Royal Blue Reigns: Kashmir Sapphire Leads Christie’s $69.5M Sale
Christie’s closed the 25 November 2025 Magnificent Jewels sale in Hong Kong with an impressive total of 69.5 million dollars, a result that confirms the city’s growing centrality in the world of high jewellery auctions. The undisputed highlight of the evening was an exceptional sapphire and diamond necklace that achieved 16,191,882 dollars, setting the tone for what increasingly appears to be a new chapter in the market for rare gemstones.
Christie’s Hong Kong Magnificent Jewels Auction Signals a Shift in the Luxury Market
The necklace combines sixteen antique cushion shaped sapphires ranging from 13.37 to 3.43 carats, perfectly matched for colour, tone and saturation. Altogether they amount to 104.61 carats and were identified by leading laboratories as originating from Kashmir, the most coveted provenance for blue sapphires. Reports from SSEF issued in 2025 confirm that the stones show no indications of heating and classify their colour as royal blue. A series of certificates from Gübelin dating from 2022 to 2025 similarly describe the sapphires as unheated, with several also defined as royal blue. AGL’s assessments from 2024 to 2025 reinforce the absence of gemmological evidence of heat treatment. Surrounding the sapphires is a constellation of 293 diamonds, analysed by GIA between 2024 and 2025, weighing between 1.10 and 0.18 carats and graded from D to F colour with clarity ranging from Internally Flawless to VS1. The necklace measures 47.8 cm in length and has a gross weight of 164.9 grams. Its craftsmanship and provenance, combined with the rarity of such a homogeneous suite of Kashmir sapphires, explain both the final price and the global attention generated.
Beyond the exceptional top lot, this auction reflects a broader trend that has been shaping the industry for several seasons. The market for coloured gemstones has been gaining notable momentum, increasingly outperforming traditional white diamonds in terms of demand, prices and cultural relevance. Collectors are showing a preference for uniqueness, historical provenance and rarity. While diamonds remain a global benchmark, the fascination with colour has become a powerful force. Factors driving this growth include limited supply of high quality unheated stones, the rediscovery of legendary sources such as Kashmir and Burma, and a sharp rise in connoisseurship among younger collectors.
Auction houses have reported a steady increase in the number of coloured gemstone lots achieving prices above their high estimates. In contrast, the market for white diamonds, particularly in commercial sizes and mid range quality, has softened due to increased supply and shifting consumer preferences. Top quality diamonds continue to perform, yet they no longer dominate the headlines with the consistency of previous decades. Instead, untreated sapphires, Burmese rubies and Colombian emeralds have claimed the spotlight, signalling a rebalancing of the hierarchy of desirability.
The result achieved by the Christie’s necklace is emblematic of this transformation. A piece composed of multiple stones, each with rigorous gemmological documentation and from a provenance considered the pinnacle of rarity, represents precisely what collectors pursue today. The appetite for coloured gemstones is no longer a niche enthusiasm but a structural evolution in the market. The combination of scarcity, origin and natural state aligns perfectly with the values driving today’s luxury buyers, from seasoned collectors to the next generation of investors in hard luxury assets.
As the auction market continues to evolve, the rise of coloured gemstones appears increasingly positioned as a defining trend of the decade. If the November sale in Hong Kong is any indication, colour has firmly reclaimed its status as the most compelling expression of high jewellery excellence.
Image Credits: Christie’s.
