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Christie's | Auction: HK Spring 2020 Preliminary Review

In this article, we have picked out some Lots which are priced extremely low, almost too good to be true if we were to purchase them at the low estimate (even after adding the buyer's premium). Below we have listed these jewellery lots as well as comparative pieces from other auction houses across the years. This provides an idea of what the actual piece may look like as very often, there are discrepancies between the picture and the actual gemstone.

Click here to return to other preliminary reviews this Spring 2020 Auction season.

christie's 2020 hong kong magnificent jewels

< 9 July 2020 | 147 Lots Total >

Our Picks < 6 Lots >

  • 1 Ruby

  • 2 Coloured Diamonds

  • 2 Emeralds

  • 1 Sapphire

All our comparisons are based on low auction estimates excluding buyer's premium.

LOT1810 | Ruby Ring BULGARI Estimated (7-8 carats)
christie's ruby ring bulgari


Rectangular-cut ruby, circular and baguette-cut diamonds, gold, ring size 6, signed Bvlgari

This lot is offered without a reserve.

This means that the item can be sold at any price bid, even if it runs far below the low estimate.

HK$65,000-95,000 US$8,000-12,000

Our thoughts:

  • This is ridiculously cheap - even if we assume it to be a Heated Ruby from any locality

  • Also, we assume that Bulgari would not use diffused treated or fracture-filled Rubies (including H(C))

  • Lot 1810 which looks to have a 7-8 carats face is priced at US$1,000/ct, this is the price we would already expect for a 2 ct ruby of this picture quality and colour

  • Most likely the Ruby in real life to be extremely included with a much stronger purplish colour or that this was purposely marked down by Christie's as a promotional item

  • Hence Lot 1810 may run far beyond the high estimate

LOT1882 | 5.07 carats Fancy Yellow Diamond SI1 Clarity
Christie's fancy yellow coloured diamond ring


Fancy yellow cut-cornered rectangular modified brilliant-cut diamond of 5.07 carats, half-moon and circular-cut diamonds, gold, ring size 6 ¾. GIA, 2020, report no. 6345361049: 5.07 carats, Fancy Yellow colour, SI1 clarity, excellent polish

This lot is offered without a reserve.


Our thoughts:

  • This is unusually cheap - even if it only has a 3 carat face up size

  • US$3000/ct for a 5ct Fancy Yellow SI1

Comparison Diamond : 5.01cts Light Brown VS2

  • US$5,000/ct for similar specifications with a slight improvement in grade

  • However, the colour in this is Light Brown which supposed to be much cheaper than a Fancy Yellow colour diamond

  • Yet, we see a much high price per carat

Christie's brown diamond



By CHRISTIE'S in the same auction, Hong Kong Magnificent Jewels July 2020

Old mine brilliant-cut diamond of 5.01 carats, circular-cut diamonds, gold, ring size 6

GIA, 2019, report no. 6203567021: 5.01 carats, Y to Z range, Light Brown colour, VS2 clarity.

LOT1887 | 2.01 carats Fancy Pink Diamond VS1 CLARITY
christie's fancy pink diamond


Fancy pink pear modified brilliant-cut diamond of 2.01 carats, round brilliant-cut diamond of 1.01 carats, tapered baguette-cut diamonds, gold, ring size 4 ¾

GIA, 2000, report no. 11164860: 2.01 carats, Fancy Pink colour, VS1 clarity.

GIA, 1990, report no. 7176090: 1.01 carats, D colour, VVS2 clarity


Our thoughts:

  • Subtracting the cost of the round colourless diamond, the pink diamond would come up to be around US$35,000/ct

  • Usually for diamonds with this specifications, we would expect the whole ring to be valued at US$180,000, more than double the low estimate

  • At this price point of US$78,000, the pink diamond would likely have a small face up size, yet it should still be worth much more than the low estimate

Comparison Diamond : 2.07 Fancy Pink Diamond IF Clarity

  • Subtracting the cost of two rectangular colourless diamonds, the pink diamond would come up to be around US$120,000/ct

  • The only notably difference between these pink diamonds is that the first has a clarity grade of VS1 while this rectangular gem is Internally Flawless

  • However, it still does not justify the huge price difference from US$35,000/ct to US$120,000/ct

  • In our opinion, the first pink diamond is undervalued

Sotheby's pink diamond ring


Estimate: 250,000 - 350,000 USD

By SOTHEBY'S New York Magnificent Jewels Dec 2019

Set with a cut-cornered rectangular modified brilliant-cut Fancy Pink diamond weighing 2.07 carats, flanked by two emerald-cut diamonds weighing 1.09 and 1.07 carats, size 6.

