Hill's Kashmir Sapphire

The 8.91-carat Kashmir sapphire highlighted by rashid occupies the second place in the 2nd-list above reflecting blue sapphires registering highest price-per-carat values. Hence, as of now this sapphire has registered the second highest price-per-carat value for any blue sapphire sold at public auction in the world. However, in December 2012 it set a record-breaking price-per-carat value of US$ 153,759, pushing the 26.41-carat Kashmir sapphire with a price-per-carat value of US$ 145,342 registered in November 2011, to second place.
It is important to note that mathematically highest price-per-carat values are usually registered by gemstones that have lower carat weights but still register very high prices at auctions, due to their exceptional qualities. The present record holder for price-per-carat value, the 19.88-carat "Star of Kashmir" sapphire is one such gemstone.

The 8.91-carat Kashmir sapphire highlighted by rashid occupies the third place in the 2nd-list above reflecting blue sapphires registering highest price-per-carat values. Hence, as of now this sapphire has registered the third highest price-per-carat value for any blue sapphire sold at public auction in the world. However, in December 2012 it set a record-breaking price-per-carat value of US$ 153,759, pushing the 26.41-carat Kashmir sapphire with a price-per-carat value of US$ 145,342 registered in November 2011, to second place.
It is important to note that mathematically highest price-per-carat values are usually registered by gemstones that have lower carat weights but still register very high prices at auctions, due to their exceptional qualities.

Accordingly, the revised highest price-per-carat list for Kashmir sapphires runs as follows :-
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) 8.91-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 153,759 - December 2012
4) 21.42 carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 150,867 - November 2013
5) 26.41-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 145,342 - November 2011
6) 22.66-carat, cushion-cut Hill's Kashmir Sapphire - price-per-carat- US$ 135,216 - April 2007
7) 42.28-carat, cushion-shaped Kashmir sapphire - price-per-carat - US$ 81,798 - November 2008
62.02-carat, rectangular step-cut Rockefeller Sapphire - price-per-carat - US$ 48,871 (Mogok Sapphire) - April 2001

I have found at least three more Kashmir sapphires that appeared at Public auctions but not listed above. One of these with a unique cabochon-cut, weighing 31.53 carats mounted in a gold and platinum ring and within a circular-cut diamond surround, was sold at the Christie's New York sale in April 2012 and fetched a price of US$2,658,500.
The other two appeared at Sotheby's Geneva Sale in May 2013. One of this was an 11.71-carat, cushion-cut Kashmir sapphire set in a ring that was sold for US$1,110,370 and the other a 6.90-carat Kashmir sapphire also set in a ring with marquise-cut diamond shoulders that sold for US$444,775.

Thanks AnitaP for your update. The images of the Kashmir blue sapphires you uploaded are indeed very stunning. In the light of the information provided by you, I am trying to figure out whether the lists provided earlier needs further revision. You have joined in our discussion after a long period of silence. Hope everything is fine. We are eagerly looking forward for more contributions from you.

In the list of blue sapphires registering very high whole-stone prices, all the blue sapphires listed had recorded prices above dollars three million. None of the three Kashmir blue sapphires mentioned by AnitaP come within this range, and hence will not alter the list of six blue sapphires given above. If at all they are added to the list it has to be after the 6th blue sapphire in the list.
However, if price-per-carat (PPC) values of the three sapphires are considered, they may find a place in the list of blue sapphires registering high price-per-carat values.
The PPC values of the three blue sapphires are as follows :-
1) 31.53-carat, Cabochon-cut Kashmir blue sapphire - Whole Stone Price (WSP) - US$2,658,500; PPC - US$84,316
2) 11.71-carat, cushion-cut, Kashmir blue sapphire - WSP - US$1,110,370; PPC - US$94,822
3) 6.90-carat, cushion-cut, Kashmir blue sapphire - WSP - US$444,775; PPC - US$64,460

Accordingly, the revised highest price-per-carat list for Kashmir sapphires shall run as follows :-
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) 8.91-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 153,759 - December 2012
4) 21.42 carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 150,867 - November 2013
5) 26.41-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 145,342 - November 2011
6) 22.66-carat, cushion-cut Hill's Kashmir Sapphire - price-per-carat- US$ 135,216 - April 2007
7) 11.71-carat, cushion-cut Kashmir blue sapphire - price-per-carat - US$94,822 - May 2013
31.53-carat, cabochon-cut, Kashmir blue sapphire - price-per-carat - US$84,316 - April 2012
9) 42.28-carat, cushion-shaped Kashmir sapphire - price-per-carat - US$ 81,798 - November 2008
10) 6.90-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$64,460 - May 2013
11) 62.02-carat, rectangular step-cut Rockefeller Sapphire - price-per-carat - US$ 48,871 (Mogok Sapphire) - April 2001

