Let’s Take Five

Eesha Patkar highlights the five revered gemstones from Saffronart’s upcoming jewellery auction

Last month was a milestone for Saffronart. We held our most successful sale ever in our 15 year journey as an auction house. We achieved world records for four important Indian artists, both Modern and Contemporary. We made headlines. And we basically raised the bar.

Even as we pat ourselves on the back—just the tiniest bit—we are already preparing for our next auction. This time, we’re adding some sparkle in the dry days of October. Not to mention, a bit of polish.

Coming up is our Online Auction of Fine Jewels and Silver on 28 – 29 October on saffronart.com. From traditional Indian jewellery that draws on centuries of craftsmanship, to peculiar sounding jewels that are as rare, as they are beautiful—we have it all.

For the next few weeks, we will cover some of the highlights of our auction in a series of blog posts. Today, we look at the Big Five: pearls, diamonds, emeralds, sapphires and rubies. They’re part of an important order of nine gemstones—or navaratna—in Indian gemmology, and highly valued.

History is littered with stories, gruesome to romantic, that involve these prized jewels. And our auction features a bunch of them. They’re guaranteed to invite looks of envy. After all, as Harry Winston famously said, “People will stare. Make it worth their while.”

You can’t cry on a diamond’s shoulder, and diamonds won’t keep you warm at night. But they’re sure fun when the sun shines.” —Elizabeth Taylor

An Important Diamond Necklace

An Important Diamond Necklace (on auction)

DIAMONDS have a long history in India, which was the world’s first and only source for this precious gemstone for more than 2000 years, until the discovery of diamond mines in Brazil in 1729.

The Venetian explorer Marco Polo, who travelled to India in the 13th century, narrates an exotic — and exaggerated — tale about the unapproachable diamond valleys of Golconda inhabited by deadly, venomous snakes and eagles who fed upon them, and the arduous manner in which the diamond seekers got their prize.

Maharajas, Mughal courts and royal families collected vast quantities of loose diamonds both, for their treasuries as well as for jewellery. These diamond crystals were rarely cut, so as to retain their original size and weight, and flaws were only camouflaged with small facets.

Of the many ways a diamond could be cut, the rose-cut—the flat-backed, domed and faceted top, as seen in the three-tiered diamond necklace on auction—was attributed to Indian lapidaries. Mughal jewellers used this technique to make the best use of irregular, flat type of rough diamonds.


The lot on auction is a modern version of diamond necklaces favoured by royalty. It is significant for its use of unusually large, rose-cut diamonds, inverted, with a nod to the flat-cut diamonds used in traditional Jadau jewellery. The use of spacers with peacock motif as a harness is a subtle nod to traditional Indian design, while maintaining a modern minimalism which allows for a focus on the stone rather than the setting.

Fact: In 1947, King George VI—the last Emperor of India—inherited 239 loose diamond collets, believed to be from India, among other Crown heirlooms. He had a diamond necklace commissioned for his daughter, Princess Elizabeth, using 105 of these stones, set in a style similar to those in the necklace on auction. The resulting piece was named the Queen’s Festoon Necklace. After her ascension to the throne, the Festoon Necklace has adorned Queen Elizabeth II at various state dinners and galas in 1957, 1958 and 1962 and later.

Pearls are always appropriate.” —Jackie Kennedy Onassis

A Fve Strand Natural Pearl Necklace

A Five Strand Natural Pearl Necklace (on auction)

PEARLS are classic. They have been admired since antiquity, appearing in all kinds of variations in traditional Indian jewellery. In the navaratna order, they’re associated with the moon (the celestial deity Chandra) for their soft radiance and satin sheen.

In the Mughal era, pearls were ubiquitous among the ruling class. Emperor Akbar was frequently depicted wearing multi-strand pearl necklaces. Later portraits and accounts of the Maharajas of post-Mughal India—which depicted them decked head-to-toe in jewellery worth their weight—show an abundant display of pearls in necklaces, turban ornaments and other sartorial accessories. According to historian Oppi Untracht, the natural pearls owned by the Maharaja of Patiala were considered to be among the world’s finest.

