Significant Ceylon/Sri Lanka Blue Sapphires that appeared at public auctions

To give a start to this thread let us first include the impressive Ceylon/Sri Lanka blue sapphire, cushion-cut, with a saturated even blue color and extraordinary clarity, weighing 102.61 carats, the centerpiece of an "Impressive and Rare Sapphire and Diamond Necklace" that appeared at the Sotheby's Hong Kong Magnificent Jewels & Jadeite Spring Sale, held on April 7, 2014, and sold for US$ 4,203,118, the highest price achieved by a Sri Lanka blue sapphire at an auction, and the 3rd-highest price achieved by blue sapphire single stone at an auction.

A significant pair of blue Sapphires, both pear-cut and a blue color of medium-strong saturation, one a Burma sapphire weighing 10.206 carats with dimensions of 17.00 x 10.28 x 7.18 mm and the other a Ceylon sapphire weighing 8.628 carats with dimensions of 17.15 x 10.37 x 5.97 mm, set as the centerpiece of a pair of French sapphire and diamond cluster rings, surrounded by graduated circular brilliant-cut and marquise-shaped diamonds, set in yellow-gold, appeared at the recent Woolley & Wallis auctions held in Salisbury on May 1, 2014. A pre-sale estimate of £60,000 - £80,000 was placed on the lot, which was sold for exactly £60,000 equivalent to US$101,214.

Several Ceylon/Sri Lanka blue sapphires featured at the Sotheby's Geneva Magnificent Jewels sale held on November 13, 2013. These lots are Lot 55, Lot 184, Lot 187 and Lot 232
Lot 55 - Sapphire and Diamond Ring by Faraone 1967 - is a cluster-ring set with a 10.22-carat, oval-cut, natural, unheated Ceylon blue sapphire as the centerpiece, surrounded by brilliant-cut marquise-shaped and pear-shaped diamonds. The lot with a pre-sale estimate of USD 20,709 - 30,518 was sold for USD 35,423.
Lot 184 - Sapphire and Diamond Pendant - set with a 15.32-carat, oval-cut, natural, unheated Ceylon blue sapphire as the centerpiece of the pendant, surrounded by a layer of round brilliant-cut diamonds, and the surmount set with heart-shaped diamonds. A pre-sale estimate of US$ 20,709 - 31,608 was placed on the lot, but the lot sold for more than double the upper estimate for US$ 74,932.
Lot 187 - Sapphire and Diamond Ring - set with a 22.99-carat, oval-cut, natural, unheated Ceylon blue sapphire, with epaulet-shaped diamond shoulders. A pre-sale estimate of US$ 45,777 - 67,575 was placed on the lot, which was sold above the upper-estimate for US$ 74,932
Lot 232 - Set with a 13.61-carat, cushion-cut, natural, unheated Ceylon blue sapphire as the centerpiece of a ring with baguette diamond shoulders. A pre-sale estimate of US$ 65,395 - 81,744 was placed on the lot, which sold for US$ 92,643.

Thanks Mike and John for your updates. Hoping for more contributions from you in the future.

I just thought of computing the ppc values of the six Ceylon blue sapphires given above.

1) 102.61 carats - USD 4,203,118 PPC - USD 40,962
2) 18.8 carats - USD 101,214 PPC - USD 5,383
3) 10.22 carat - USD 35,423 PPC - USD 3,466
4) 15.32 carat - USD 74,932 PPC - USD 4,891
5) 22.99 carat - USD 74,932 PPC - USD 3,259
6) 13.61 carat - USD 92,643 PPC - USD 6,807
While the average ppc of sapphires 2) to 6) is around USD 4,700, the ppc of sapphire No.1 is USD 40,962.
What are the possible reasons for such a large disparity in the ppc values ?

A casual examination of the PPC values given by Yousuf indicates that the size of the blue sapphires might be related to the large disparity in ppc values. I may be subject to correction, but sapphire No.1 with an enormous weight of 102.61 carats selling for a staggering USD 4,203,118 is the cause of the disparity. In comparison, sapphires 2 to 6 with lesser weights sold for only around USD 100,000 or less.

Thanks Yousuf and rashid for your contribution. Rashid, your suggestion that the size of the blue sapphires might be related to the large disparity in ppc values between sapphire No.1 and the average ppc values of sapphires 2 to 6, is absolutely in order. Top-quality Sri Lanka blue sapphires fetch impressive prices only when the carat-weight of the stone exceeds 100 carats, as sapphire no.1, weighing 102.61 carats that sold for a staggering US$ 4,203,118, the highest price ever fetched by a Sri Lanka blue sapphire at an auction. Smaller Ceylon blue sapphires in the range of 10-25 carats as sapphires 2 to 6, fetch much lower prices in the range of US$ 100,000 or less, as prices recorded by these sapphires reveal.
This is in total contrast to Kashmir blue sapphires, the highest quality blue sapphires in the world, and the standard against which blue sapphires from other sources are compared. Kashmir sapphires in general are smaller in size. Most of the Kashmir sapphires are less than 50 carats in weight. A Kashmir sapphire weighing around 50 carats is an extreme rarity. However, in spite of their smaller size, Kashmir sapphires command premium prices, such as the 19.88-carat, cushion-cut, "Star of Kashmir" sapphire that sold for a staggering US$ 3,484,102 at Christie's Geneva Sale on May 15, 2013 and the 21.42-carat, cushion-cut, Kashmir sapphire that sold for US$ 3,231,584 at Sotheby's Geneva Sale on November 13, 2013. Ceylon sapphires of comparative weight will not fetch more than US$ 100,000, whatever the quality of the sapphires might be. This is still related to market ranking based on origin, as reported by Richard Hughes in his book "Ruby & Sapphire."

