A 35.09-carat Kashmir sapphire known as The Regent Kashmir sold for nearly HK$74.8 million (US$9.5 million) at Christie’s Hong Kong on 27 May, following a tense bidding battle between two collectors. It was the top lot of the season’s Hong Kong luxury auctions.
The last time the vivid blue stone appeared at auction was in 2015, when it was sold by Christie’s Geneva for nearly CHF 6.9 million (around US$7.4 million), setting a then-record for Kashmir sapphires with an average price of US$209,689 per carat.
The Regent Kashmir was offered during the auction house’s Magnificent Jewels sale, part of its Hong Kong Luxury Week, which achieved a total of HK$376 million (US$48 million). Of the 127 lots offered, nearly 90% were sold, with seven lots surpassing HK$10 million.
Lot 1930 | The Regent Kashmir | A sapphire and diamond ring
Antique cushion-shaped sapphire of 35.09 carats, round diamonds, platinum
SSEF, 2025, report no. 144807, Gübelin, 2025, report no. 25027029, AGL, 2014, report no. CS 63856
Provenance:
- Christie's New York, 25-26 October 2000, Lot 772
- Christie's Geneva, 13 May, 2015, Lot 351
Estimate: HK$65,000,000 - 95,000,000
Hammer Price: HK$62,000,000
Sold: HK$74,765,000
Weighing an impressive 35.09 carats, The Regent Kashmir is both substantial and of exceptional clarity. In 2025, two of the world’s leading gemological institutions – SSEF and Gübelin – certified its color as “Royal Blue,” the highest classification, and confirmed that the stone is unheated, meaning it naturally exhibits its famed velvety blue hue.
Bidding for the sapphire opened at HK$42 million, with Vickie Sek, Chairman of Jewelry, Asia Pacific, first placing a HK$45 million bid on behalf of a client. Moments later, Isaac Choi – now a consultant – entered the fray, bidding HK$48 million for another client.
The auction escalated in HK$2 million increments, climbing to HK$62 million after about seven rounds, and it was Choi’s client, paddle 8415, who ultimately secured the winning bid.
Editor’s note: Isaac Choi previously served as General Manager of Christie’s South China and is now CEO of Nichiwa Shoji Co, Ltd, the official distributor in Japan for Moutai and other leading Chinese liquor brands.
Isaac Choi won The Regent Kashmir for his client, paddle number 8415
Colored gemstones have long been favored by collectors for their vibrancy and character, offering a dynamic alternative to diamonds. Their value is determined not only by the traditional four Cs – color, clarity, cut, and carat – but also by provenance. Top-quality emeralds typically come from Colombia, rubies from Myanmar, and the rarest sapphires from Kashmir. As its name suggests, The Regent Kashmir hails from this legendary origin.
Kashmir sapphires are prized for their deep, velvety blue hue, which glows vividly under any light. Unlike sapphires with purplish or grayish undertones, stones from Kashmir have a luminous brilliance often compared to the iridescent blue of a peacock’s neck.
Kashmir sapphires were mined in the Himalayan region
Their rarity is due in part to their singular origin. The deposit was discovered in 1881, high in the Himalayas, after a landslide revealed the gem-rich terrain. The local ruler quickly moved to exploit the find – but restricted access solely to the royal court, barring private jewelers from mining.
The terrain was rugged and the climate harsh, making extraction extremely challenging. Despite the difficulties, the original deposit was nearly exhausted within a few years. Although mining was later opened to a broader group, yields had already declined. By the 1930s, mining had essentially ceased.
Over the years, gemologists have attempted to locate new deposits around the region, but none have matched the quality of the original stones. As a result, all Kashmir sapphires on the market today are historical gems – mined over a century ago – which adds to their mystique and value.
Other Highlight Lots:
Lot 1928 | A coloured diamond and diamond ring
Fancy vivid purple-pink pear brilliant-cut diamond of 4.08 carats, round diamonds, platinum
Estimate: HK$38,000,000 - 58,000,000
Hammer Price: HK$34,000,000
Sold: HK$41,515,000
Lot 1917 | A sapphire and diamond ring
Antique cushion brilliant-cut sapphire of 28.08 carats, round and heart-shaped diamonds, gold
Estimate: HK$5,000,000 - 8,000,000
Hammer Price: HK$16,000,000
Sold: HK$19,735,000
Lot 1890 | A coloured diamond, diamond and natural peal necklace, by Cartier
Fancy intense orangy pink pear modified brilliant-cut diamond of 4.62 carats, fancy intense pink cut-cornered rectangular modified brilliant-cut diamond of 1.12 carat, variously-coloured button-shaped natural pearls, baguette and round diamonds, platinum and gold (French marks), signed Cartier, numbered, red Cartier pouch
Estimate: HK$12,000,000 - 18,000,000
Hammer Price: HK$12,000,000
Sold: HK$14,895,000
Lot 1913 | An emerald and diamond ring
Octagonal step-cut emerald of 10.35 carats, pear-shaped diamonds, platinum and gold
Estimate: HK$6,800,000 - 9,800,000
Hammer Price: HK$10,500,000
Sold: HK$13,080,000
Lot 1925 | A rare unmounted diamond
Round brilliant-cut diamond of 20.02 carats
Estimate: HK$10,000,000 - 15,000,000
Hammer Price: HK$10,000,000
Sold: HK$12,475,000
Lot 1926 | A rare coloured diamond, paraíba tourmaline and diamond ring, by Moussaieff
Fancy purplish red emerald-cut diamond of 1.02 carat, oval-shaped paraíba tourmaline, round diamonds, signed maker's mark
Estimate: HK$9,500,000 - 15,000,000
Hammer Price: HK$8,000,000
Sold: HK$10,055,000
Auction Details:
Auction House: Christie’s Hong Kong
Sale: Magnificent Jewels
Date: 27 May 2025
Number of Lots: 127
Sold: 114
Unsold: 13
Sale Rate: 90%
Sale Total: HK$376,160,800 (US$48 million)