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Sotheby's reports record-breaking sales in Geneva

Two new world-record prices set for green and intense blue diamonds

November 18, 2009
"The Roxburghe Rubies" is perhaps the most exceptional necklace of Burmese rubies to come to auction in living memory, according to Sotheby's.

Geneva--Jewels of historical importance and natural-color diamonds garnered "stunning" prices at Sotheby's "Magnificent Jewels" sale, held on Tuesday at the Hotel Beau Rivage in Geneva.

According to a release from the auction house, The Roxburghe Rubies, a suite containing a necklace and earrings that dates to the late 19th century, brought $5.77 million, five times the set's estimated price.

The necklace contains 24 cushion-shaped rubies and 24 similarly shaped diamonds.

According to the release, the 5th Earl of Rosebery (nee Rothschild) is believed to have purchased the necklace from Garrards, as indicated by one of his diary entries. The necklace and earrings were most likely a present for his wife, Hannah, who passed it down to her daughter, the Marchioness of Crewe who, in turn, gave it to her daughter, Mary, Duchess of Roxburghe.

Natural-color diamonds in shades of green, blue, yellow and pink also had a strong showing at Sotheby's.

A private Asian buyer paid $3.08 million for a 2.52-carat vivid-green diamond with a cushion modified brilliant-cut.

According to the release, this stone was the largest vivid-green diamond ever to appear at auction, and its sale set a new world-record price per carat for a green diamond at auction.

Chatila paid $2.52 million for a 3.17-carat fancy intense blue diamond with a brilliant cut, setting a new world-record price per carat for a blue diamond sold at auction.

In addition, Chatila paid $3.13 million for a 74.8-carat fancy vivid-yellow diamond ring.

Overall, the sale generated $36.68 million, above the pre-sale low estimate of $29.5 million, and was 79 percent sold by lot and 79 percent sold by volume.

"The Roxburghe Rubies, a magnificent suite comprising a ruby and a diamond riviere necklace and earrings, the property of Mary, Duchess of Roxburghe, attracted extraordinary pre-sale attention at exhibitions around the world both for the quality of the rubies and the significant historical provenance, and sold for ($5.77 million), five times the high estimate and a world-record price for a ruby suite," David Bennett, Sotheby's chairman of jewelry for Europe and the Middle East, said in the release. "A remarkable array of colored diamond was led by the price of ($3.13 million) for a very impressive fancy vivid-yellow diamond and included two new world-record prices per carat for green and intense blue diamonds."
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