD 3,231,584, which was 4 times the lower estimate and 3 times the upper estimate.
The price realized makes the 21.42-carat Kashmir blue sapphire the 3rd most expensive blue sapphire in the world after the 26.41-carat Kashmir sapphire that sold for US$ 3,838,508 at the Christie's Hong Kong Sale in November 2011 and the 19.88-carat, cushion-shaped, Star of Kashmir Sapphire that sold for US$ 3,484,102 at the Christie's Geneva Sale on May 15, 2013. This pushes the 22.66-carat Hill's Kashmir Sapphire that sold for US$ 3,064,000 from the 3rd-place to the 4th-place, and the 62.02-carat Rockefeller Burma Sapphire that sold for US$ 3,031,000 to the 5th-place.

The other lot containing Kashmir blue sapphires that did extremely well at the same Sotheby's auction was Lot No. 371, titled THE RICHELIEU SAPPHIRES, A PAIR OF RARE AND MAGNIFICENT SAPPHIRE AND DIAMOND EARRINGS. Each of the earrings is set with a cushion-cut Kashmir blue sapphire one weighing 26.66 carats and the other 20.88 carats, suspended from a star surmount set with a cushion- and pear-shaped diamonds. A pre-sale estimate of USD 2,506,793 - 4,577,622 was placed on the pair of earrings, from the Collection of Odile de Richelieu, Countess Gabriel de La Rochefoucauld, Princess de La Rochefoucauld (1879-1974). The lot is accompanied by reports from SSEF and GGL stating that the sapphires are of Kashmir origin, with no indications of heating. A note accompanying the SSEF report is very informative and interesting :- "The two gemstones form a perfectly matching pair in size and shape, combined with an attractive velvety blue colour and a fine purity. The inclusions found by microscopic inspection represent the hallmarks of sapphires from the reputed historic deposit in Kashmir, located in a remote part of the Himalayan Mountains in India. The velvety blue of these sapphires is due to very fine and subtle inclusions and a combination of well-balanced trace elements in these gemstones, typical and characteristic for the finest sapphires of Kashmir. In addition to these qualities, these sapphires have been spared exposure to heat treatment and their clarity and colour are thus all natural. A matching pair of natural sapphires from Kashmir of this size and quality is very rare and exceptional."
The lot was eventually sold for a whopping USD 8,358,520 which was 3 times the lower estimate and almost 2 times the upper estimate. The price realized undoubtedly sets the world record for a matching pair of Kashmir blue sapphires set in a pair of earrings, but being a pair, does not interfere with the rankings of the most expensive single Kashmir blue sapphires given above.

Thanks Mary for your latest updates on the Kashmir blue sapphires. It is not surprising that the 1st, 2nd, 3rd, and 4th most expensive single blue sapphires sold at auctions are all Kashmir blue sapphires, given the premium value attached to these sapphires and the top place given to Kashmir blue sapphires in the market-ranking based on origin, viz. Kashmir - Burma - Ceylon - everything else, as stated by Richard W. Hughes in his authoritative book "Ruby & Sapphire."
With regard to the Richelieu Sapphires that sold for a staggering USD 8,358,520, given the fact that the sapphires were sold as a pair, one weighing 26.66 carats and the other 20.88 carats, they may not interfere with the ranking of the most expensive single sapphires just given. However, disregarding the weight differences of the two sapphires, and dividing the total value realized by the pair of sapphires by two, you obtain the figure USD 4,179,260. Thus, if we assign half the total value of the two sapphires to each of the sapphires in the pair irrespective of their carat weight, the value of USD 4,179,260 obtained for each sapphire is still greater than the value of USD 3,838,508, the highest price realized by the most expensive blue sapphire in the world, the 26.41-carat Kashmir sapphire that sold for US$ 3,838,508 at the Christie's Hong Kong Sale in November 2011.
Hence, one might argue that any one of these two Kashmir blue sapphires with a value of USD 4,179,260 might be considered as the most expensive single blue sapphire in the world !!!
The price-per-carat value of the Richelieu Sapphires taken as a whole is USD 8,358,520/26.66+20.88. This works out to USD 175,821, the highest price-per-carat value realized by any sapphire at an auction.

Hi everybody ! I think I have stumbled upon another Kashmir sapphire, perhaps the largest of such sapphires, weighing 42.28 carats, a cushion-shaped stone mounted on an 18k white-gold ring with half-moon diamond shoulders, that sold for US$ 3,458,420 at Christie's Geneva Sale 1359, JEWELS: THE GENEVA SALE held on November 20, 2008. The lot was accompanied by three reports, one by the SSEF, another by GGL and a third report by C.Dunaigre Consulting GmbH, all confirming that the sapphire is a natural Kashmir blue sapphire, with no indications of heating. I am sure this finding will undoubtedly have a bearing on the list of most expensive Kashmir blue sapphires. An image of the blue sapphire ring is uploaded below for the benefit of participants in this discussion.

