Ruby gemstone fetches record-breaking $34.8mn at auction

The previous record for the most expensive ruby sold at auction belonged to a 25.59-carat Burmese ruby

Web Desk
June 09, 2023
Ruby gemstone fetches record-breaking $34.8 million at auction.—Sothebys
Ruby gemstone fetches record-breaking $34.8 million at auction.—Sotheby's

In a historic auction moment, a 55.22-carat ruby named Estrela de Fura sold for a staggering $34.8 million at Sotheby's in New York, setting a new record price for the precious stone.

The extraordinary gemstone was meticulously cut from a rough stone weighing 101 carats. The rough stone, discovered in July of the previous year, originated from the Montepeuz ruby mine in Mozambique, which the esteemed Fura Gems company operates.

Estrela de Fura took centre stage as the star attraction in a jewellery sale featuring a diverse collection of 100 exquisite pieces. With an initial bidding price of $21 million, the ruby garnered tremendous interest and ultimately sold for an impressive $30 million, excluding fees and commissions, to an anonymous buyer participating via telephone.

The previous record for the most expensive ruby sold at auction belonged to a 25.59-carat Burmese ruby, which achieved a total price of $30.33 million at a Sotheby's auction in Geneva back in 2015.

Quig Bruning, the head of jewellery for Sotheby's in the Americas, expressed his awe at the exceptional rarity of the Estrela de Fura, stating, "This is really a true wonder of nature. Any ruby that comes out of the ground that ends up over five carats as a polished ruby is something that's rare. Ten carats are really rare. Twenty carats is almost unheard of. Any ruby really over 50 carats is a once-in-a-lifetime opportunity."

In addition to the remarkable ruby, Sotheby's also achieved another milestone by selling "The Eternal Pink," a captivating 10.57-carat diamond sourced from a mine in Botswana. The diamond fetched the same groundbreaking price of $34.8 million, establishing a record per carat value of $3.29 million for a stone of its colour.

While these exceptional sales made history, the title for the most expensive pink diamond ever sold remains with the "Pink Star," a 59.60-carat gem that commanded a remarkable $71.2 million at an auction in Hong Kong in 2017.