Sotheby’s May 12th sale of High Jewelry in Geneva presented the usual wide range of rare gemstones and collectible signed jewels. Headlining the sale was this 6.03-carat Fancy Vivid Blue, Internally Flawless cushion shape natural diamond, natural color, with a presale estimate of $9 to $12 million USD, that did not sell. Why? Who knows? There are never definitive reasons for an auction headliner to pass. Both Sotheby’s and Christie’s know the agony of advertising a headlining Fancy Vivid Blue Diamond that doesn’t sell.
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However, all was not lost, either at the auction or here in the Roskin Gem News Report.
The sale featured Art Deco masterpieces alongside iconic works by Cartier, Bulgari, and Van Cleef & Arpels.
Among the standout performers were an extraordinary matched pair of 18.38-carat, D Colour De Beers diamonds, a 102.40-carat unheated sapphire known as The Peacock of Ceylon, a magnificent Colombian emerald necklace containing more than 350 carats of emeralds, a pair of Ceylon sapphire earrings weighing more than 30 carats each, one of the strongest Art Deco performances of the sale, and a Burmese ruby that made us do a double take when we read the laboratory report.
All images courtesy of Sotheby’s Online Auction Catalogue
One perfect diamond, one nearly perfect diamond
One of the more interesting stories from the Geneva sale involved Sotheby’s continuing collaboration with De Beers.
A pair of perfectly matched round brilliant-cut diamonds, each weighing exactly 18.38 carats, sold for CHF 2.536 million.
The pair consisted of one D-color Flawless diamond and one D-color Internally Flawless diamond—one perfect, one nearly perfect. Both were accompanied by GIA diamond grading reports, both received Excellent grades for cut, polish, and symmetry, and both were classified as Type IIa.
The offering follows the appearance of the 28.88-carat D-color Flawless round brilliant diamond featured in Sotheby’s Hong Kong sale earlier this year, continuing a new initiative between Sotheby’s and De Beers to present exceptional diamonds not simply as gemstones, but as cultural objects whose stories include origin, craftsmanship, rarity, and artistic significance.
For De Beers, the collaboration represents an interesting evolution in how extraordinary diamonds are being presented to collectors.
Important and Perfectly Matched Pair of Unmounted Diamonds / DeBeers
Estimate: 2,200,000 – 2,800,000 CHF
Lot Sold: 2,536,000 CHF (approximately $3.22 million)
The two brilliant-cut diamonds each weighing 18.38 carats.
Accompanied by GIA reports no. 2235260270 and no. 5231260274, dated 16 and 29 April 2026, stating that the diamonds are D Colour, Flawless and Internally Flawless respectively, each with Excellent Cut, Polish and Symmetry, each together with type IIa classification letters, the Internally Flawless diamond together with a working diagram stating that the diamond may be improvable after minor repolishing.
D-Flawless, Triple Excellent – Perfect.
The Peacock of Ceylon struts its stuff
Among the most important colored gemstones in the sale was The Peacock of Ceylon, an unheated Sri Lankan sapphire weighing an impressive 102.40 carats.
Important Unmounted Sapphire 重要 102.40克拉 天然「斯里蘭卡」未經加熱藍寶石
Estimate: 1,000,000 – 1,500,000 CHF
Lot Sold: 1,548,800 CHF (approximately $1.96 million)
Large unheated sapphires of this quality and size remain among the most sought-after colored gemstones in the auction market. Their rarity is compounded by the fact that many sapphires reaching the market today have undergone some degree of heat treatment.
For collectors seeking exceptional untreated gems, stones such as this continue to command significant attention.
More than 350 carats of Colombian emeralds
Another standout result came from a magnificent emerald and diamond necklace dating to the 1950s.
The necklace featured an astonishing 358.87 carats of Colombian emeralds and sold for CHF 1.92 million, exceeding its presale estimate of CHF 800,000 to CHF 1.6 million.
The result demonstrated the continued appeal of important emerald jewelry when exceptional material, strong design, and impressive scale come together in a single piece.
For many collectors, assembling Colombian emeralds of this quality and size into a cohesive jewel is nearly as important as the individual stones themselves.
Magnificent Emerald and Diamond Necklace 卓越壯麗「哥倫比亞」祖母綠 配 鑽石 項鏈 (祖母綠共重 358.87克拉)
Estimate: 800,000 – 1,600,000 CHF
Lot Sold: 1,920,000 CHF (approximately $2.43 million
The necklace features graduated drop-shaped emeralds weighing 57.82 carats in the middle, then 40.20, 31.77, 29.26, 28.65, 28.61, 26.14, 24.75, 21.13, 17.19, 16.80, 13.41 and 11.38 carats respectively, centered by an 11.76-carat cushion shaped cabochon emerald. The necklace also incorporates baguettes, Old Mine Cuts, Old European Cuts, and single-cut diamonds.
The emeralds are accompanied by thirteen AGL reports issued in 2025 stating that the 347.11 carats of drop-shaped emeralds are of Colombian origin, with seven showing minor oil, three showing minor-to-moderate oil, and three showing moderate oil in fissures.
A 2025 Gübelin report states that the central 11.76-carat cushion shape cabochon emerald is of Colombian origin with a minor amount of oil in fissures.
Fancy pink continues to attract attention
Colored diamonds also found success at the auction.
One standout, a 4.12-carat Fancy Pink diamond, Internally Flawless, Type IIa, sold for CHF 1.152 million.
What’s interesting here is that while blue diamonds often attract the greatest headlines, fine pink diamonds like this one continue to occupy a special place in the market due to their rarity, beauty, strong collector following, and very limited supply.
