New York:
A diamond-platinum ring with a 8.99 carat Kashmir sapphire sold for $527,500 (Rs 2.86 crore) at an auction in New York at more than double of its pre-sale estimate.
The identity of the buyer of the ring that had a pre-sale estimate of $250,000-350,000 was not immediately known.
The cushion-shaped sapphire measuring 13.66 x 12.41 x 6.27 mm and described by Heritage Auctions as a 'breathtaking stone' with no evidence of heat treatment was the centrepiece of the recent USD 4.1 million Jewellery Signature sale.
"This amazing sapphire was certainly the highlight of the auction," said Jill Burgum, director of Jewellery Auctions at Heritage.
"It more than doubled its pre-auction estimate and was the chief indicator of the fierce competition we saw on many coloured diamonds and gemstones in the auction," he added.
According to the auction house, the spirited bidding on the large Kashmir sapphire was closely matched by the impressive contest for a dramatic Colombian emerald, diamond, platinum Ring, which tripled its pre-auction estimate of $100,000 to finish the day at $302,500, while bidders also showed substantial interest in a 4.26 carat diamond, platinum ring, which realised $104,500 and in a 9.81 carat ruby, diamond, platinum ring, which flirted with a six-figure final price realised to finish the day at $98,500.