Sotheby's Geneva Magnificent Jewels Sale held on May 14, 2013, featured seven blue sapphires from the main sources countries Ceylon,Burma and Kashmir, set mainly in rings and at least one set as the centerpiece of a brooch. At least one of these blue sapphires fetched over a million dollars, two sapphires between half-a-million to one-million dollars and the remaining four sapphires between US$100,000 to US$500,000.
The List of blue sapphires and the prices fetched by them are given below :-
1) 25.51-carat, step-cut, Burmese sapphire set in a ring - USD 695,943
2) 11.71-carat, cushion-cut, Kashmir sapphire set in a ring - USD 1,110,370
3) 43.27-carat, pear-shaped, Burmese or Ceylon sapphire set as the centerpiece of a pendant/brooch, surrounded by collet-set cushion-cut and circular-cut diamonds - USD 545,243
4) 30.52-carat, rectangular step-cut Ceylon blue sapphire set in a ring, with baguette diamond shoulders - USD 168,492
5) 6.90-carat, cushion-shaped Kashmir blue sapphire set in a Bulgari ring with marquise-cut diamond shoulders - USD 444,775 ppc
6) 28.21-carat, oval-cut Ceylon blue sapphire set in a ring by Graff, with triangular diamond shoulders - USD 344,309
7) 13.57-carat, rectangular step-cut, Burma blue sapphire set in a ring surrounded by a double row of brilliant-cut diamonds - USD 231,284

Thanks AnitaP for all the trouble you have taken in fishing out this valuable information about blue sapphires that appeared at Sotheby's Geneva Magnificent Jewels Sale held on May 14, 2013. The images you have uploaded are indeed very stunning and give an insight into the beauty of blue sapphires originating from the main source countries of Ceylon (Sri Lanka), Burma and Kashmir. The much-valued cornflower blue color appears to be common to all the blue sapphires you have highlighted, irrespective of the source country.
Since the sale of the seven blue sapphires you have highlighted took place at the same Sotheby's auction held on May 14, 2013, we can use the prices achieved by them at these auctions, to compare the prices achieved by blue sapphires from different sources and make appropriate conclusions. However, as the weight of the sapphires vary from 6.90 carats to 43.27 carats no direct comparison could be made. The ideal method of comparing prices achieved, would be to calculate the price-per-carat achieved by each stone and then comparing the price-per-carat values.
The price-per-carat achieved by each blue sapphire you have listed in the same order given by you are as follows :-
1) 25.51-carat, step-cut, Burmese blue sapphire - WSP US$695,943; PPC - US$27,281
2) 11.71-carat, cushion-cut, Kashmir blue sapphire - WSP US$1,110,370; PPC - US$94,822
3) 43.27-carat, pear-shaped, Burmese or Ceylon blue sapphire - WSP US$545,243; PPC - US$12,600
4) 30.52-carat, cut-cornered rectangular step-cut Ceylon blue sapphire - WSP US$168,492; PPC - US$5,520
5) 6.90-carat, cushion-shaped Kashmir blue sapphire - WSP US$444,775; PPC - US$64,460
6) 28.21-carat, oval-cut Ceylon blue sapphire - WSP US$344,309; PPC - 12,205
7) 13.57-carat, cut-cornered rectangular step-cut, Burma blue sapphire - WSP US$231,284 ; PPC - US$17,043

Let us now arrange the PPC values in descending order from the highest to the lowest and indicate against them the source of the stone :-
1) US$94,822 - Kashmir blue sapphire
2) US$64,460 - Kashmir blue sapphire
3) US$27,281 - Burma blue sapphire
4) US$17,043 - Burma blue sapphire
5) US$12,600 - Burma or Ceylon blue sapphire
6) US$12,205 - Ceylon blue sapphire
7) US$5,520 - Ceylon blue sapphire

The above analysis shows that the highest PPC is registered by Kashmir blue sapphires, followed by Burma blue sapphires and then Sri Lankan blue sapphires. In other words there is a definite grading in prices of blue sapphires based on origin, which Richard Hughes in his book "Ruby & Sapphire" referred to as a market ranking based on origin, which according to him unfolds as follows :-
1. Kashmir
2. Burma
3) Ceylon
4) Everything Else

Our analysis above provides statistical proof for Richard Hughes contention, based on actual auction performance of blue sapphires from the three main sources at an auction conducted by Sotheby's.

