A 5.02-carat fancy deep blue diamond ring is expected to sell for HK$55 million to HK$80 million (around US$7 million to US$10 million) at Christie’s Magnificent Jewels auction in Hong Kong.

According to the auction house, blue diamonds of this size and quality are rare and often spark fervent bidding from collectors around the globe when they appear at auctions. The event, scheduled for October 29, 2024, will feature 124 lots, with total sales estimate of HK$411.08 million (around US$51.38 million). 

Another highlight of the sale is The Oriental Sunrise earrings featuring a 12.20-carat and an 11.96-carat Type Ib fancy vivid orange-yellow diamonds of VVS2 and VS1 clarity grades, respectively. The earrings are valued at HK$50 million to HK$80 million (approximately US$6.4 million to US$10 million). “The striking orange-yellow hue of these diamonds is the result of nitrogen, a rare element found in less than 0.1 per cent of all diamonds,” noted Christie’s. 

Coloured gemstones are also taking centre stage at the auction, led by a necklace adorned with Pigeon’s Blood' Burmese rubies with a total weight of 62.46 carats. The piece is expected to fetch HK$40 million to HK$60 million (about US$5.2 million to US$7.7 million). Each ruby is meticulously set among pear-and marquise-cut diamonds.

“Due to diminishing yields from the renowned Mogok Valley region of Myanmar, these rubies are celebrated for their increasing rarity and vibrant red hue, often described as ‘Pigeon’s Blood’ for their unparalleled saturation and intensity,” the auction house said.

Also on offer are jewellery pieces from renowned houses such as Bulgari, Cartier, Van Cleef & Arpels, Etcetera and Wallace Chan.