International News
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
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).
International News
Gold, silver surge on Iran tensions, DOJ-US Fed crisis
Gold and silver prices hit record high – with with MCX Silver breaching the Rs.2.71 lakh/kg mark and MCX Gold soaring past Rs.1.42 lakh per 10 grams.This historic rally is not merely a localized spike but the result of a “perfect storm” of institutional instability in the United States and escalating conflict in the Middle East. US gold futures rose 1.88% to $4,585.56/oz, while Spot gold price was up 1.45% at $4,575.82/oz, after hitting a fresh record high of $4,601.17 level. Silver prices jumped 4.85% to $83.19, after surging nearly 10% last week. Silver rate today hit a record high of $83.88 level.
1. The Fed Crisis: Subpoenas and Institutional Risk
The primary driver of this volatility is an extraordinary escalation between the U.S. Department of Justice (DOJ) and the Federal Reserve.
- The Subpoenas: Fed Chair Jerome Powell confirmed that the central bank has been served with grand jury subpoenas threatening a criminal indictment.3 This is ostensibly related to his June 2025 testimony regarding a $2.5 billion renovation of the Fed’s headquarters.
- The Market Interpretation: Investors have largely dismissed the “renovation” probe as a pretext. The market views this as a direct attack on Fed Independence, triggered by the bank’s refusal to align interest rate policies with the Trump administration’s demands.
- The Fallout: As the “institutional risk premium” usually reserved for emerging markets began to bleed into the U.S. dollar, the Dollar Index (DXY) snapped a five-day winning streak, retreating to 98.899. This weakened greenback made dollar-denominated bullion significantly cheaper for global buyers.
2. Geopolitical Ignition: The Iran Conflict
While the Fed crisis provided the monetary fuel, the “Safe Haven” bid was further intensified by deadly protests and military tensions in Iran.
- Domestic Unrest: Intensifying anti-government protests in Tehran, fueled by a collapsing currency and economic crisis, have raised the specter of regime instability.
- Trump Intervention: Looming threats of U.S. intervention in the Iranian conflict have heightened fears of a broader regional war. In times of such severe geopolitical friction, capital traditionally flees equities and currencies in favor of “hard assets.”
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