A rare Kashmir sapphire ring valued at up to HKD 95 million ($12.2 million) is set to headline Christie’s Magnificent Jewels auction in Hong Kong on May 27. The ring, featuring a 35.09-carat antique cushion-shaped royal blue sapphire surrounded by round diamonds, is expected to be the star lot among 129 pieces offered at the event.

Previously, the sapphire ring gained international attention after selling for $7.4 million at Christie’s Geneva in 2015—well above its high estimate—and was also featured in the auction house’s New York sale in 2000.

Colored gemstones dominate the top end of the upcoming auction, with half of the top 10 lots featuring fancy-colored diamonds. Among them is a ring with a 13.22-carat Burmese ruby flanked by diamond side stones, estimated to reach up to HKD 80 million ($10.3 million). Another standout is a ring showcasing a 4.08-carat fancy-vivid-purple-pink diamond, expected to fetch as much as HKD 58 million ($7.4 million).

Other highlights include:

• A pair of Kashmir sapphire earrings with stones weighing 9.18 and 8.33 carats, estimated at HKD 28 million ($3.6 million).
• A ring featuring a 3.48-carat fancy-deep-blue diamond with pink and white accents, estimated at HKD 24 million ($3.1 million).
• A Cartier necklace with rare colored diamonds and natural pearls, valued at up to HKD 18 million ($2.3 million).
• Jewelry sets from Asprey and other designers featuring vivid yellow diamonds and Burmese rubies, each expected to reach up to HKD 18 million and HKD 15 million ($2.3 million and $1.9 million), respectively.
• A 20.02-carat D-flawless unmounted diamond, estimated at HKD 15 million ($1.9 million).
• A floral ring by Moussaieff centered on a fancy-purplish-red diamond, also projected to sell for as much as HKD 15 million.

In addition to marquee gems, Christie’s will offer several pieces with no reserve and others from renowned houses like Cartier, Harry Winston, Bulgari, and Tiffany & Co., reflecting continued global interest in high-end, collectible jewels.