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A sapphire and diamond ring sold for more than 21 times its upper estimate at Sotheby's Geneva Fine Jewellery sale. | Source: Rapaport/Sotheby's

Intense bidding war for sapphire and diamond ring

Posted May 26, 2026 | By Jeweller Staff

A sapphire and diamond ring sold for more than 21 times its upper estimate at Sotheby's Geneva Fine Jewellery sale.

The piece sold for $CHF384,000 ($AUD682,464) and features a step-cut, 8.40-carat Kashmir sapphire between triangular diamonds.

It carried a presale estimate of $CHF12,000 to $CHF18,000 ($AUD21,328 to $AUD35,546), according to Sotheby's website.

"Industry observers noted that collector appetite remains particularly strong for exceptional sapphires, especially stones associated with limited-origin deposits such as Kashmir," a report from Diamond World explained.

"Rare untreated sapphires with strong colour saturation and historic provenance continue to attract international buyers and investors seeking scarcity-led assets within the jewellery category.

"The Geneva auctions have increasingly become a key indicator of sentiment within the global high jewellery and gemstone trade. Recent sales across major auction houses have shown sustained interest in coloured gemstones, including sapphires, rubies, and emeralds, as collectors diversify beyond traditional white diamond-focused acquisitions."

Another piece, an unmounted 3.41-carat ruby, sold for $CHF108,800 ($AUD191,943), significantly exceeding its estimate of $CHF40,000 ($AUD71,095).

A diamond parure by Schreiner achieved $CHF102,400 ($AUD182,000), about three times its estimate. A Cartier gold, emerald, and diamond brooch sold for $CHF70,400 ($AUD125,000), nearly four times its high estimate.

Other highlights included 5.01-carat E-colour VS2 diamond earrings, a Burmese ruby and diamond bracelet, a necklace featuring 55 graduated step-cut diamonds totalling 61.72 carats, and a Schreiner diamond floral parure with matching necklace, bangle, and earrings.

The sale, held from 29 April to 14 May, generated $CHF9.2 million ($AUD16.3 million).

A pair of earrings featuring two step-cut, 5.01-carat, E-color, VS2-clarity diamonds topped by lines of brilliant-cut diamonds.

A necklace composed of a row of 55 graduated step-cut diamonds, weighing a total of 61.72 carats.

This Schreiner parure comprises a necklace designed as a graduated series of flowers, with tapered baguette and brilliant-cut diamonds; a crossover bangle; and a pair of earrings.