Posts by Lareef

The price-per-carat values of the Ceylon sapphires highlighted by Mikegem seem to indicate the quality of these sapphires.

Lot 1796 with the highest ppc-value of US$14,356 seems to have the highest quality, with a saturated, evenly distributed violet-blue hue and a medium dark tone, the look-alike of most Kashmir sapphires. Had the origin of this sapphire been conclusively proved to be Kashmir, its ppc-value would have shot up to over US$100,000.

Lot 1560 has the lowest ppc value of US$2,550. The ridiculously low ppc-value of this sapphire is undoubtedly due to Lab confirmation that the stone had been subjected to heat enhancement.

Lot 1622, despite the fact the sapphire is a natural Ceylon stone with no evidence of heat enhancement, also had a low ppc-value of US$3,572. This was probably due to the dark-blue hue and the very-dark tone of the sapphire.

Lot 1779 on the other hand had a ppc-value of US$5,284 the price of an average-quality Ceylon blue sapphire. These sapphires have a slightly lesser dark hue and tone than lot 1622.

Incorporating the sapphires highlighted by gemlite and Mikegem in the List of Ceylon blue sapphires that appeared at public auctions arranged in descending order of whole stone prices, we have the following revised list :-

1) 102.61-carat, cushion-cut Ceylon blue sapphire - USD 4,203,118
2) 43.27-carat, pear-shaped Ceylon blue sapphire - USD 545,243
3) 28.21-carat, oval-cut Ceylon blue sapphire -USD 344,309
4) 13.28-carat, cushion-shaped, Ceylon blue sapphire - USD 190,654
5) 30.52-carat, rectangular step-cut Ceylon blue sapphire - USD 168,492
6) 29.30-carat, circular-cut, Ceylon blue sapphire - USD 104,667
7) 10.206-carat and 8.628-carat pear-shaped Ceylon blue sapphires, set as centerpiece of pair of sapphire and diamond cluster rings - USD 101,214
13.61-carat, cushion-cut, Ceylon blue sapphire -USD 92,643
9) 8.90-carat and 7.86-carat matching, cushion-shaped, Ceylon blue sapphires - USD 88,564
10) 15.32-carat, oval-cut, Ceylon blue sapphire - USD 74,932
11) 22.99-carat, oval-cut Ceylon blue sapphire - USD 74,932
12) 10.22-carat, oval-cut, Ceylon blue sapphire - USD 35,423
13) 12.00-carat, cushion-shaped, heat-treated Ceylon blue sapphire - USD 30,595

The same sapphires above arranged in descending order of price-per-carat values is given below :-

1) 102.61-carat, cushion-cut Ceylon blue sapphire - ppc value USD 40,962
2) 13.28-carat, cushion-cut, Ceylon blue sapphire - ppc value USD 14,356
3) 43.27-carat, pear-shaped, Ceylon blue sapphire - ppc value USD 12,600
4) 28.21-carat, oval-cut Ceylon blue sapphire - ppc value USD 12,205
5) 13.61-carat, cushion-cut, Ceylon blue sapphire - ppc value 6,807
6) 30.52-carat, rectangular step-cut Ceylon blue sapphire - ppc value USD 5,520
7) 10.2-carat and 8.6-carat, matching pear-shaped, Ceylon blue sapphires - ppc value USD 5,383
8.90-carat and 7.86-carat matching cushion-cut, Ceylon blue sapphires - ppc value 5,284
9) 15.32 carat, oval-cut, Ceylon blue sapphire - ppc value USD 4,891
10) 29.30-carat, circular-cut, Ceylon blue sapphire - ppc value USD 3,572
11) 10.22 carat, oval-cut, Ceylon blue sapphire - ppc value USD 3,466
12) 22.99 carat, oval-cut, Ceylon blue sapphire - ppc value USD 3,259
13) 12.00-carart, cushion-shaped, heat-treated Ceylon blue sapphire - ppc value USD 2,550

In both lists above the heat-treated Ceylon blue sapphire occupies the last position.

Thanks Yousuf, Peter, rashid and shah for fishing out more Kashmir blue sapphires that appeared at public auctions, and enriching our discussion. I think that both the whole stone price list and price-per-carat list needs revision taking into consideration only the Kashmir blue sapphires. So far 26 Kashmir blue sapphires have been considered in our discussion, and these sapphires arranged in descending order of whole stone prices are listed below.

