Christie’s Hong Kong Jewels: A Kashmir Sapphire and Pink Petal

Blue from the high Himalaya, pink from the deep earth: Christie’s has unveiled the full line-up for its autumn Magnificent Jewels sale in Hong Kong, and two stones set the tone. A 21.05-carat Kashmir sapphire ring mounted by Cartier, estimated at up to about $6.4 million, joins the 8.41-carat Pink Petal diamond at the top of a 120-plus-lot sale on November 24, held during Hong Kong Luxury Week and in the year Christie’s marks four decades in Asia.

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What is in Christie’s Hong Kong Magnificent Jewels sale?

Christie’s announced the highlights on October 20, and the catalogue reads like a short course in what Asian collectors value most. There are three pillars. First, untreated coloured stones from the classic sources: Kashmir sapphire, Burmese ruby and Colombian emerald. Second, jadeite, the stone with the deepest roots in the Hong Kong saleroom. Third, natural pearls and signed jewels from the great houses, including Cartier, Van Cleef & Arpels, Bulgari, Graff, Harry Winston and Tiffany & Co., alongside contemporary Asian masters Cindy Chao and Wallace Chan.

The headline lot by estimate is the Pink Petal, an 8.41-carat pear modified brilliant-cut diamond graded fancy vivid purple-pink, which Christie’s describes as “Potential Type IIa.” Rapaport reported its estimate at up to HK$95 million, or about $12 million. Behind it sits a Cartier brooch from the house’s early platinum era, centred on a 10.10-carat Burmese ruby described as unheated, with a high estimate of HK$60 million (about $7.7 million).

Why does the 21.05-carat Kashmir sapphire matter?

Because it combines the three things that move the sapphire market most: origin, treatment status and size. A Kashmir stone without heat is already among the rarest gems a collector can pursue; one above 20 carats is a once-in-a-season event, and a Cartier mount adds a second layer of provenance. Rapaport reported the ring’s estimate at up to about $6.4 million.

In our view, the sapphire is the lot to watch more closely than the pink diamond. Pink diamonds of this grade have a well-documented auction record; large Kashmir sapphires appear so seldom that each result effectively resets the reference point. When we covered the Kashmir sapphires at Phillips Geneva earlier this month, the stones in play were a fraction of this size.

Where do Kashmir sapphires come from? A short history

The story of Kashmir sapphire is remarkably brief. The deposit, high in the Padar region of the Zanskar range, came to light in the early 1880s, and the richest pocket was worked for only a handful of years before it was largely exhausted. Later expeditions recovered little of comparable quality. Nearly every fine Kashmir sapphire on the market today was therefore mined well over a century ago and has passed from one collection to the next ever since.

What collectors prize is the colour: a saturated cornflower blue softened by microscopic inclusions that scatter light, giving the stone a velvety, almost glowing quality that gemmologists describe as “sleepy.” Cartier mounted many of the finest examples during the early and middle twentieth century, which is why a signed Cartier setting on a Kashmir stone carries such weight with bidders. The same era produced the Art Deco ruby brooch in this sale, made in the period when platinum allowed Cartier’s workshops to build the fine, light frames that define the house’s early style.

Kashmir’s finest sapphires were mined in a few short years; every one since has simply changed hands.

Which other jewels should collectors know about?

The coloured-stone section continues with a 100.16-carat Burmese no-heat “royal blue” sapphire and diamond pendant, estimated at about $2.3 million to $3.6 million, a 5.03-carat Burmese no-heat ruby ring and an 18.20-carat Colombian emerald ring described as having no oil. For readers weighing the three great coloured stones against one another, our guide to ruby vs emerald vs sapphire explains how origin and treatment shape price.

Jadeite is represented by a 33-bead necklace with a diamond clasp (about $2.5 million to $3.8 million), a rare bangle (about $1.2 million to $1.9 million) and a matching jadeite and diamond suite. The signed-jewel section includes a 1980s Van Cleef & Arpels “Mystery-Set – Sublime” necklace in ruby, emerald and diamond, a Van Cleef & Arpels mystery-set ruby floral brooch and a multi-gem Cartier “Baby Panthère” brooch. Perhaps the most storied lot is a pair of natural pearl and diamond earrings that Van Cleef & Arpels created in 1957 for the Duchess of Windsor, later part of the collection of designer Calvin Klein.

Why does the Pink Petal stand out?

Pink diamonds owe their colour not to trace elements but to distortions in the crystal lattice, and fancy vivid is the strongest saturation grade the major laboratories assign. The “Type IIa” note matters too: type IIa diamonds are almost free of nitrogen and make up only a small share of natural diamonds, and many of history’s most celebrated stones belong to the group. With supply from Australia’s Argyle mine ended, as we explored in our story on the last Argyle pink diamonds, a stone of more than eight carats with this colour is a rare sight in any saleroom.

For the Collector

• Estimates: The Pink Petal is estimated at up to about $12 million, the Cartier ruby brooch at up to about $7.7 million and the Kashmir sapphire ring at up to about $6.4 million, as reported by Rapaport at the time of writing. Confirm final figures with Christie’s, and remember that the buyer’s premium is added to the hammer price.
• Read the reports: “No-heat,” “no oil” and colour terms such as “royal blue” are laboratory opinions. Ask the specialists for the full reports, and note whether more than one laboratory has examined the stone.
• What drives value: For the sapphire, origin and the absence of heat matter more than carat weight alone; the Cartier mount adds provenance. For the pink diamond, saturation grade and the type IIa note lead.
• How to bid: Christie’s Hong Kong sales accept bids in the room, by phone and online once registered. Viewing details are published on Christie’s website ahead of the sale.
• A note on value: Strong past results for Kashmir sapphires and pink diamonds do not predict future prices; buy what you love and understand.

Frequently asked questions

When is Christie’s Hong Kong Magnificent Jewels sale?

The autumn live auction takes place in Hong Kong on November 24, 2026, during Hong Kong Luxury Week, with more than 120 jewels offered.

What is the estimate for the Cartier Kashmir sapphire ring?

Rapaport reported an estimate of up to about $6.4 million for the 21.05-carat Kashmir no-heat sapphire and diamond ring mounted by Cartier.

What is the Pink Petal diamond?

It is an 8.41-carat pear-shaped fancy vivid purple-pink diamond ring, described by Christie’s as potentially type IIa, estimated at up to HK$95 million (about $12 million).

Why are Kashmir sapphires so expensive?

The Kashmir deposit produced its finest stones over only a few years in the 1880s, so supply is fixed, and their velvety cornflower-blue colour is considered the benchmark for sapphire.

Sources: Rapaport, Cartier sapphire ring · Rapaport, Pink Petal · Artdaily, Christie’s highlights