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Articles from RINGS - GENERAL (890 Articles), GEMSET JEWELLERY (316 Articles), GEMSTONES - EMERALD (19 Articles)

An emerald ring that once belonged to America's richest family has sold for a record price

Rockefeller emerald sets world auction record

2.2 k views | Posted June 27, 2017 | By Talia Paz • Staff Journalist

While diamonds regularly make auction headlines, coloured gemstones appear to be an increasingly favoured sector, with an 18-carat emerald once owned by a renowned American dynasty selling for US$5.5 million (AU$7.2 m).

The Rockefeller Emerald, an 18.04-carat step-cut Columbian emerald ring, was purchased for US$5,511,500 (AU$7,309,067) by jewellery brand Harry Winston.

Nayla Hayek, Harry Winston CEO

The sale, part of the Christie’s New York Magnificent Jewels auction on 20 June, set a world auction record for the highest amount paid per carat for an emerald at US$305,000 (AU$404,469) per carat.

The record comes less than one month after Harry Winston purchased a fancy vivid blue diamond ring for US$8.9 million (AU$11.8 m) at a Christie’s auction in Hong Kong.

According to a Christie’s statement, Harry Winston CEO Nayla Hayek instructed bidder and Harry Winston chief financial officer Robert Scott to “bring this magnificent gem home at any price.”

“Harry Winston is immensely proud to own the finest emerald in the world which once belonged to one of America’s most important dynasties,” Hayek added following the sale.

A rich history

Tom Burstein, Christie’s US head of jewellery

The emerald was once owned by John Rockefeller Junior, a prominent member of the renowned American Rockefeller family. He purchased the gemstone, which was set as a brooch at the time, for his wife in 1930. The emerald was inherited by son David Rockefeller and made into a ring and then later passed from the family into private ownership.

Christie’s US head of jewellery Tom Burstein said the auction results indicated a strong demand for high-quality jewellery.

“The record prices achieved by the Rockefeller Emerald and fancy deep greyish bluish green diamond coupled with competitive bidding for signed jewellery underscores the strength in the market for pieces of the highest quality,” Burstein said.

Other strong results from the Magnificent Jewels auction reportedly included a green tourmaline, diamond and gold necklace, a nephrite, amethyst and sapphire necklace as well as a multi-gemstone and coloured enamel pendant necklace with a sapphire drop.