A sapphire- and diamond-studded necklace sold for HK$125.45 million (around US$16.19 million) at Christie’s Hong Kong, breaking a world auction record for a Kashmir sapphire necklace.

The piece, named The Royal Blue, is adorned with 16 Kashmir “Royal Blue” sapphires totalling 104.61 carats. “The Royal Blue stands as the most valuable jewel sold at auction in Asia this year,” revealed Christie’s. 

Christie’s Magnificent Jewels auction, held in Hong Kong on November 25, achieved a total of HK$538.13 million (around US$69.45 million). The sale was 92 per cent sold by lot, with a hammer price 106 per cent above the low estimate, and close to 60 per cent of lots sold over high estimate – driven by spirited competition across all bidding channels, according to the auction house.

The overall figures mark a 15 per cent increase year on year and is Christie's highest autumn sale for the category in Hong Kong since 2017, reflecting a thriving market for refined gems and jewellery.

“Sapphires were highly coveted overall and 100 per cent sold, and there was notably enthusiastic bidding for jewels from renowned maisons and the offering was also 100 per cent sold,” said Christie's.

Coloured gemstones were also the stars of Bonhams’ Hong Kong Jewels and Jadeite sale on November 23, demonstrating sustained market appetite for fine coloured gems in the region. 

The top lot was a pair of pear-shaped emerald pendants of Colombian origin, weighing 64.37 and 63.19 carats, respectively. The emeralds sold for more than three times their pre-sale estimate to achieve HK$6.1 million (approximately US$783,000). Another notable lot was a pair of unmounted pear-shaped Colombian emeralds of natural vivid green colour, each weighing 25.10 and 24.22 carats, which fetched HK$1.2 million (around US$154,000).

The sale also featured a wide selection of jewellery by Bulgari, Cartier, Chaumet Paris, Dorera, Fred Paris, GF & F The Haute Joaillerie, JAR, M Gérard, Marcus & Co, Meister, Ronald Abram and Van Cleef & Arpels.