Sapphire and diamond ring fetches $6.7 million at Hong Kong auction

HONG KONG – A 27.68-carat sapphire and diamond ring known as the “Jewel of Kashmir” sold for $6.7 million and a necklace of 42 rare gray pearls was snapped up for $5.27 million at auction, Sotheby’s said on Wednesday.

The ring, which was sold to a Hong Kong collector, fetched $242,145 per carat, narrowly beating the previous world record of $2,000 per carat.

The Cowdray Pearls single strand necklace, which once belonged to the British aristocrat Viscountess Cowdray, Lady Pearson, also set a world record price for natural gray pearls. It was last sold at auction in London in 2012 for $3.35 million.

“Well, we must say we are very, very pleased that we got two new world record prices,” said Quek Chin Yeow, Sotheby’s Asia chairman of international jewelry.

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