Thanks Peter for your update. I think this thread on the Hill's Kashmir Sapphire had generated a lively and informative discussion on blue sapphires in general and the rare and exceptional Kashmir blue sapphires in particular. It has also helped to bring out information on exceptional Kashmir blue sapphires that had performed very well at public auctions conducted by leading auction houses, such as this 42.28-carat, cushion-shaped stone which you helped to highlight. In fact the auction of this gemstone had taken place in Geneva on November 20, 2008 just an year- and-a-half after the sale of the Hill's Kashmir Sapphire at Christie's New York City on April 25, 2007.
The Hill's Kashmir Sapphire was sold for US$ 3,064,000, setting a new world record price, for price per carat, and whole stone, ever paid for a blue sapphire and this record seems to have been broken at least for a whole stone on November 20, 2008 just one-and-half years after it was set, by the 42.28-carat Kashmir sapphire selling for US$ 3,458,420.
Let me now list the sapphires we have dealt with so far in the chronological order in which they were sold at public auctions.
1) Rockefeller Sapphire - 62.02-carat, rectangular step-cut Burma (Mogok) blue sapphire; sold at Christie’s New York, in April 2001 for US$ 3,031,000; price-per-carat - US$ 48,871
2) Hill's Kashmir Sapphire - 22.66-carat, cushion-cut; sold at Christie's New York on April 25, 2007 for US$ $ 3,064,000; price-per-carat- US$ 135,216
3) 42.28-carat, cushion-shaped Kashmir sapphire; sold at Christie's Geneva on November 20, 2008 for US$ 3,458,420; price-per-carat - US$ 81,798
4) 26.41-carat, cushion-cut Kashmir sapphire; sold at Christie's Hong Kong Sale in November 2011 for US$ 3,838,508; price-per-carat - US$ 145,342
5) "Star of Kashmir" Sapphire - 19.88-carat, cushion-cut; sold at Christie's Geneva Sale on May 15, 2013 for US$ 3,484,102; price-per-carat - US$ 175,256
6) 21.42 carat, cushion-cut Kashmir sapphire; sold at Sotheby's Geneva Sale on November 13, 2013 for USD 3,231,584; price-per-carat - US$ 150,867
7) 26.66-carat and 20.88-carat cushion-cut Richelieu Sapphires; sold at Sotheby's Geneva on November 13, 2013 for USD 8,358,520; price-per-carat - USD 175,821

If these blue sapphires are arranged in descending order of their whole stone prices we have the following list :-
1)26.66-carat and 20.88-carat cushion-cut Richelieu Sapphires - US$ 8,358,520 - November 2013
2) 26.41-carat, cushion-cut Kashmir sapphire - US$ 3,838,508 - November 2011
3) 19.88-carat, cushion-cut "Star of Kashmir" Sapphire - US$ 3,484,102 - May 2013
4) 42.28-carat, cushion-shaped Kashmir sapphire - US$ 3,458,420 - November 2008
5) 21.42 carat, cushion-cut Kashmir sapphire - US$ 3,231,584 - November 2013
6) 22.66-carat, cushion-cut Hill's Kashmir Sapphire - US$ $ 3,064,000 - April 2007
7) 62.02-carat, rectangular step-cut Rockefeller Sapphire - US$ 3,031,000 (Mogok sapphire) - April 2001
Hence, the world record price for whole stone since November 2013 is held by the 26.66-carat and 20.88-carat Richelieu Sapphires that sold for US$ 8,358,520 at Sotheby's Geneva in November 2013.

If these blue sapphires are arranged in descending order of their price-per-carat values we have the following list :-
1) 26.66-carat and 20.88-carat, cushion-cut Richelieu Sapphires - price-per-carat - US$ 175,821 November 2013
2) 19.88-carat, cushion-cut "Star of Kashmir" Sapphire - price-per-carat - US$ 175,256 - May 2013
3) 21.42 carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 150,867 - November 2013
4) 26.41-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 145,342 - November 2011
5) 22.66-carat, cushion-cut Hill's Kashmir Sapphire - price-per-carat- US$ 135,216 - April 2007
6) 42.28-carat, cushion-shaped Kashmir sapphire - price-per-carat - US$ 81,798 - November 2008
7) 62.02-carat, rectangular step-cut Rockefeller Sapphire - price-per-carat - US$ 48,871 (Mogok Sapphire) - April 2001
Hence, the world record price for price-per-carat among blue sapphires is held by the 26.66-carat and 20.88-carat, cushion-cut Richelieu Sapphire since November 13, 2013

Another Kashmir blue sapphire, not so significant in terms of its size but with all the exceptional qualities of Kashmir sapphires such as its lovely saturated velvety-blue color, mounted on a platinum ring by Tiffany & Co. with diamond shoulders, appears to have set a record-breaking price-per-carat value at Christie's New York in December 2012. The cushion-cut velvety-blue sapphire weighing 8.91 carats sold for a stunning US$ 1.37 million, which was 5.5 times the lower estimate of of US$ 250,000 and almost 4 times the upper estimate of US$ 350,000. The price-per-carat achieved by this sapphire was US$ 153,759,considered by Christie's as a new world record for price-per-carat for a Kashmir sapphire. I do not know where in the list given above would this Kashmir sapphire fit in ?

Even though the Kashmir sapphire is only 8.91 carats, the color and cut of the stone are indeed outstanding !!! Moreover, Tiffany's ring setting highlighting the unique characteristics of this sapphire, has made this an outstanding piece of jewelry. Hence, the stunning performance of this ring at the auctions, going for over a million dollars. Thanks rashid for your valuable contribution.