Most natural beds of pearl-bearing oysters ran dry due to over-harvesting in the 18th and 19th centuries. Today, natural pearls are extremely rare and expensive. By the early 20th century, cultured pearls—grown under tightly controlled conditions through a technique perfected in Japan—came into mass production, and were widely used in the jewellery trade.

The five-strand magnificent pearl necklace on auction bears a setting seen quite commonly in traditional Indian jewellery—pierced and strung as beads. Pearl stringing was an art, requiring experience and judgment, and a great way to determine the value of a necklace by its arrangement.


The lot on auction is a striking example of the sharp graduation style of pearls, where the focus is on the size and lustre of the central pearls. The design is further enhanced because all five strands end with larger sized pearls which connect to the clasp, as opposed to the more conventional way of stringing pearls according to size. This style of sharp graduation was popular among royal families all over India.

Fact: In medieval Europe, only royalty and high nobility were allowed pearls. Queen Elizabeth I, although abhorrent of them initially, came to love pearls so much in her later life that she had them sewn on to her wigs and dresses.

Girls can wear pearls, but it takes a woman to wear serious emeralds.” —Hettie Judah

EMERALDS have a powerful place in the world of gemstones as the most famous members of the Beryl family. Ancient myths credit this brilliant green stone with magical properties, from the ability to predict the future, to detecting falsehoods. Emeralds were even worn as protective talismans and were believed to cure fatal diseases.

In Hindu texts, the emerald was one of the navaratna stones, representing the planet Mercury. In Persian culture they symbolised goodness and purity. But it was in medieval Europe—where jewels held symbolic importance in political circles—that this gemstone was perhaps considered the most sacrosanct. According to Hettie Judah, “Sumptuary laws of Byzantium, and many from medieval Europe, forbade the wearing of gemstones such as emeralds by those outside the circles of the court; money alone could not purchase the right to wear jewels.”

The earliest known emerald mines were in Egypt, dating as far back as 330 BC, and functioned well into the 1700s. The Egyptian queen Cleopatra was known for her love of emeralds, often using it in her royal wardrobe. In the 1500s, the Spanish conquistadors discovered emerald mines in Colombia, which produced infinitely finer emeralds in terms of colour, clarity and size.

The quality of an emerald is largely assessed on the basis of its colour. For the longest time, Colombian emeralds have led the market, as they are “blessed with near-perfect colour chemistry”, according to Jonathan Self, author of Emerald: Twenty-one Centuries of Jewelled Opulence and Power.

A Colombian Emerald and Diamond Pendant (on auction)

A Colombian Emerald and Diamond Pendant (on auction)

Microscopic inclusions in a Colombian emerald can cause the light penetrating the stone to scatter, giving rise to a rich “green fire” that is widely recognised by experts and desired by collectors, who consider Colombian emeralds as undisputedly the best. The pendant on auction contains a step-cut emerald from Colombia, weighing 24.11 carats.

Fact: India became acquainted with emeralds through Portuguese traders, who brought it through the ports in Goa and Deccan. One of the largest emeralds, dating back to 1695, is believed to have come from the reign of Emperor Aurangzeb, the last of the Mughal rulers. The Mogul Emerald, as it is known, weighs 217.80 carats and is about 10 cm high, with one side inscribed with Islamic prayers and the other with flower ornaments. In 2001, it sold in auction for a cool $2.2 million.

A kiss on the hand may feel very, very good, but a diamond and sapphire bracelet lasts forever.” ―Anita Loos

A Burmese Sapphire and Diamond Ring (on auction)

A Burmese Sapphire and Diamond Ring (on auction)

A bracelet it’s not, but the Burmese Sapphire and Diamond Ring lot on auction not only feels good, and is one to last for eternity. The blue sapphire—(yes, sapphire comes in a range of colours, besides blue)—belongs to a translucent, dark-blue variety of the mineral species corundum.

