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Sotheby’s Geneva Auctions Sparkle to $51M, Blue Diamond Leads Record-Breaking Sales

Sotheby’s Geneva Auctions Sparkle to $51M, Blue Diamond Leads Record-Breaking Sales

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Sotheby’s recent Royal & Noble Jewels and High Jewelry auctions achieved a combined CHF 41.2 million ($51.3 million), led by a dazzling fancy-vivid-blue diamond that sold for CHF 4.8 million ($6 million).

The unmounted 4.50-carat, oval mixed-cut, internally flawless stone was the star of the November 12 High Jewelry sale, comfortably meeting its presale expectations. The auction delivered strong performance overall, with 94% of lots sold and 75% surpassing their high estimates.

In the Royal & Noble Jewels segment, historic pieces drew intense bidding, including a brooch-pendant once owned by Napoleon and a light-pink diamond ring that belonged to Empress Catherine I of Russia and was later passed down to an Ottoman princess. Several treasures in this category sold for multiples of their projected prices.

Here are the rest of the top five lots from the High Jewels sale:

A pair of striking earrings by Scheiner, showcasing cushion modified brilliant-cut fancy-vivid-yellow diamonds of 38.66 and 38.88 carats suspended from rectangular modified brilliant-cut diamonds weighing 2 and 2.03 carats, achieved CHF 2.7 million ($3.4 million). The jewels sold squarely within their presale estimate range.

A standout ring featuring a cushion-shaped 12.78-carat Burmese ruby flanked by triangular diamonds far outperformed expectations, soaring past its CHF 550,000 ($691,771) high estimate to achieve an impressive CHF 1.1 million ($1.4 million).

A Van Cleef & Arpels ring set with a cushion-shaped 7.69-carat Kashmir sapphire, framed by pear-shaped and brilliant-cut diamonds, exceeded expectations at auction, selling for CHF 914,400 ($1.2 million) against a high estimate of CHF 650,000 ($817,602).

A Van Cleef & Arpels Gazelle necklace featuring graduated oval rubies set between brilliant-cut diamonds—and centered by a striking 5.20-carat oval Burmese ruby—drew strong bidding at auction. The piece, which also includes three detachable ruby pendants weighing 3.56, 3.39, and 2.79 carats, soared past its CHF 320,000 ($402,512) high estimate to realize CHF 838,200 ($1.1 million).

An early 19th-century brooch-pendant once owned by Napoleon Bonaparte drew exceptional interest at auction. Showcasing a 13.04-carat oval diamond framed by old mine- and mazarin-cut stones, the historic jewel shattered its CHF 200,000 ($251,577) high estimate, ultimately achieving CHF 3.5 million ($4.4 million).

A historic ring once belonging to Empress Catherine I of Russia—and later gifted to Ottoman Princess Neslishah Sultan for her wedding—commanded remarkable attention. Set with a brilliant-cut 13.86-carat light-pink VS2 diamond accented by old mine- and rose-cut stones, the piece soared to CHF 2.9 million ($3.7 million), more than seven times its CHF 400,000 ($503,161) high estimate.

A Cartier necklace showcasing an octagonal step-cut 11.78-carat Colombian emerald topped with an old mine-cut diamond—and framed by old European-cut diamonds—attracted vigorous bidding. The piece, also set with a 5.54-carat marquise-shaped D-color, VS2 diamond, surged past its CHF 500,000 ($628,924) estimate to achieve CHF 1.3 million ($1.7 million).

An unmounted cushion-shaped 132.66-carat gemstone, reportedly worn by Emperor Napoleon I at his coronation, captured intense interest at auction. It dramatically exceeded its CHF 48,000 ($60,377) high estimate, selling for CHF 838,200 ($1.1 million.

Dating to around 1840, a tiara from Henrietta Scott, Duchess of Portland, featuring old mine- and rose-cut diamonds, captivated collectors. Designed as a garland of wild roses and convertible into five brooches and two pairs of ear clips, the piece more than doubled its CHF 170,000 ($213,829) high estimate, realizing CHF 393,700 ($495,202).

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International News

AGTA appeals US Government to Scrap 10% Import Tariff on Gemstones

Trade body seeks exemption for coloured gemstones under new temporary tariff regime, with potential implications for diamonds.

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The American Gem Trade Association (AGTA) has formally appealed to the US government to remove the newly imposed 10% global import tariff on gemstones, and potentially diamonds, warning of its impact on the trade.

The tariff was announced on February 20 after the US Supreme Court struck down President Donald Trump’s reciprocal tariffs issued under the International Emergency Economic Powers Act (IEEPA). In response, the administration introduced a temporary 10% import surcharge under Section 122 of the Trade Act of 1974. The measure will remain in effect for 150 days unless Congress votes to extend it, though further tariff mechanisms have not been ruled out.

AGTA has submitted a formal request to the Office of the United States Trade Representative (USTR), urging that precious and semiprecious coloured gemstones be added to the exception list under Annex I or Annex II. The association argued that these stones are not mined domestically in the US and therefore should qualify for exemption.

Previously, AGTA’s lobbying efforts contributed to diamonds and gemstones being included in Annex III — a list of products eligible for potential exemption from duties for “aligned” countries. This had placed Indian diamonds and gemstones on track for relief following a prospective US-India trade agreement. However, it remains unclear whether Annex III provisions apply under the new tariff framework that recently took effect.

If the across-the-board exemption request is denied, AGTA has asked the USTR to confirm whether Annex III remains a viable pathway for country-specific tariff relief on coloured gemstones.

While the current petition focuses on coloured gemstones, AGTA noted that trade experts believe any exemption granted in this category could effectively extend to diamonds, as seen in past trade agreements such as the US–European Union deal.

“We will continue to work tirelessly toward eliminating tariffs on gemstone imports into the US. We remain fully committed to this effort — giving up is not an option,” said AGTA President Bruce Bridges and CEO John Ford.

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