Rare Kashmir sapphire achieved £260k at Cheffins

A rare Kashmir sapphire and diamond ring was sold for £260,000 at Cheffins’ jewellery, silver and watches sale on 21 November after fierce international bidding led to a “record-breaking” price for a single lot of jewellery for Cheffins.

The Kashmir sapphire ring (Lot 171) was from a private source in Norfolk, having been within the family for almost 100 years.

It is accompanied by a report from Gübelin, dated 14th October 2024, which stated the weight of the sapphire to be 5.79ct (weighed), origin Kashmir, with no indication of heating, and had a catalogue estimate of £40,000-£60,000.

The jewellery, silver and watches sale saw over 350 lots going under the hammer and was itself, a “record-breaking” auction for the department, with sales totalling almost £550,000 and 97% of lots sold.

In addition to the sapphire, several other jewellery pieces achieved significant above catalogue prices, including a Georgian topaz and pearl necklace/bracelet circa 1820 (lot 115, est £1,000-£2,000), which sold for £3,600, a Victorian and enamel memorial pendant (lot 118) which went under the hammer for £6,000, as well as a cultured pearl and diamond necklace (lot 139, est £2,000-£4,000) which achieved £5,500.

Meanwhile, watch sale highlights included a steel Omega ‘Speedmaster Moonwatch’ chronograph wristwatch which sold for £2,200 and an 18ct gold Vacheron Constantin wristwatch, estimated at £1,500-2500 and going under the hammer for £4,200 (pictured below).

Fay Roach, jewellery specialist at Cheffins, said: “Kashmir sapphires are unrivalled in their quality, with captivating colour as well as historical significance, so are highly sought-after. As such, the stunning ring in our sale attracted a lot of attention and bidding from auction room, telephone and online buyers, culminating in two determined bidders vying to secure it, driving the price up significantly above its guide and causing much excitement in the room.”

Steven Collins, head of jewellery, silver and watches at Cheffins, added: “This was a fantastic sale with a great atmosphere in the busy auction room and some strong prices achieved. The Kashmir sapphire was a wonderful highlight to an incredibly successful day.”