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Christie’s Hong Kong Magnificent Jewels – Most Expensive Red Diamond Record

Christie’s set a new world record for the most expensive red diamond to be sold at auction during its autumn Hong Kong Magnificient Jewels sale. “Gem on Fire”, a heart shaped fancy red diamond and diamond ring created by Moussaieff, that sold to a private Asian buyer for $5,095,872. This set a new world record auction for a red diamond as well as per carat price at $2,440,000. Moussaieff designed the ring as a flower head with the red diamond in the center surrounded by six petals set with pear shaped diamonds, each weighing roughly 1.01 to 1.07 carats.

Christie’s Hong Kong Magnificent Jewels brought in $95,050,066, sold 84% by lot and 80% per value. This sale aligned itself with Christie’s expectations with a few surprised and others that out performed original estimates.

Exceptional lots included the top sale, an rare Burmese pigeon blood red ruby and diamond brooch created by Cartier that sold for $8,434,368 or $835,000 per carat, which was three times the presale estimate of $2.5 million. This lot became the second highest price to paid for a ruby at auction due to several reasons including the rarity, and carat weight.

This also included a pair of jadeite cabochon and diamond earrings that doubled the pre-sale estimate at $6,692,544

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