Sri Lankan sapphire “Peacock of Ceylon” fetches over Rs. 500 million at Geneva auction
Daily FT: A rare Sri Lankan sapphire has fetched approximately USD 1.75 million at a prestigious international auction, with the 102.40-carat “Peacock of Ceylon” reaching a final total of 1.55 million Swiss Franc at Sotheby’s High Jewellery Sale in Geneva, reaffirming the global appeal the Ceylon sapphire.
The gemstone, an unheated natural blue sapphire originating from Sri Lanka, attracted competitive bidding before being knocked down for a hammer price of 1.21 million Swiss Franc, with the final total reaching Swiss Franc 1.55 million (approximately USD 1.75 million) after the buyer’s premium was applied. At Sotheby’s, the buyer’s premium is an additional fee charged to the winning bidder on top of the hammer price (the price at which the auctioneer’s gavel falls). Sotheby’s website states that “VAT rules apply and the standard rate of VAT will be charged on both hammer price and buyer’s premium and overhead premium (if applicable).”
The final amount payable by the buyer includes the hammer price plus Sotheby’s buyer’s premium, any applicable overhead premium, and VAT.
The final price exceeded Sotheby’s pre-sale estimate of 1 million to 1.5 million Swiss Franc, underscoring sustained international demand for exceptional untreated coloured gemstones.
The Peacock of Ceylon weighed 102.40 carats and was offered unmounted, allowing collectors and investors to focus on the rarity and quality of the stone itself. Accompanying reports from internationally recognised gem laboratories SSEF and Gübelin Gem Lab confirmed both its Sri Lankan origin and the absence of heat treatment, a characteristic highly priced within the global gem trade.
Sotheby’s highlighted the sapphire as one of the most significant unheated Ceylon sapphires to appear at auction in recent years, citing its combination of size, colour and provenance as key factors contributing to its appeal among collectors.
The sale also serves as a reminder of the strength of Sri Lanka’s gem industry, which has supplied some of the world’s most sought-after sapphires for centuries. Ratnapura, often referred to as the “City of Gems”, remains one of the world’s most important sources of high-quality blue sapphires, with the term “Ceylon Sapphire” continuing to command a premium in international markets.
Industry observers note that large untreated sapphires are becoming increasingly rare as global demand grows and the supply of exceptional stones remains limited. As a result, major auction results such as the Peacock of Ceylon are closely watched by gem traders, investors and collectors as indicators of market sentiment and the continuing value of natural-coloured gemstones.
The Geneva sale placed the Sri Lankan sapphire alongside some of the world’s finest diamonds, emeralds and high jewellery creations, ensuring that the Peacock of Ceylon received significant exposure among international buyers.
For Sri Lanka, the result represents more than a successful auction. It reinforces the country’s position as one of the world’s premier gemstone-producing nations and highlights the continued commercial value of a brand built over centuries on the reputation of natural, untreated Ceylon sapphires.
OSL take:
Sri Lanka’s gem and jewellery industry continues to strengthen its position in global markets, creating growing opportunities for foreign businesses/investors. The recent sale of the 102.40-carat “Peacock of Ceylon” sapphire for approximately USD 1.75 million at Sotheby’s High Jewellery Sale in Geneva highlights the enduring international demand for Sri Lanka’s world-renowned gemstones and reinforces the global reputation of Ceylon sapphires for their exceptional quality and rarity. As the Government of Sri Lanka targets higher export revenues from the sector, business/investment opportunities are emerging across the entire value chain, including gemstone mining, cutting and polishing, jewellery manufacturing, luxury branding, retail distribution, and export-oriented ventures. Foreign businesses/investors can also explore partnerships in technology-driven gemstone processing, certification services, e-commerce platforms, and high-end jewellery design aimed at international markets. With a long-established reputation for producing some of the world’s finest sapphires and coloured gemstones, a skilled workforce, and growing government support for industry expansion, Sri Lanka’s gem and jewellery sector offers a compelling investment destination for international businesses/investors seeking access to a premium and globally recognised market.
| Article Code : | VBS/AT/20260610Z_4 |