The Aga Khan emerald, a 37-carat Colombian gemstone set in a Cartier-designed brooch, sold for $8.8 million at Christie’s “Magnificent Jewels” auction in Geneva, setting a world record for the highest price ever achieved by an emerald at auction. The sale surpassed its pre-sale estimate of $6 to $8 million and highlights the growing demand for rare, high-quality gemstones.

Designed in 1960 by Cartier, the brooch was commissioned by Prince Sadruddin Aga Khan as a gift for his wife, British socialite Nina Dyer. The piece features the flawless Colombian emerald surrounded by 20 marquise-cut diamonds set in platinum and 18-karat yellow gold. Renowned for its rarity and exceptional clarity, the emerald was described by Swiss gem lab SSEF as a gem of unmatched quality, showing no indication of clarity enhancement.

The brooch carries a rich history. After Dyer’s death in 1969, it was first auctioned by Christie’s as part of its inaugural “Magnificent Jewels” sale in Switzerland. The proceeds, per Dyer’s will, were donated to animal welfare causes. The brooch later came into the possession of Harry Winston, who modified it to be worn as both a brooch and pendant.

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The auction room buzzed with excitement on May 1, 1969, as bidders gathered for the sale of the Aga Khan emerald. Hosted at the Hotel Richemond, this historic “Magnificent Jewels” event marked Switzerland’s debut as a stage for high-profile jewelry auctions.

The sale also marked Christie’s enduring legacy in fine jewelry auctions. Buyers from 37 countries attended the event at the Four Seasons Hotel des Bergues in Geneva, contributing to a total of $54.7 million in sales. Ninety-two percent of the 103 lots offered found buyers, with 64% surpassing their highest pre-sale estimates.

Max Fawcett, Christie’s head of jewelry in Europe, emphasized the brooch’s cultural and historical significance. “The emerald brooch is not just a piece of jewelry; it carries with it the stories and charm of a bygone era,” he said.

The auction also showcased the enduring strength of the luxury jewelry market, with demand for rare gemstones remaining robust despite economic uncertainty. Looking ahead, Christie’s aims to continue its successful year with upcoming sales in New York, London, and Paris.