From 1880 to 1920, Kashmiri sapphires had attracted a lot of attention, found after a landslide hit the region at an altitude of 16,000 feet. The pure, intense blue with the subtle undertone of violet—mined heavily for over eight years—is still considered the holy grail of the sapphire groups. This prized sapphire is rare and coveted now, given that the region was completed depleted of its sapphire sources.

In the last few years, fine Burmese sapphires from the Baw Mar area of Mogok have gained recognition in the market. After the Kashmiri sapphire, the Burmese colour is regarded as highly valuable—ranging from a rich, full royal blue to a deep cornflower blue. The ring on auction has at its centre an oval-shaped natural Burmese sapphire cabochon of vivid blue colour, with no indications of heat treatment.

In Sri Lanka, once known as Ceylon, mining for gemstones began since antiquity, and the oldest sapphires are found there. Sri Lankan sapphires are recognised for their luminosity—colours range from light to mid-blue.

Today, most blue sapphires come from Australia or from Thailand.

While a lot of Indians treat the sapphire with superstition and wear it with great caution—due its association with the unpopular Saturn (Shani) planet in Hindu mythology—many other cultures enjoy its cool, spirituality-invoking colour. The visual allusion to blue skies and the infinite universe is an easy one to make. Those who adopt gem therapy believe the sapphire brings about tranquillity and better concentration, and can cure rheumatic aches, ulcers and eye problems.


Fact: The world’s most famous sapphire and diamond ring is as engagement ring worn by Kate Middleton, wife of Prince William, Duke of Cambridge. It was once worn by Princess Diana during her engagement to Prince Charles, Prince William’s father, and has a great resemblance to the ring on auction.

Rubies do not age. The fire that was locked in their hearts millions of years ago still burns, even after the emperors and empires that fought for them have crumbled to dust and ashes.” —Fire and Blood: Rubies in Myth, Magic, and History

An Impressive Pair of Ruby and Diamond Ear Pendants

An Impressive Pair of Ruby and Diamond Ear Pendants (on auction)

Rubies have been called the Ratnaraj, or “The Emperor of Gems,” in Sanskrit. In Hindu mythology, the Ratna Pariksha describes the demon Vala, who was dismembered for a sacrifice. Each of his body parts turned into a brilliant gemstone as it fell to earth, the ruby being one of them. Rubies were believed to treat heart and blood diseases, and to bless the wearer with longevity and excellent health. A Burmese legend mentions that warriors embedding rubies in their flesh to remain invincible in battle. Whether it was the allure of its brilliant red or its reputation as an amulet, many sought their claim to this lyrical gem.

The ruby has a rich genealogy. Rubies are related to sapphires and belong to the corundum family. They earn their fiery red colour from the presence of chromium. Rubies vary in colour, and are assigned value accordingly. Until recently, Burmese rubies dominated the colour valuation with their pigeon-blood red colour.

The discovery of ruby mines in Montepuez, Mozambique, however, has had many turn their attention to Mozambique as a significant source of fire-red rubies. Mozambique rubies are distinct for their rich, deep, red colour, which is highly coveted today. The price of Mozambique rubies is still a steal for the quality of colour and value they provide.

The cushion shaped rubies in the ear pendants and bracelet on auction are Mozambican in origin.

A Ruby and Diamond Bracelet

A Ruby and Diamond Bracelet (on auction)

Fact: The ruby ear pendants on auction were worn by Mila Kunis, the brand ambassador for Gemfields—a gemstone mining company headquartered in the United Kingdom—at an event by Burberry, held at the Griffith Observatory in Los Angeles, earlier this year.

Women’s watches make a strong statement in Geneva

Elizabeth Prendiville of Saffronart discusses the new upward trend of female watch designs at the Geneva Watchmaking Grand Prix this year.

New York: In years past men’s watch designs have completely dominated the market for fine timepieces. Specifically, at the Geneva Watchmaking Grand Prix which documents the strongest designs and most pivotal trends of the year in watches. Designers such as Chanel, Chaumet, and Boucheron are among the lush collection of awarded designers. However, this year more award categories are devoted to feminine designs. This could be because more of these ladies’ watches are getting accolades for their beautiful design and function. The feminine finalists for these awards cover four out of ten of the main categories. This is a staggering amount compared to past years.

