Editor’s Note
This article highlights a landmark moment in the gem world, where a record-breaking ruby sale underscores a significant shift in the global origins of precious stones.
A Surprising SaleAn event took the world of jewelry by surprise in early June. In New York, a 55.22-carat ruby offered for sale by Sotheby’s was sold in less than two minutes for $34.8 million including fees and commissions. The surprise did not come from the record price shattered by this titanic gem but from its origin: Mozambique. The stone, named “Estrela de Fura,” was cut from a 101-carat rough discovered in July 2022 in a mine located in Montepuez where a significant deposit had been uncovered in 2009.
Usually, auctions ignite for Burmese rubies, primarily from the Mogok region in Myanmar (formerly Burma), characterized by their frank and sustained red, darkened by a slight hint of blue. Experts speak of a “pigeon’s blood” color. The astonishment was heightened by the fact that the “Sunrise Ruby,” offered for sale by Christie’s a month earlier, had not reached the expected heights: just over 13 million euros. This 25.59-carat stone, of Burmese origin, belonged to the collection of Heidi Horten. The Austrian billionaire, who died in 2022, had acquired it in 2015 for a much higher amount.
These two events, which fueled countless discussions among industry professionals, are rich in lessons. On one hand, they highlight the range of factors that contribute to establishing, at a given moment, the price of a stone. In the case of Mrs. Horten’s Burmese ruby, the emotion stirred by the origin of the deceased owner’s fortune and the difficulty – albeit relative for stones of old extraction – of now offering gems from a conflict zone were combined.
The extraordinary enthusiasm for the “Estrela de Fura” stone – a ruby from Mozambique usually costs ten times less than its Burmese equivalent – seems to indicate, for its part, the influence that a carefully orchestrated awareness campaign by the stone’s owner can have. In this case, it is the Canadian company Fura Gems founded by Dev Shetty in 2017.
These episodes also highlight the crucial role played by stone buyers within jewelry houses. A role that is all the more decisive as the amounts at stake are increasingly colossal. Opinions are unanimous: these collectors seek the prestige of a signature that flourishes through the evidence of a style but also, and increasingly, through the uniqueness of the stones offered.
One thinks particularly of Chaumet which, this season, made a very favorable impression by inserting into its naturalistic creations a myriad of exceptional gems – including a 21.59-carat cushion-cut Colombian emerald surrounded by fine pearls – and others, more unexpected but just as relevant, such as a red spinel from a new mine discovered in Tanzania or a set of spinels with cobalt blue tones. This color indicated a specific source – the An Phú mountains in Vietnam – and underscored the jeweler’s desire to attract a clientele sensitive to the rarity of this material.
To support its ambitions in high jewelry, Piaget has an eminent stone seeker who strives to find the most beautiful stones, whether in terms of color, purity, but also cut. While the house was keen to highlight aquamarine this season, an assortment of Colombian emeralds revealed a desire to offer “sets” intended to enhance the value of complete parures.
To consolidate its growth and affirm its ambitions in the field of high jewelry, Piaget, which has its own gemology laboratory, holds a serious pair of assets: Christophe Bourrié, who heads the department, and Guillaume Chautru, who seeks the most beautiful stones, whether in terms of color, purity, or cut. The two experts, who capitalized on aquamarine and Colombian emerald this season, thus take pride in reworking gems to give them a specific cut, while integrating them into demanding pairings.
