Editor’s Note
This article reports on the record-breaking auction of the ‘Estrela de FURA’ ruby, which has set a new global benchmark for both rubies and colored gemstones.
The 55.22-carat ruby ‘Estrela de FURA’ was recently sold at Sotheby’s in New York for a staggering price of US$34.8 million (RMB 248 million), acquired by a Middle Eastern collector. This sale set new world auction records for both a ruby and for any colored gemstone.
The cushion-cut ruby originated from a rough stone weighing 101 carats, discovered in 2022 at a ruby mine in Mozambique, East Africa. After cutting and polishing, its weight was reduced to about half of the original, yet it remains the largest gem-quality ruby ever to appear at auction.
Another high-value transaction occurred in the same auction: the 10.57-carat ‘The Eternal Pink’ fancy vivid purplish-pink diamond also sold for US$34.8 million (RMB 248 million), setting a new auction record for a fancy vivid pink diamond. Its per-carat price exceeded US$3.29 million, also a new record high.
Estimate: On Request (Expected to exceed US$30 million)
Hammer Price: US$34,804,500
Rubies are a variety of the mineral corundum, formed under extreme pressure and high temperatures deep within the earth. Their red color comes from trace elements like chromium and iron. A high concentration of chromium enhances the gem’s brilliance; chromium atoms absorb high-energy light, causing the stone to display a strong red fluorescence under ultraviolet light, intensifying its inherent red hue.
Traditionally, Burmese ‘pigeon’s blood’ rubies have been considered the pinnacle of quality. However, with depleting mines and increasing market demand, jewelers have sought ruby deposits elsewhere. Mozambique in East Africa has emerged as a significant new source in recent years.
Mozambique rubies are known for their pure, intense, and evenly distributed color, along with high clarity, allowing the pigeon’s blood rubies from this African nation to rival the quality of traditional Burmese stones. The ‘Estrela de FURA’ sold at auction was discovered at the FURA Gems ruby mine in Mozambique, one of the world’s largest ruby deposits today.
The ruby rough was unearthed in July 2022, weighing 101 carats. Even in its untreated, rough state, it displayed the fluorescence, clarity, and intense red hue traditionally associated only with Burmese rubies. The ruby was named ‘Estrela de FURA’, which translates from Portuguese as ‘Star of FURA’. The ‘FURA’ in the name comes from FURA Gems, the colored gemstone mining and marketing company that discovered it.
‘Estrela de FURA’ was certified by five authoritative gemological laboratories—American Gemological Laboratories (AGL), Swiss Gemmological Institute (SSEF), Gübelin Gem Lab, GemResearch Swisslab (GRS), and Bellerophon—as a natural ruby with no heat treatment. GRS and Bellerophon specifically noted in their reports that its color tone reached the ‘pigeon’s blood’ level.
The 25.59-carat Burmese ‘pigeon’s blood’ ruby ‘Sunrise Ruby’ sold for US$30.3 million in 2015.
This 55.22-carat giant ruby ultimately sold for US$34.8 million (including buyer’s premium), successfully breaking the ruby and colored gemstone auction record set in 2015 by the 25.59-carat Burmese ‘pigeon’s blood’ ruby ‘Sunrise Ruby’. That ruby was sold for US$30.3 million at Sotheby’s Geneva in 2015, purchased by the late Austrian jewelry collector Heidi Horton.
Now, the Mozambique-origin ‘Estrela de FURA’ has refreshed the long-held auction record of the traditional Burmese ruby ‘Sunrise Ruby’, demonstrating that top-quality rubies from this emerging source are gradually gaining recognition from collectors, with a status comparable to that of Burmese rubies.
Estimate: On Request (Expected to exceed US$35 million)
Hammer Price: US$34,804,500
The 10.57-carat fancy vivid purplish-pink diamond ‘The Eternal Pink’, also hammered in the same auction, changed hands at a record-breaking price of US$34.8 million (including buyer’s premium, RMB 248 million), with an average per-carat value of US$3,292,763, also setting a new record high.
The previous auction record for a fancy vivid purplish-pink diamond was set in Hong Kong. The 15.81-carat cushion-shaped fancy vivid purplish-pink diamond ‘The Sakura Diamond’ sold for HK$226 million at Christie’s Hong Kong in 2021, setting a record. The auction house announced a US dollar transaction price of US$29,285,318 at the time. In other words, ‘The Eternal Pink’ has now broken that record by approximately US$5.5 million.
The 15.81-carat fancy vivid purplish-pink diamond ‘The Sakura Diamond’ sold for HK$226 million at Christie’s Hong Kong in 2021.
Let’s compare the two diamonds based on three factors: color, clarity, and weight.
Color – According to GIA data, out of every 1,400 natural pink diamonds, only 4% achieve the highest color grade of ‘Fancy Vivid’. Both ‘The Sakura Diamond’ and ‘The Eternal Pink’ reached the Fancy Vivid level.
Clarity – The clarity of both fancy vivid purplish-pink diamonds was graded by GIA as Internally Flawless (IF), indicating exceptional transparency and purity. Furthermore, both are Type IIa diamonds, known for their exceptional purity and transparency. Less than 2% of all gem-quality diamonds are Type IIa.
Weight – ‘The Sakura Diamond’ weighs 15.81 carats, making it the heaviest fancy vivid pink diamond ever to appear at auction. ‘The Eternal Pink’ weighs 10.57 carats, approximately 5 carats lighter.
In summary, both fancy vivid purplish-pink diamonds achieve the ultimate in multiple ratings, with the biggest difference being their weight. Despite being smaller, ‘The Eternal Pink’ successfully set a new auction record this time, demonstrating that the upward trend in colored diamond prices in recent years remains unchanged.
In fact, one reason for the repeated new highs in pink diamond auction records is their scarcity. The Argyle mine in Australia, which produced the highest global volume of pink diamonds, ceased operations at the end of 2020 due to resource depletion. A further rise in pink diamond prices is therefore expected.
Auction House: Sotheby’s New York
Sale: Magnificent Jewels
Auction Date: 2023/6/8
Total Sale Amount: US$95,869,980