Attractive Fancy Pink Diamond Ring 璀璨奪目 4.12克拉 彩粉紅色 內部無瑕 Type IIa 鑽石 戒指
Estimate: 800,000 – 1,600,000 CHF
Lot Sold: 1,152,000 CHF (approximately $1.46 million)
The beautifully shaped pear modified brilliant-cut fancy pink diamond weighing 4.12 carats, is accompanied by GIA report no. 7333332362, dated 26 March 2026, stating that the diamond is Fancy Pink, Natural Colour, Internally Flawless, Excellent Polish, together with a type IIa classification letter.
Art Deco steals the show
One of the most dramatic performances of the auction came from a rare ruby and diamond “cravate” necklace by Lacloche Frères.
Estimated at CHF 160,000 to CHF 280,000, the necklace ultimately sold for CHF 627,200.
According to Sotheby’s, the jewel represents one of the few surviving examples of a style produced during the late 1920s by the famed Parisian jeweler.
The result serves as another reminder that important signed Art Deco jewels often move way beyond the value of their individual gemstones. Collectors are not simply buying rubies, diamonds, and platinum; they are acquiring a piece of jewelry history.
Lacloche Frères
Superb and Rare Ruby and Diamond ‘Cravate’ Necklace 超凡珍稀 紅寶石 配 鑽石 ‘Cravate’ 項鏈
Estimate: 160,000 – 280,000 CHF
Lot Sold: 627,200 CHF (approximately $795,000)
One detail that caught our attention in the catalogue: the necklace is convertible!
The highly articulated ruby and diamond tassel necklace can be detached and worn as a pair of bracelets.
Using an additional clasp fitting, the piece demonstrates the versatility and ingenuity that made many Art Deco jewels as practical as they were beautiful. This piece was designed around 1928.
As per usual, auction houses simply do not estimate the weight of colored stones. However, the diamonds are estimated to weigh a total of approximately 25.00 – 27.00 carats.
… and Matching Earrings
Lacloche Frères
Elegant Pair of Ruby and Diamond Pendent Earclips 典雅 紅寶石 配 鑽石 耳墜一對
Estimate: 40,000 – 80,000 CHF
Lot Sold: 185,600 CHF (approximately $235,000)
So what is a Cravate Necklace?
Popular for a relatively brief period between the late 1920s and early 1930s, cravate—or “tie”—necklaces featured long articulated pendants or tassels designed to drape dramatically down the front of a gown or across one’s shoulder. Every once in a while, you will find a contemporary designer who fancies the look and brings it back into fashion.
The style complemented the sleek, flowing evening fashions of the era and often incorporated highly flexible construction that mimicked the appearance of fabric. Today, surviving examples from important houses such as Lacloche Frères are rarely seen, which helps explain the strong collector interest in this particular lot.
More Art Deco…
Cartier
Diamond and Sapphire Bracelet 卡地亞 藍寶石 配 鑽石 手鏈
Estimate: 150,000 – 200,000 CHF
Lot Sold: 294,400 CHF (approximately $373,000)
Classic openwork design, featuring three marquise-shaped diamonds, surrounded by buff-top sapphires, and further set with Old European Cuts, Circular Cuts (what we used to call “Transitional Cuts”), and single-cut diamonds. Yes, platinum; circa 1928.
Impressive Pair of Sapphire and Diamond Pendent Earrings
Estimate: 280,000 – 430,000 CHF
Lot Sold: 640,000 CHF (approximately $812,000)
Not just another pair of sapphire earrings, this pair features step-cut sapphires weighing 35.74 and 30.54 carats respectively.
The earrings are accompanied by Gübelin reports no. 22092063 from 2022 and 2021, stating that the sapphires are of Ceylon origin, with no indications of heating.
The larger diamonds weigh approximately 1.56 carats and 1.38 carats.
A strong result for Van Cleef & Arpels
Collectors also competed for an important ruby and diamond ring by Van Cleef & Arpels.
Centered by a 6.51-carat Burmese ruby—and accented by some very cool shield-cut diamonds—the ring carried an estimate of CHF 300,000 to CHF 500,000 and ultimately realized CHF 691,200.
While the result certainly reflects continuing demand for fine Burmese rubies, one detail caught our attention. The ruby is clarity enhanced.
The accompanying SSEF report describes the treatment as “minor oil in fissures,” but we cannot recall the last time we reported on an important unheated Burmese ruby at auction that had received any degree of clarity enhancement.
Van Cleef & Arpels
Important Ruby and Diamond Ring 梵克雅寶 重要 6.51 克拉「緬甸」 紅寶石 配 鑽石 戒指
Estimate: 300,000 – 500,000 CHF
Lot Sold: 691,200 CHF (approximately $876,000)
Set with a cushion-shaped ruby weighing 6.51 carats within a brilliant-cut diamond surround, between shield-shaped diamond shoulders.
Accompanied by SSEF report no. 15081, from 2025, stating that the ruby is of Burmese origin, with no indications of heating, and a minor amount of oil in fissures.
Beyond the blue diamond
The unsold Fancy Vivid Blue diamond may have generated the headlines, but it did not define the auction.
Instead, Sotheby’s Geneva High Jewelry sale demonstrated that collectors continue to pursue rarity in many forms: one perfect and one nearly perfect diamond, a giant unheated sapphire, hundreds of carats of Colombian emeralds, historic Art Deco design, exceptional pink diamonds, and even an important Burmese ruby with an unlikely gemological footnote.
In the end, the blue diamond may have stayed behind, but plenty of other treasures found new homes.
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