LIst of Kashmir blue sapphires that appeared at public auctions arranged in descending order of whole stone prices :-

1) 26.66-carat and 20.88-carat cushion-cut Richelieu Sapphires - US$ 8,358,520 - Sotheby's Geneva, November 2013- Most expensive Kashmir blue sapphires sold at an auction.
2) 28.18-carat, square emerald-cut, Kashmir blue sapphire - US$5,093,000 - Sotheby's New York, April 2014.
3) 14.84-carat and 13.47-carat cushion-cut Kashmir blue sapphires from the pair of sapphire and diamond ear-pendants - US$4,135,165 - Christie's Hong Kong May 2011.
4) 26.41-carat, cushion-cut, Kashmir blue sapphire - US$ 3,838,508 - Christie's Hong Kong, November 2011.
5) 19.88-carat, cushion-cut "Star of Kashmir" blue Sapphire - US$ 3,484,102 - Christie's Geneva, May 2013.
6) 42.28-carat, cushion-shaped Kashmir blue sapphire - US$ 3,458,420 - Christie's Geneva, November 2008.
7) 21.42 carat, cushion-cut Kashmir blue sapphire - US$ 3,231,584 - Sotheby's Geneva, November 2013
22.66-carat, cushion-cut Hill's Kashmir blue Sapphire - US$ $ 3,064,000 - Christie's New York, April 2007
9) 31.53-carat, cabochon-cut, Kashmir blue sapphire - US$2,658,500 - Christie's New York, April 2012
10) 20.04-carat, cushion-cut, Kashmir blue sapphire - US$ 2,614,701 - Sotheby's Hong Kong, April 2014
11) 21.27-carat, oval cabochon-cut, Kashmir blue sapphire - US$2,105,000 - Christie's New York, December 2013.
12) 8.91-carat, cushion-cut Kashmir blue sapphire - US$1,370,000 - Christie's New York, December 2012.
13) 10.66-carat, cushion-cut, Kashmir blue sapphire - US$1,200,398 - Christie's Hong Kong, November 2012.
14) 11.71-carat, cushion-cut, Kashmir blue sapphire - US$1,110,370 - Sotheby's Geneva, May 2013.
15) 7.68-carat, cushion-cut, Kashmir blue sapphire - US$932,657 - Sotheby's Hong Kong, April 2013.
16) 11.06-carat, cushion-cut, Kashmir blue sapphire - US$932,657 - Sotheby's Hong Kong, April 2013.
17) 9.37-carat, circular-cut, Kashmir blue sapphire - US$889,280 - Christie's Hong Kong, November 2012.
18) 12.71-carat, cushion mixed-cut, Kashmir blue sapphire - US$785,000 - Sotheby's New York, April 2014.
19) 10.40-carat, sugar-loaf cabochon-cut, Kashmir blue sapphire - US$453,446 - Sotheby's Hong Kong, April 2013.
20) 6.90-carat, cushion-cut, Kashmir blue sapphire - US$444,775 - Sotheby's Geneva, May 2013
21) 4.52-carat, cushion-cut, Kashmir blue sapphire - US$358,580 - Sotheby's Geneva, November 2013.
22) 9.68-carat, cushion-cut, Kashmir blue sapphire - US$354,249 - Woolley & Wallis auctions, May 2014
23) 5.45-carat, oval-cut, Kashmir blue sapphire - US$293,000 - Sotheby's New York, April 2014.
24) 5.48-carat, cut-cornered step-cut, Kashmir blue sapphire - US$273,567 - Sotheby's Geneva, November 2013.
25) 11.15-carat, cushion modified brilliant Kashmir blue sapphire - US$133,623 - saffronart online auction October 31, 2012.
26) 4.53-carat, oval-cut Kashmir blue sapphire - US$106,250 - Sotheby's New York, April 2014

We referred your query to mineral expert and dealer in minerals Rob Weesner, whose email address is robweesner@crystalsbyrob.com, who is also a participant in our forums. We reproduce the e-mail sent to him and his reply for your information please.

e-mail sent to Rob Weesner by Lareef A. Samad

Thanks for taking part in our forums and uploading images of several rare minerals onto our galleries, under the pseudonym "Hippi." We would appreciate continued inputs from you in the field of rare minerals, being an expert on the subject and experience gained by dealing in minerals over the years. In this connection, I would like to bring to your kind notice an intimation received from a member participating in our forums, who created a thread under Contact Us Forum - titled "Iranian Crown Jewels Loose Emeralds and Emeralds from my mine are exactly the same."

This is what the member taking the Pseudonym "emeralds999" says under this thread :-

I am an emerald miner . I came across these emeralds at one of my emerald mines. They appear to be just like the ones in the picture showing the Iranian loose emeralds and also 13 emerald rings that is found on your website. The only other place that I have seen these type of emeralds is at the Iranian Museum website and your website. They appear to be different from any other emeralds that I have seen before and there are none like them being sold anywhere that I was able to find. Could you tell me what you think about these emeralds .

