Christie’s sets a world record: most expensive ruby necklace sold at auction

Three months after President Obama renewed the ban on rubies and jade from Burma, three pieces of Burmese ruby jewelry made the top 10 sellers at Christie’s Hong Kong on November 26th, 2013, and one set a world record.

Burmese ruby and diamond necklace weighing 87.78 carats sold for $6.4 million at Christie’s Hong Kong on November 26, 2013 - the most ever paid for a ruby necklace at auction. (photo courtesy Christie’s Images Ltd)

A stunning necklace of diamonds and Burmese rubies designed by Etcetera sold for $6.4million at Christie’s Hong Kong on November 26, 2013 – the most ever paid for a ruby necklace at auction.

Another juicy Burmese ruby – a 13.21ct oval set in a ring - sold for nearly $6mil, and a third Burmese ruby and diamond “Flora” necklace by Bulgari sold for $3.8mil.

Oval-shaped Burmese ruby ring of 13.21 carats sold for nearly $6 million - $451,000 per carat - at Christie’s Hong Kong on November 26, 2013. (photo courtesy Christie’s Images Ltd)

Although a flawless diamond necklace brought the top price in the sale, as usual, and a fancy orangey-pink diamond set its own world record that day, Burmese rubies took center stage. Obviously, international demand is strong for the finest rubies from Burma, a top source for this increasingly rare gem, but the ban on their import into the U.S. remains – for now, at least.

Jade and rubies mined in Burma have been banned from entering the U.S. since the Tom Lantos Block Burmese JADE Act passed in 2008. Many gem and luxury jewelry dealers in the U.S. expected the embargo to be lifted over the summer, based on evidence of improvement in human rights in Myanmar, formerly known as Burma, and the fact that Obama waived most of the sanctions in November 2012.

On August 7, however, President Obama issued an executive order extending the current ban on rubies and jade from Myanmar for another year. The order prohibits the importation into the U.S. of “any jadeite or rubies mined or extracted from Burma and any articles of jewelry containing jadeite or rubies mined or extracted from Burma.”

A statement issued by the White House indicates the Obama administration is maintaining the ruby and jade ban due to concerns about labor and human rights in the gem sector.  Hopefully, this final push will inspire significant change by the time the ban comes up for renewal again in the summer of 2014. By then, the U.S. block on Burmese rubies and jade will have been in place for six years.

Silla: Korea’s Golden Kingdom opens at the Met

If you want evidence of the durability of high-karat gold, visit the Metropolitan Museum. Some exquisite ancient gold jewelry goes on display there this month, and it’s not from Rome or Greece or the Middle East – although the Met has amazing examples of these in their permanent collections – it’s from Korea.

 

Buddha of gold, 4 ¾ in (12.2 cm), probably Amitabha (Korean: Amita), from the pagoda at Hwangboksa Temple site (National Museum of Korea, National Treasure 79)

Silla: Korea’s Golden Kingdom (at the Met now through February 23, 2014) puts the spotlight, literally, on some fabulous royal jewels, the kind that only survive unscathed when entombed for millennia – and made out of high-karat gold. The kingdom of Silla (57 B.C.–A.D. 935) was famous for its gold, and it’s a highlight of the 130 objects on display.

“This show is not to be missed,” said Thomas P. Campbell, director and CEO of the Metropolitan Museum of Art, when the exhibition was announced. “It is a rare opportunity to experience the visual splendor of the Silla kingdom in the first exhibition in the West devoted to the subject. These stunning works of art are rich in beauty and history, extending back to the first millennium and to a kingdom largely unknown to our audiences.”

Most of the jewels on display were loaned by the South Korean government. Having been designated “national treasures” there, these objects rarely appear outside that country. They include this ornate gold and jade crown from the late 5^th century, excavated from the north Hwangnam Daechong Tomb in North Korea.