The most notable women’s watches of the 2013 Grand Prix include interesting aesthetics in partnership with age old traditional crafting and inventive new concepts. The Hermes Pendentif Boule pendant watch has received much attention for achieving this perfect balance. Rather than being adorned on a traditional wrist bracelet, this unique piece, which includes blue alligator leather, is displayed on a long chain rotating freely. In addition to this inventive design work, some featured watches gracefully skirt the line between jewelry pieces and timepieces. Bocheron Ajouree Hera jewellery watch, featuring a fantastical blue peacock made of sapphire and diamond is a perfect example of this. It was shortlisted for the Jewellery Watch Award alongside the Bulgari Jumping Hour Retrograde Minutes jewellery watch, which features a swath of precious colorful gems.

The winners of the 2013 Geneva Watchmaking Grand Prix will be announced at the 13th prize-giving ceremony on November 15th at the Grand Theatre de Geneve. Due to these stellar pieces feminine watches are sure to have a strong hold on the award-winning watch market for years to come. To learn more about the finalists for the 2013 Grand Prix, click here.

Dazzling World Diamonds

Amy Lin of Saffronart shares a note on some significant and interesting diamonds

New York: The saying “diamonds are a girl’s best friend” may not be literally true, but speaks about the ethos of these gems, and the charm and persuasion they continue to carry in our modern society. Diamonds are the most valuable gems in the world in terms of their rarity, clarity and heritage of prestige. Our jewelry guide has more information on understanding the properties of diamonds and their important ‘four Cs’ – cut, clarity, color and carat weight.

Here is a compilation of some of the most highly regarded and storied diamonds to have been sold at public auction, for your viewing pleasure:

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Archduke Joseph Diamond

This phenomenal 76.02 carat diamond was recently sold for nearly $21.5 million. This was a new record price for colorless diamonds, averaging $282,485 per carat. The Archduke Joseph diamond originated from India’s Golconda mines, where historically the best diamonds have been discovered. The Golconda diamonds are admired for their internal flawlessness and their soft, watery clarity. It is not clear how the diamond reached Austria but Archduke Joseph visited Hyderabad in 1893 as a guest of the sixth Nizam, Mahbub Ali Khan. The diamond passed down the royal family until it was sold to an anonymous buyer during World War II.

The Graff Pink Diamond

This exceptionally rare diamond is the most expensive gem ever sold at auction for $46 million. Weighing at 24.78 carats, its fancy pink hue makes it part of the top two percent of diamonds worldwide. The origin of the diamond is not clear. It was owned by celebrity jeweler Harry Winston in the 1950s before it was recently purchased by diamond dealer Laurence Graff who named it the “Graff Pink.”

Wittelsbach Diamond

The Wittlesbach is not only known for its brilliant blue color, but its provenance as well. It once belonged to the Infanta Margarita Teresa of Spain, who was famously painted in Velasquez’s Las Meninas. The gem is one of the finest examples of colored diamonds and fetched an astonishing price of $25.52 million at a 2008 auction. It weighs 35.56 carats with origins stretching back to India. It is even rumored that it was once part of the legendary Hope diamond.

The Blue Hope

Although the Blue Hope has never been sold publicly, its estimated worth is $350 million. The fine blue gem originated in India and weighs 45.52 carats. Ironically named the “Hope,” it has been associated with a series of misfortunes over the years. English banker Henry Thomas Hope bought the gem after it was stolen from French royalty during the Revolution. Soon after inheriting the stone, his son lost his fortunes and the gem was sold to an American widow, Mrs. Edward McLean. Catastrophes fell upon the family as Mrs. McLean’s only child died in an accident and her fortunes were lost. When Harry Winston acquired the diamond in 1949, many of his clients refused to touch it. Currently the Hope diamond is part of the US National Collection and is displayed at the Smithsonian Institute.