Two lots containing blue sapphires performed quite well at the Sotheby's Hong Kong Magnificent Jewels & Jadeite Spring Sale 2014, held on April 7, 2014. These are Lot 1760 - An Exceptional Sapphire and Diamond Ring and Lot 1766 - An Impressive and Rare Sapphire and Diamond Necklace.
Lot 1760 set with a 20.04-carat, cushion-cut Kashmir Sapphire sold for US$ 2,614,701 equivalent to US$ 130,474 per-carat.
Lot 1766 - whose centerpiece was a top-quality, cushion-cut Sri Lanka sapphire, with a saturated even blue color and extraordinary clarity, weighing 102.61 carats, sold for US$ 4,203,118 equivalent to price-per-carat value of US$ 40,962

A single unmounted Burma blue sapphire, oval-cut and weighing 114.73 carats seem to have broken the world record for a sapphire whole stone in November 2013, when it sold for USD 7,137,821 at the Sotheby's Geneva Magnificent Jewels Sale. This works out to a price-per-carat value of USD 62,214. It appears that the sale of this blue sapphire had not entered this discussion, and the list of highest whole stone prices achieved for blue sapphires might need further revision. I am uploading an image of this sapphire as it would be relevant to the discussion

Thanks Anitap and Sunil for your updates. We are mainly dependent on your updates to carry on this discussion. In the context of the increase in demand for natural blue sapphires around the world, I think it is worthwhile carrying on this discussion, so that our readers would be well informed of the market trends for high-quality natural blue sapphires, arising from different sources. I really do not know how we missed such a significant Burma/Mogok sapphire weighing 114.73 carats that sold for US$ 7,137,821 at the Sotheby's Geneva Magnificent Jewels Sale held in November 2013. As you have rightly pointed out this Burma sapphire had broken the world record for a sapphire whole stone in November 2013, but in terms of price-per-carat of US$ 62,214 it is not significant, but still falls within the range for Burma sapphires. In any case this Burma Sapphire can now claim to be the most expensive Burma sapphire ever sold at an auction.

The Sri Lanka sapphire highlighted by AnitaP with a weight of 102.61 carats that sold for US$ 4,203,118 is also significant in terms of its whole stone price, now occupying the 3rd-position in the list of Blue sapphires registering highest whole stone prices, but insignificant in terms of price-per-carat. The ppc of US$ 40,962, though not significant when compared to Kashmir blue sapphires is one of the highest ppc recorded for a Sri Lanka sapphire at an auction. Apart from that this blue sapphire is the most expensive Sri Lanka blue sapphire ever sold at an auction.

The revised list of blue sapphires that recorded the highest whole stone prices at public auctions is given below :-

1) 26.66-carat and 20.88-carat cushion-cut Richelieu Sapphires - US$ 8,358,520 - November 2013- Most expensive Kashmir blue sapphire sold at an auction
2) 114.73-carat, oval-cut Burma blue sapphire - US$ 7,137,821 - November 2013 - Most expensive Burma blue sapphire sold at an auction.
3) 102.61-carat, cushion-cut Sri Lanka blue sapphire - US$ 4,203,118 - April 2014 - Most expensive Sri Lanka blue sapphire sold at an auction.
4) 26.41-carat, cushion-cut Kashmir sapphire - US$ 3,838,508 - November 2011
5) 19.88-carat, cushion-cut "Star of Kashmir" Sapphire - US$ 3,484,102 - May 2013
6) 42.28-carat, cushion-shaped Kashmir sapphire - US$ 3,458,420 - November 2008
7) 21.42 carat, cushion-cut Kashmir sapphire - US$ 3,231,584 - November 2013
22.66-carat, cushion-cut Hill's Kashmir Sapphire - US$ $ 3,064,000 - April 2007
9) 62.02-carat, rectangular step-cut Rockefeller Sapphire - US$ 3,031,000 (Mogok sapphire) - April 2001

The revised highest price-per-carat list for blue sapphires is given below :-

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) 8.91-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 153,759 - December 2012
4) 21.42 carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 150,867 - November 2013
5) 26.41-carat, cushion-cut Kashmir sapphire - price-per-carat - US$ 145,342 - November 2011
6) 22.66-carat, cushion-cut Hill's Kashmir Sapphire - price-per-carat- US$ 135,216 - April 2007
7) 20.04-carat, cushion-cut Kashmir blue sapphire - price-per-carat - US$ 130,474 - April 2014
11.71-carat, cushion-cut Kashmir blue sapphire - price-per-carat - US$94,822 - May 2013
9) 31.53-carat, cabochon-cut, Kashmir blue sapphire - price-per-carat - US$84,316 - April 2012
10) 42.28-carat, cushion-shaped Kashmir sapphire - price-per-carat - US$ 81,798 - November 2008
11) 6.90-carat, cushion-cut, Kashmir blue sapphire - price-per-carat - US$64,460 - May 2013
12) 114.73-carat, oval-cut, Burma blue sapphire - price-per-carat - US$ 62,214 - November 2013
13) 62.02-carat, rectangular step-cut Rockefeller Sapphire - price-per-carat - US$ 48,871 (Mogok Sapphire) - April 2001
14) 102.61-carat, cushion-cut Sri Lanka sapphire - price-per-carat - US$ 40,962 - April 2014