 

Crown of gold and jade, 10 ¾ in. (27.3 cm), 5th century, excavated from Hwangnam Daechong Tomb, Silla: Korea’s Golden Kingdom exhibition (Gyeongju National Museum, Korea, National Treasure 191)

Looking at some of the ancient gold jewels on display, it’s hard to believe they date back 1,500 years. Along with the fact that they’re made of high-karat gold, which doesn’t tarnish or disintegrate over time, one key to their remarkable condition is that most were never worn in real life.

Like the royal jewels excavated from King Tutankhamun (Ancient Egypt) and Ur (Ancient Iraq), these Korean jewels were created to make sure the royal wearers were properly adorned for the next life - which is to say, they were made specifically for the burial and then entombed.

Silla rose to prominence in the early 5th century, under the rule of a monarchy based in what we know now as the city of Gyeongju. Most of what we know about this kingdom comes from the objects preserved in those burial sites, which were added to the UNESCO World Heritage List in 2000.

You’ll find most of the jewelry in the first of three sections in the Met exhibition, the one that focuses on the 5th- and 6th-century royal tombs. Largest of these was the Great Tomb of Hwangnam, a 104,000-square-foot room where a king and his queen were entombed with gold regalia and jewels, including a belt and one of only five crowns found in Silla, as well as pottery and precious metal vessels.

The dangling bits in that crown look distinctly Southeast Asian, but the crown itself is less like the headdresses from the King and I or Balinese dancers (Buddhist temples) and more an elongated version of the crowns from medieval Europe. Objects collected by the aristocracy in 5^th-century Korea were a mix of local culture and what the Met calls “the horse-riding cultures of the Eurasian steppes.” This section represents the period before Silla became truly cosmopolitan and started importing their jewels from Rome and central Asia. Korean’s wealthiest elite obviously had access to the beautifully-made jewelry we associate with other ancient cultures, including intricate goldwork such as granulation and repoussé.

Later, in the 7^th century, Silla became part of the trade network between East and West, known as the Silk Road. In the second section of the exhibition, for example, you’ll find a repoussé silver bowl and an inlaid-gold sheath from Central Asia, along with vessels from the Roman Empire.

 

Dagger and sheath of gold inlaid with garnet and glass, 14 1/4 in. (36 cm), 5^th century, excavated from Gyerim-ro Tomb (Gyeongju National Museum, Korea, Treasure 635)

Overall, you’ll find an exotic blend of ancient cultures in this peak inside Ancient Korea, mostly Asian with a little Rome thrown in, and a heady eyeful of ancient gold and gems.

For those interested in learning more, the Met is hosting a series of events around the exhibit. Best bet for gold lovers: the lectures on November 17 with live demonstration of goldworking techniques.

On December 4, a curator and archaeologist will discuss the nomadic cultures of Eurasia and the regalia found in tombs of the Silla Kingdom, and, just in time for Valentine’s Day, a Spark: From Silla to K-Pop on February 12, an event in the museum’s Grace Rainey Rogers Auditorium that requires a $30 ticket.  For more info on gallery talks on the exhibition, tomb culture and the spread of Buddhism in Asia, visit the website.

Why Gold Remains to be a Good Investment

Considering the fluctuations in today’s economy, people are learning to keep their money in safe investments. Over the years, the economy has gone through extreme ups and downs, which has left average consumers on the suffering end. During these times, people’s investments become their safe fallbacks. But how do people know which is a good or bad investment? With gold for example, how are people to know when it is a good time to sell gold or keep it? Does gold remain to be a good investment? Or is it a good time to dispose of scrap gold and put their money on something else? Gold has always been a societal symbol of affluence, but it has also had its shares of ups and downs in the trade history. Today more than ever, it pays to know when we are putting our money to the right investments; hence, the following are a few reasons why gold remains to be a good investment:

1.       Gold remains strong despite spotty trade history – As what has been previously mentioned, gold has had its share of ups and downs in the economy. However, despite all this, gold remains to be a strong commodity in the precious metal industry. For some reason, people continue to buy gold, which gives it a steady rank in the precious metal market. Expert economists and stock market analysts would tell you that the value of gold fluctuates with the changes in demands for stocks and currency; however, average consumers are unlikely to understand these technicalities. For this reason, a lot of people continue to purchase gold, which consequently steadies gold trade.