What would be the approximate valuation of a Star Blue Sapphire, origin from Sri Lanka and a size of 510 carat?

Would appreciate your inputs.

The blue star sapphire weighing 510 carats of Sri Lankan origin, whose existence arihantsourcing has revealed, if true, is among the largest Sri Lanka blue star sapphires in the world. In the list of Famous Blue Star Sapphires Greater than 100 carats in Weight, there are 13 large blue star sapphires, of which 7 blue star sapphires are from Sri Lanka. These are :-

1) Star of India - 563.35 carats - AMNH New York
2) Un-named Blue Star Sapphire - 393 carats - NGJA, Sri Lanka
3) Star of Artaban - 316 carats - NMNH Smithsonian
4) Star of Lanka - 193.39 carats - Royal Ontario Museum, Canada
5) Star of Bombay - 182 carats - NMNH Smithsonian
6) Midnight Star Sapphire - 116.75 carats - AMNH New York
7) Star of Ceylon - 101.01 carats - Private Collection, Seattle

The 510-carat blue star sapphire, claimed to be of Sri Lankan origin by arihantsourcing, if correct is the second largest Sri Lanka Blue Star Sapphire in the world after the 563.35-carat "Star of India" which is the property of the AMNH New York. It is highly unlikely that an enormous blue star sapphire weighing 510 carats could have left the shores of Sri Lanka, without the discovery of its rough, whose weight must be at least over 700 carats, being reported.

In any case if arihantsourcing can prove the Sri Lanka origin of the stone, with a country-of-origin report from a recognized gem-testing laboratory, the stone must be worth a fortune, given the fact that 393-carat, unnamed Blue Star Sapphire, owned by the National Gem and Jewelry Authority of Sri Lanka, which according to Richard Hughes is probably the finest large star sapphire in existence, was insured for £1 million equivalent to US$1.8 million, when the stone was exhibited for the first time in London, in 1981 at the Commonwealth Institute.

The 510-carat Blue Star Sapphire, if it has a color, cut and distinctness of the star surpassing that of the 393-carat un-named Blue Star Sapphire owned by the NGJA, would be worth around US$ 2.4-2.5 million, going by the 1981 valuation, which works out to approximately US$ 5,000 per carat.

However, given the fact that an exceptional Ceylon blue sapphire, with a perfect cushion-cut and saturated medium blue color weighing 102.61 carats sold for US$ 4,203,118 at the Sotheby's Hong Kong Magnificent Jewels & Jadeite Spring Sale, held on April 7, 2014, the highest price achieved by a Sri Lanka blue sapphire at an auction, working out to a price-per-carat value of US$ 40,962, we can safely predict that the 510-carat blue star sapphire if exceptional in all respects, would be worth more than double or treble the estimated value based on the 1981 valuation. Hence, this particular Ceylon blue star sapphire would be worth between US$ 5.0 -7.5 million, if its credentials are impeccable.

Apologies for the delayed response, am not getting email notification for the reply/posts, hence missed this reply.

I can share the Gubelin certificate of the same with you offline, if interested.

The best option to dispose of this enormous blue star sapphire of Ceylon origin weighing 510 carats, is to entrust the gem to one of the leading auction houses, such as Christie's or Sotheby's to be sold at one of their Magnificent Jewels Sale in Hong Kong, Geneva or New York. Going by the enhanced prices recorded by blue sapphires of Kashmir, Burma and Ceylon origin at these auctions, I am sure your blue sapphire would realize its full potential value at one of these auctions.
Thanks and good luck !!!

A Ceylon sapphire ring designed by Graff, bearing Lot No. 596 and titled "Impressive Sapphire And Diamond Ring by Graff" appeared at Sotheby's Geneva Magnificent Jewels and Noble Jewels Sale held on May 14, 2013. An oval-cut, 28.21-carat, Ceylon blue sapphire was double claw-set on the ring designed by Graff, between triangular diamond shoulders. The lot was accompanied by SSEF report certifying the Ceylon origin of the stone with no evidence of heat enhancement. A pre-sale estimate of USD 225,000 - 330,000 was placed on the ring which sold slightly above the upper estimate for USD 344,309 equivalent to a price-per-carat value of USD 12,205.

Another Ceylon Sapphire and Diamond Ring that appeared at the same Sotheby's Geneva Jewels Sale held on May 14, 2013, was Lot 622 titled "Sapphire And Diamond Ring" from an important private collection. The ring was set with a 30.52-carat, step-cut Ceylon blue sapphire, with a saturated, even medium rich blue color that may be graded as AAA, and a clarity grade of type1, meaning eye-clean with no visible inclusions. The blue sapphire is set between baguette diamond shoulders. The lot is accompanied by an SSEF reort certifying the Ceylon origin of the stone with no indications of heat enhancement. A pre-sale estimate of USD 88,000 - 141,000 was placed on the ring which eventually sold for USD 168,492. This works out to a price-per-carat value of USD 5,520.

Surprisingly Sotheby's HK, Geneva and New York offices think they don't have a market for such a stone!!

I just can't believe that Sotheby's would have taken that position, unless their gemologists had examined the stone and advised them that there is no market for such a stone. If your stone has a rich deep-blue color characteristic of many top-grade Ceylon sapphires, and has a perfect cabochon-cut, and very distinct centrally located six-rayed star, given the enormous size of the stone, its amazing that if someone says there is no market for such a stone. I am sure the GGL certificate specifies the natural status of the stone, its characteristics, country-of-origin as well as the fact that there is no evidence of heat enhancement. If your stone meets all these conditions it is without any doubt a valuable collectors item, and no auction house would refuse to put it for auction.

I suggest you try other auction houses such as Christie's, Bonhams and Woolley & Wallis. In any case I would like to see an image of your Blue Star Sapphire, before I could give you further suggestions for its disposal.