A study of the two lists above clearly shows that there is a definite grading in prices of blue sapphires based on origin - Kashmir, Burma, Ceylon (Sri Lanka) - as suggested by Richard Hughes in his book "Ruby & Sapphire". This grading is seen both for the whole stone prices and price-per-carat values. The first, second and third most expensive blue sapphires in the world are the Richelieu Kashmir sapphires, the 114.73-carat Burma blue sapphire and the 102.61-carat Sri Lanka blue sapphire that sold for USD 8,358,520, USD 7,137,821 and USD 4,203,118 respectively.
The price-per-carat list also shows that the ppc of sapphires 1 to 11 varying from USD 175,821 to USD 64,460 all belong to Kashmir blue sapphires. PPC of 12 and 13 equal to USD 62,214 and USD 48,871 belong to Burma sapphires and PPC of 14 equal to USD 40,962 belongs to a Sri Lanka Sapphire.

A cushion-cut Kashmir sapphire with a blue color of medium-strong saturation, weighing 9.685 carats and dimensions of 11.50 x 10.32 x 7.94 mm, set as the centerpiece of a platinum ring with tapered baguette-cut diamonds shoulders, appeared at the Woolley & Wallis auctions held on May 1, 2014. A pre-sale estimate of £80,000-120,000 was placed on this Kashmir sapphire ring, but the ring sold much above the upper-estimate for £210,000 equivalent to US$ 354,249.

A Rare Sapphire and Diamond Ring by David Morris, which was lot 1895 at the Christie's Hong Kong Magnificent Jewels Sale, held on November 27, 2012, was set with a circular-cut Kashmir sapphire weighing 9.37 carats as centerpiece and surrounded by a layer of pear and brilliant cut diamonds. The lot sold for US$889,280 slightly above the upper estimate of US$842,884, equivalent to a price-per-carat value of US$ 94,907.

Lot 1896 at the same auction was another Kashmir sapphire lot, AN IMPORTANT SAPPHIRE AND DIAMOND RING, set with a cushion-cut Kashmir sapphire weighing 10.66 carats flanked by cushion-shaped diamonds weighing 2.01 carats each mounted on platinum. A pre-sale estimate of US$ 881,786 – 1,231,907 was placed on the lot, which sold within the estimated range for US$1,200,398, equivalent to a price-per-carat value of US$ 112,607.

Lot 458 - titled an "Exceptional Platinum, Sapphire And Diamond Ring" featured at the Sotheby's New York, April 29, 2014 Magnificent Jewels Sale, setting the world record for price-per-carat for a Kashmir sapphire and for that matter for any sapphire in the world. The centerpiece of this ring is a 28.18-carat, square emerald-cut, Kashmir sapphire, highlighted by a 32 tapered baguette diamond surround, mounted in platinum and designed by Oscar Heyman & Bros. Two lab reports by AGL and GGL certified the Kashmir origin of the sapphire, as well as the fact that the sapphire was not subjected to any form of heat treatment. A pre-sale estimate of USD 4,000,000 - 5,000,000 was placed on the Lot, which was sold slightly above the upper estimate for USD 5, 093,000 equivalent to a price-per-carat value of US$ 180,731 - a new world record for PPC for a Kashmir Sapphire or for any blue sapphire in the world.

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
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

Like the Richelieu Sapphires, another pair of Kashmir sapphire and diamond ear pendants, described as "A Pair Of Impressive Sapphire And Diamond Ear Pendants" appeared at the Hong Kong Magnificent Jewels Sale held on May 31, 2011. The cushion-shaped sapphires weighing 14.84 carats and 13.47 carats are mounted on 18k white gold, between two pear-shaped diamonds at the top and bottom, and the upper diamond hooked loosely to a diamond surmount consisting of a cluster of three pear-shaped diamonds.
Two lab reports issued by GGL and AGL certified that the 14.84 carat and 13.47 carat sapphires are of Kashmir origin, possessing a richly saturated and homogenous color with no evidence of heat enhancement. A pre-sale estimate of US$2,645,474 - 3,871,425 was placed on the lot, which sold even above the upper estimate for US$4,135,165. This works out to a price-per-carat value of US$146,067

Another Kashmir sapphire lot that appeared at Christie's New York Magnificent Jewels sale on December 10, 2013 was Lot 355 titled - A Rare Belle Époque Sapphire And Diamond Ring - set with an oval-shaped sugarloaf cabochon sapphire weighing 21.27 carats, with single-cut diamonds on the shoulders, mounted in platinum. An AGL report accompanying the lot certified the Kashmir origin of the sapphire with no evidence of heat enhancement. The lot sold within the presale estimate of US$1,500,000 - 2,500,000 for US$2,105,000 working out to a ppc value of US$98,966.