He has uploaded three images under his post. The first two images appear to be the green mineral found in his mine, cut in various shapes and tumbled or polished. The third image shows the Iranian loose emeralds which form part of the collection of the Iranian Crown Jewels. I would appreciate your imputs regarding the polished green minerals uploaded by "emerald999" and your opinion as to whether it is the same as the green emeralds found in the Iranian Crown Jewels.
The images are sent as attachments to the e-mail

Thank you and God Bless You !!!

I just can't believe that Sotheby's would have taken that position, unless their gemologists had examined the stone and advised them that there is no market for such a stone. If your stone has a rich deep-blue color characteristic of many top-grade Ceylon sapphires, and has a perfect cabochon-cut, and very distinct centrally located six-rayed star, given the enormous size of the stone, its amazing that if someone says there is no market for such a stone. I am sure the GGL certificate specifies the natural status of the stone, its characteristics, country-of-origin as well as the fact that there is no evidence of heat enhancement. If your stone meets all these conditions it is without any doubt a valuable collectors item, and no auction house would refuse to put it for auction.

I suggest you try other auction houses such as Christie's, Bonhams and Woolley & Wallis. In any case I would like to see an image of your Blue Star Sapphire, before I could give you further suggestions for its disposal.

Thanks Mike for your update, and Joan for your sharp observation and gemlite for your subsequent confirmation. It's indeed puzzling how the central 5.40-carat, catseye alexandrite in the first image appears purple the usual color under incandescent light, while the smaller stones in the alexandrite surround appears green, the usual color when exposed to daylight.

One possible explanation for this apparent contradiction, is selective illumination. While the central catseye alexandrite has been selectively exposed to incandescent illumination using a point source, which can be controlled and directed to a desired area, causing the purple color, the stones of the alexandrite surround had been left out of this selective illumination, still exposed to normal daylight and hence remaining green.

The other explanation, which is highly unlikely, is that the alexandrite surround is actually made up of a different kind of green colored stone, which is not alexandrite, and hence do not become purple on exposure to incandescent light.

The blue star sapphire weighing 510 carats of Sri Lankan origin, whose existence arihantsourcing has revealed, if true, is among the largest Sri Lanka blue star sapphires in the world. In the list of Famous Blue Star Sapphires Greater than 100 carats in Weight, there are 13 large blue star sapphires, of which 7 blue star sapphires are from Sri Lanka. These are :-

1) Star of India - 563.35 carats - AMNH New York
2) Un-named Blue Star Sapphire - 393 carats - NGJA, Sri Lanka
3) Star of Artaban - 316 carats - NMNH Smithsonian
4) Star of Lanka - 193.39 carats - Royal Ontario Museum, Canada
5) Star of Bombay - 182 carats - NMNH Smithsonian
6) Midnight Star Sapphire - 116.75 carats - AMNH New York
7) Star of Ceylon - 101.01 carats - Private Collection, Seattle

The 510-carat blue star sapphire, claimed to be of Sri Lankan origin by arihantsourcing, if correct is the second largest Sri Lanka Blue Star Sapphire in the world after the 563.35-carat "Star of India" which is the property of the AMNH New York. It is highly unlikely that an enormous blue star sapphire weighing 510 carats could have left the shores of Sri Lanka, without the discovery of its rough, whose weight must be at least over 700 carats, being reported.

In any case if arihantsourcing can prove the Sri Lanka origin of the stone, with a country-of-origin report from a recognized gem-testing laboratory, the stone must be worth a fortune, given the fact that 393-carat, unnamed Blue Star Sapphire, owned by the National Gem and Jewelry Authority of Sri Lanka, which according to Richard Hughes is probably the finest large star sapphire in existence, was insured for £1 million equivalent to US$1.8 million, when the stone was exhibited for the first time in London, in 1981 at the Commonwealth Institute.

The 510-carat Blue Star Sapphire, if it has a color, cut and distinctness of the star surpassing that of the 393-carat un-named Blue Star Sapphire owned by the NGJA, would be worth around US$ 2.4-2.5 million, going by the 1981 valuation, which works out to approximately US$ 5,000 per carat.

However, given the fact that an exceptional Ceylon blue sapphire, with a perfect cushion-cut and saturated medium blue color weighing 102.61 carats sold for US$ 4,203,118 at the Sotheby's Hong Kong Magnificent Jewels & Jadeite Spring Sale, held on April 7, 2014, the highest price achieved by a Sri Lanka blue sapphire at an auction, working out to a price-per-carat value of US$ 40,962, we can safely predict that the 510-carat blue star sapphire if exceptional in all respects, would be worth more than double or treble the estimated value based on the 1981 valuation. Hence, this particular Ceylon blue star sapphire would be worth between US$ 5.0 -7.5 million, if its credentials are impeccable.

