A 17.97-carat Burmese ruby and diamond ring was the star of a recent jewelry auction at Phillips in Geneva, fetching $5.4 million. The ring, which was close to its $5.5 million high estimate, was sold during the Geneva Jewels Auction: Three, held on November 11. Overall, the sale earned $13.8 million, with 77% of the 112 lots being sold.
Benoit Repellin, the worldwide head of jewelry at Phillips, expressed satisfaction with the results. “We are pleased with the overall result,” he said. “We continued to build on the strong momentum of recent sales featuring exceptional colored gemstones.”
However, not all items found buyers. A 3.24-carat fancy-vivid-blue diamond ring, expected to sell for up to $6 million, was withdrawn from the auction before it began. Phillips confirmed that this decision was made in agreement with the consignor. Sources close to the auction house explained that items are often pulled from sales when they fail to generate sufficient interest to meet their expected prices.
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