Accompanied by three GIA reports:

No. 1142227968 dated December 21, 2011 stating that the diamond weighing 2.07 carats is Fancy Pink, Natural Color, Internally Flawless.

No. 2176206846 dated April 11, 2014 stating that the diamond weighing 1.09 carats is E color, Internally Flawless, with Excellent Polish and Symmetry.

No. 2166934727 dated February 27, 2014 stating that the diamond weighing 1.07 carats is E color, Internally Flawless, with Excellent Polish and Symmetry.

LOT1896 | 3.66 carats Colombian Emerald No Oil 
          & Light Pink Diamond IF Clarity Type IIa
Christie's Emerald and pink diamond ring SUWA


Rectangular step-cut emerald of 3.66 carats, light pink rectangular-cut diamond of 2.59 carats, circular-cut diamonds, platinum and gold, ring size 6 ½.

SSEF, 2020, report no. 113048: Colombia, no indications of clarity modification

GIA, 2019, report no. 6335863942: 2.59 carats, Light Pink colour, Internally Flawless clarity, Type IIa


Our thoughts:

  • We would expect this Lot to go for US$100,000/ct if it were exact to its picture

  • The Light Pink Diamond is of Type IIa which are a much rarer type of diamonds, making up only 2% of diamonds found

  • The Emerald has very good specifications and looks fairly clean without major inclusions

  • However, at this price range, Lot 1896 is either undervalued or that the Emerald may look very pale in colour in real life and both gems may have very deep pavilions

LOT1901 | 3.80 carats Colombian Emerald No Oil
christie's emerald pink diamond ring


Octagonal step-cut emerald of 3.80 carats, pear and circular-cut diamonds, circular-cut pink diamonds, platinum and gold, ring size 6

Gübelin, 2019, report no. 19091095: 3.80 carats, Colombia, no indications of clarity enhancement


Our thoughts:

  • US$10,000/ct for a 3ct Colombian No Oil Emerald

  • From this image, we would be expecting Lot 1901 to be valued at US$70,000 - US$80,000

  • Lot 23 seems to be included - we would expect the stone to be full of visible inclusions and dark in colour in real life at this price estimate

LOT1938 | 14.70 carats Kashmir Sapphire No Heat
christie's sapphire kashmir ring


Cushion-shaped sapphire of 14.70 carats, fancy and circular-cut diamonds, gold, ring size 5 ¾

SSEF, 2018, report no. 98932: 14.706 carats, Kashmir, no indications of heating

Gübelin, 2018, report no. 18040006: 14.70 carats, Kashmir, no indications of heating


Our thoughts:

  • US$34,000/ct for a 14ct Kashmir No Heat Sapphire

  • A Kashmir No Heat Sapphire of similar clarity but better colour would already be valued at US$41,000 for just a 5ct size stone, a 14ct stone will go for exponentially higher

  • At this price estimate, we would expect Lot 1938 either undervalued or extremely dark and dull in colour with almost no fire from the stone in real life

Comparison Sapphire : 5.01 Kashmir Sapphire No Heat

  • This 5ct good colour and quality Kashmir No Heat Sapphire sold for US$41,000/ct (excl. premium)

bonhams kashmir sapphire ring


SOLD for US$260,000 (inc. premium)

By BONHAMS Hong Kong Jewels and Jadeite May 2019

The antique cushion-shaped sapphire, weighing 5.01 carats, between single-cut diamond shoulders, ring size 5½

Accompanied by a SSEF report stating that the natural sapphire has no indications of heat treatment and originates from Kashmir. Report number 105838, dated 20 March 2019.


"Kashmir sapphires were first discovered in the late 1870s/early 1880s high up in the snow-clad Great Himalayas of north-western India. The area was worked sporadically until the late 1920s/early 1930s but the glory years of the 1880s were never repeated. Legend tells that the finest stones from this 30-40 year period were all acquired by the Maharaja and jealously guarded in the chambers of the Kashmir State Treasury. British geologist, Charles Stewart Middlemiss, Superintendent of the Mineral Survey of Jammu and Kashmir State from 1917 until 1930, recorded seeing some of this fabled hoard, describing the sacks of rough and cut gems as a "king's ransom", with some sapphires the size of polo balls.

Today, Kashmir sapphires set the standard against which all other sapphires are measured and are avidly sought by collectors who are prepared to pay princely sums for top-quality specimens from this extraordinary period in the history of gemmology."

Excerpt from BONHAMS.


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