Thanks Joan, John and Mary for taking us to the next logical topic in the discussion - the extremely rare chatoyant alexandrites - with two phenomenal optical effects, distinct color change in daylight/fluorescent light and incandescent light, and the chatoyant or "catseye" effect caused by inclusions known as rutile fibers, commonly referred to as "silk." This is one rare instance where inclusions contribute to the beauty of a gemstone. The "catseye" effect is caused by needle-like rutile fibers occurring in an orientation parallel to the c-axis, causing light entering the stone to be reflected along a single zone, producing a distinct streak of light across the crystal, known as the "catseye" effect. This effect is best seen in gemstones cut as cabochon perpendicular to the c-axis.

Any alexandrite over 10 carats is beyond rare. In such alexandrites to have two optical effects combined together - distinct color change and prominent chatoyancy - are extremely rare indeed. The 23.19-carat, Brazilian catseye alexandrite highlighted by Johnruby is such a gemstone, which explains the high price-per-carat value of US$ 65,785 fetched by this stone, which is very close to the PPC value US$ 69,845 fetched by the world record holder for price-per-carat for an alexandrite, the 21.41-carat, cushion-cut alexandrite of Russian origin which sold for US$ 1,495,395 at Christie's Geneva on May 14, 2014.

Given this fact, the 17.16-carat, oval-cut Ceylon pink sapphire which remained unsold at the Sotheby's Hong Kong Magnificent Jewels and Jadeite Sale held on October 8, 2007 has a minimum estimated value of around US$ 170,000, assuming that the sapphire is normal and not exceptional. Hence the pre-sale estimate of US$ 141,779 - 167,557 placed on this pink sapphire is the least possible estimate and seems to be fairly accurate. In this context it is surprising that this pink sapphire ring remained unsold at the auctions.

The revised list of 24 alexandrites above particularly in terms of PPC values shows that the market ranking for alexandrites based on origin - Russia - Brazil - Sri Lanka - Other sources - still largely holds good, though some exceptional Ceylon alexandrites fetching higher prices had broken this ranking at places 6 and 10 . The record-breaking Russian alexandrite occupies the top of the list. Brazilian alexandrites occupy the middle of the list and Ceylon alexandrites are found at the bottom of the list.

According to the list the world's most expensive alexandrite both in terms of whole stone price and price-per-carat is the 21.41-carat, cushion-cut alexandrite of Russian origin, which sold for US$ 1,495,395 at Christie's Geneva on May 14, 2014. The world's most expensive Brazilian alexandrite in terms of whole stone price is the 19.05-carat, cushion-cut alexandrite which sold at Christie's New York on October 16, 2007 for US$ 959,400. The most expensive Brazilian alexandrite in terms of price-per-carat is the 15.58-carat, cushion-cut alexandrite which sold for US$ 934,480 at Christie's Hong Kong on May 29, 2012. The most expensive Ceylon/Sri Lanka alexandrite is the 18.23-carat, cushion-cut alexandrite, which sold for US$ 557,000 at Christie's New York on October 15, 2013.

According to the list, the average price-per-carat of Ceylon alexandrites vary between US$5,000 - 10,000. However, exceptional Ceylon alexandrites may sell for much enhanced prices of around US$ 20,000 to 30,000.The average price-per-carat of Brazilian alexandrites vary between US$ 10,000 - 20,000. However, exceptional Brazilian alexandrites may have a PPC value exceeding US$ 20,000 and sometimes reaching up to US$ 50,000. The highest PPC values are for the extremely rare Russian alexandrites, provided their Russian origin can be firmly established.

As we have already pointed out premium values are attached to alexandrites of Russian origin, if one can prove the origin of the stone without any doubt, usually supported by a lab report from a reputed laboratory. In the case of the 3.95-carat alexandrite historic provenance point to the probable Russian origin of the stone, but the all important lab report to support this contention is missing. This undoubtedly is the primary reason why the alexandrite failed to impress at the auction. Apart from this the cut, clarity and quality of the color change effect might also have influenced the price fetched by the stone. The period when the two stones appeared for the auction might also have had a bearing on the price of the alexandrite. While the 3.95-carat alexandrite featured at a London auction in December 2007, when prices were generally depressed, the 4.50-carat stone featured at a New York auction five years later in December 2012, when demand for exceptionally rare gemstones, pearls and diamonds and jewelry pieces incorporating them had escalated and prices fetched had increased several folds than 2007 prices.