2.       The priceof gold remains good – Although it has gone through bad price fluctuations in the past, gold remains to be a pricey commodity in comparison to other precious metals. It could have been due to its rich history that gold remains to be a symbol of affluence. People still want to own gold for various reasons; and a country’s wealth is not complete today without any gold reserves. Hence, the question of whether or not to sell gold is a good idea nowadays remains to have an affirmative retort from this explanation.

3.       Gold appears to not only be a lucrative but a pleasing investment– Keeping gold, much like keeping stocks, allow people to watch out for times when prices are high and it is time to sell them. However one invests on stocks, while waiting for the right moment to release them they are just stocks. But when you are investing on gold, like gold jewelries, you can actually wear or display them making a more pleasant form of investment. Some people may not even realize how much investment their jewelries are worth because they are just pleased to wear them. For this reason, gold is not only a good investment but a pleasing one as well.

In times like today, when the economy can get really unpredictable, people need to learn how to make safe investments. These investments serve as safety nets for when the tough times. Hence, for gold enthusiasts, it is important to know how strong gold is in the market, and whether or not it remains to be of good value for money. 

Like to read more similar articles please click the links below:

4 Positive Gold Selling Practices

Practical Tips on Selling Gold Jewelry

How to Tell When It is a Good Time to Sell Gold

 

Why Gold is The Safest Investment in Times of Uncertainty?

Sofia Miller has been working as a full-time nurse in a very reputable hospital in NYC for more than a decade now; but her monthly salary is spent mostly on her family’s needs and not much is left for luxury items. Having three kids who are all attending good schools makes it difficult for her to make room for luxury shopping. Recent changes in the economy have placed everybody through some difficult times requiring many of us to tap into our savings. Many of us are back on our feet but are still finding it a little difficult to save a little extra splurging money.

To make some extra cash, Sofia Miller decided to be a gold buyer in NYC. She started to invest and join in the buying and selling of gold items as this is regarded as one of the safest investments in times of uncertainties. She realized that aside from working full-time, everyone should also look for other ways to augment their monthly income. Gold is certainly a very valuable item which is commonly used in many forms. It comes with an intrinsic value which can significantly help in times of financial difficulties.

Gold has remained to be one of the most famous investments. It is a tangible asset with a preserved value whereas paper currency reduces in value. Several investors become a gold buyer in NYC because they are frequently drawn to the liquidity of gold. To many, it is an effective outlet for riding through times of economic uncertainty. Gold is also considered exchangeable and is accepted everywhere in the world.

Sofia was aware of the value and potential of gold and she now considers herself a successful gold buyer in NYC since she has been making a solid profit for some time now. Since gold items come in many forms, she finds it very easy to buy or sell. With help from her husband, some of the most valuable gold items she usually sells include gold jewelries, watches, and other gold scraps. At present, she can now save more for her family’s future and she does not need to worry about spending a little extra every now and then. Investing in gold gave her all the extra cash she ever needed.

To be a lucrative gold buyer in NYC, Sofia had followed four useful tenets; decide on the amount of money you will invest, know and remind yourself about your investment objectives, understand the timing of buying and selling, and consider how much of your time you’re willing to devote in this kind of business.

Also read: Can't afford that Dream Summer Vacation? Just Sell Gold

want to find the best deal in town and get the most cash for your gold? Want to find the gold buyer that will turn your eyes green? Don't make any moves before you read this Selling gold Guide by Luriya. These steps are crucial to follow when you go through a gold for cash process. Luriya's goal is to help you make more money when selling your gold.

Visit Luriya today