The Taylor-Burton Diamond

Richard Burton bought the spectacular 69.42 carat pear-shaped diamond for Elizabeth Taylor in 1969. Burton paid a hefty sum of $1.1 million to Cartier after losing out on the stone at an auction. The stone was promptly renamed Taylor-Burton and was displayed at Cartier’s New York store before Burton could claim it for his beloved Liz. Every day, more than 6,000 people flocked to see the jewel, which the New York Times dubbed ostentatious and vulgar. Elizabeth Taylor wore the diamond to Princess Grace’s 40th birthday party in Monaco before selling it to help build a hospital in Botswana.

The Martian Pink Diamond

This rare 12 carat  pink diamond fetched $17.4 million in an auction earlier this year. Its previous owner Harry Winston named the gem “Martian Pink” in 1974 for the color of the planet, when Americans sent a satellite to Mars.

Yellow Sun-Drop Diamond

This 110.2 carat diamond is one of the largest diamonds to ever be offered at auction. With its intense yellow color that comes from traces of nitrogen trapped in carbon molecules for millions of years, the gem sold for an astounding $10.9 million earlier this year. It was only discovered last year in a South Africa mine and represented the most desirable shade of yellow.

India’s Glittering Past: From the Tavernier Blue to the Hope Diamond

Amit Kapoor of Saffronart on some of India’s most famous precious stones and jewels

In my last blog post, I spoke about the ‘rich India’ of the past and its noble treasures. Some of the famous diamonds that have originated in India include the Hope Diamond, the Kohinoor, the Darya-i-Noor, and the Dresden Green, to name but a few.

Almost all of these stones were owned or were in the possession of the wealthy and elite classes, most often emperors and nobles. Jean-Baptiste Tavernier, a French national who used to travel to India frequently during 16th century, documented and traded some of these precious jewels.

The Tavernier Blue sketch
Image credit: wikipedia

Of the jewels Tavernier successfully brought back from India to France, a 118-carat (24 g) blue diamond is probably the most famous. This diamond came to be known as the Tavernier Blue, and was subsequently sold to Louis XIV of France in 1668. In 1678, Louis XIV commissioned the jewel to be re-cut to a stone weighing 67.125 carats (13.425 g), which became known as The French Blue. In 1792, during the French Revolution, The French Blue mysteriously disappeared.

The Hope Diamond
Image credit: Smithsonian Institution

Twenty years later, this stone re-emerged in London as the Hope Diamond, now weighing approximately 45.52 carats, and is currently housed at The Smithsonian Institution in Washington DC after the famous jeweler Harry Winston donated it to the institution. The Hope was graded by the Gemological Institute of America (GIA) as a VS1 clarity diamond of fancy dark grayish blue colour. Read more about the GIA’s diamond grading.

The parcel in which the Hope Diamond was shipped
Image credit: Smitsonian Institution

Most of the gems that remained in India while it was under British rule, were used to pay the taxes they exacted from the rulers and nobility. The few jewels that survived were passed down through the generations. However, with changes in consumer preferences, many old cut diamonds and older pieces of jewelry have been refashioned to match modern trends.

This article talks about some of the noble, ancient jewels that have survived this refashioning process.

Oh my Gold! (Diamond, Dollars)

Amit Kapoor of Saffronart explores the diamond industry outlook for India 

New Delhi: What does the sliding rupee mean to Indian diamond manufacturers/importers and to importers of gold? Today, these precious beauties are all imported to India (ironically, some of the worlds most famous diamonds originated in Indian mines) and significant changes in dollar price as well as import duties by successive Indian governments leaves a big impact.

This current article talks about the annual Jewelers Circular Keystone (commonly known as the JCK show) in Las Vegas where lower numbers of Indian were seen buying this time around. However, there is hope that the coming festive season in India will keep demand alive. It also includes an interesting note on the changes in value of these precious stones and metals. Also listen to Varda Shine, Chief Executive of DeBeers, talks about the diamond industry outlook for India, and in general, prices of diamonds, and DeBeers’ facility in Gaborone, Botswana.

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