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Rare 10-Carat Burmese Pigeon's Blood Ruby Could Fetch $12.5 Million

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A rare 10.05-carat ruby will be the lead item at Christie’s Hong Kong Magnificent Jewels sale on November 29. Known as the “Ratnaraj” (“King of Precious Stones” in Sanskrit), the auction house says it boasts “significant size, illuminating redness and flawless crystal structure.”

The gem, mounted on a ring surrounded by diamonds has a pre-sale estimate of $8.8 million to $12.5 million.

The gem comes from the House of Faidee, a century-old gem and jewelry firm known for its trophy collection of Burmese rubies and Kashmiri sapphires. In fact, it is the only company in the world to deal exclusively in Burmese rubies. Only a few appear on the market each year from the Hong Kong-based company.

Burmese rubies are the most sought after rubies in the world and in recent years have achieved record-breaking prices at auctions. The most perfectly and highly saturated rubies are referred to as pigeon’s blood.

Only those rubies of exceptional saturation and natural red fluorescence can be deemed as pigeon’s blood, it is particularly rare of a ruby of this quality to appear in over 5 carats, Christie’s said. This is largely due to the fact that the famous Mogok mines in Burma (present day Myanmar) are yielding fewer stones of an important size. In addition, the auction house said the market has  seen a diminishing number of antique Burmese ruby stones and jewelry appearing for sale.

The most expensive Burmese ruby to sell at auction is the 25.59-carat “Sunrise Ruby,” with a Cartier setting. It fetched $30.38 million at Sotheby’s Geneva Magnificent Jewels and Noble Jewels Sale in May 2015.

If the Ratnaraj sells within its estimates, it will become the second most valuable ruby sold at auction. Currently, the 8.62-carat Graff ruby holds that honor, selling for more than $8.6 million at Sotheby's Geneva sale in November 2014. In addition, a Ruby and Diamond Brooch, by Cartier featuring a 10.10-carat Burmese ruby sold for more than 8.4 million at Christie's Hong Kong in November 2014.

The Magnificent Jewels auction will be held at the Hong Kong Convention and Exhibition Centre. Christie's has yet to announce the other items in the sale and possible tour dates in other cities to view the top lots. However, with the recent lifting of the U.S. import ban on Burmese jade and rubies, if the jewel does go tour, it will be able to legally enter the U.S.

This will no doubt be welcomed by the world auction houses and the lovers of high jewels and statement gems in the U.S.

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