How Did Sapphires Perform at Auction in H1 2026? Why Can One Sapphire Sell for RMB 24 Million?

The sapphire market showed one unmistakable shift in the first half of 2026:

It is not that sapphires as a whole are becoming more expensive; the price divide between exceptional and ordinary stones is widening.

In this year's public auction results, every sapphire in the top ten sold for more than RMB 10 million, with the leading lot reaching RMB 23.9922 million。

More importantly:
Two stones both called sapphire can differ in price per carat by nearly tenfold.

01 | The Top 10 Sapphire Auction Results of 2026: Which Was the Most Expensive?

Our ranking based on publicly available auction results:

TOP 1 | Chaumet 22.28-carat Kashmir sapphire ring

Sale price: RMB 23.9922 million
≈ RMB 1.0768 million/carat

TOP 2 | 41.29-carat Sri Lankan sapphire ring

Sale price: RMB 15.4762 million
≈ RMB 374,800/carat

TOP 3 | Harry Winston 76.39-carat sapphire ring

Sale price: RMB 15.4585 million
≈ RMB 202,400/carat

TOP 4 | 13.95-carat Kashmir sapphire ring

Sale price: RMB 14.7902 million
≈ RMB 1.0602 million/carat

TOP 5 | 15.49-carat Kashmir sapphire ring

Sale price: RMB 14.6448 million
≈ RMB 945,400/carat

TOP 6 | Ronald Abram 15.33-carat sapphire ring

Sale price: RMB 13.6871 million
≈ RMB 892,800/carat

TOP 7 | The 102.40-carat Ceylon Peacock unmounted sapphire

Sale price: RMB 13.5838 million
≈ RMB 132,700/carat

Ceylon Peacock 102.40-carat unmounted sapphire

TOP 8 | Graff 30-carat Sri Lankan sapphire ring

Sale price: RMB 12.1165 million
≈ RMB 403,900/carat

TOP 9 | Bulgari 9.82-carat Kashmir sapphire ring

Sale price: RMB 11.9371 million
≈ RMB 1.2156 million/carat

TOP 10 | Pair of Cartier Kashmir sapphire clip brooches

Sale price: RMB 10.1293 million

This already reveals a crucial principle:

A sapphire is not valued simply by multiplying carat weight by a unit price.

02 | Why Can 22 Carats Sell for RMB 23.99 Million While 76 Carats Fetch Only RMB 15.45 Million?

This is precisely what general buyers most often misunderstand about sapphires.

By weight alone:

76.39 carats > 22.28 carats

Yet their sale prices were:

22.28-carat Kashmir sapphire: RMB 23.99 million
76.39-carat sapphire: RMB 15.45 million

The reason is simple:

The core of sapphire pricing is not size, but aggregate rarity.

We generally assess several dimensions:

1. Origin

Kashmir, Sri Lanka, Myanmar and other origins carry different levels of market recognition.

2. Heat treatment

At comparable colour and quality, unheated sapphires usually have greater collectable appeal.

3. Colour

This is one of the most important determinants of sapphire value.

It is not a matter of the bluer, the dearer. Hue, saturation, lightness and overall visual effect all matter.

4. Clarity and internal characteristics

A natural gemstone is not necessarily better simply because it looks cleaner.

Internal features characteristic of an origin, provided they do not detract from beauty, can help establish natural origin and provenance.

5. Carat weight

Carat weight matters, but it acts as a multiplier.

At equal quality, larger stones are rarer;
but size alone cannot support high value if colour, origin or treatment status falls short.

6. Laboratory report

Reports from laboratories such as SSEF, Gübelin, AGL and GRS are critical in high-value sapphire transactions.

In particular:

Natural origin + heat status + origin premium

These factors directly affect what buyers are willing to pay.

03 | The 2026 Market Is Developing a K-Shaped Divide

This distinction matters.

The entire sapphire market is not rising in 2026.

Gemports' Q2 2026 Sapphire Transaction Index shows that the overall market index remains under pressure, although the large-carat category improved by about 5% quarter on quarter; meanwhile, transaction volume in the 1–10-carat range was markedly higher than above 10 carats. (Gemports)

In other words:

Ordinary commercial-grade sapphire ≠ exceptional collector-grade sapphire.

The market is increasingly splitting into two ends:

Commercial grade

1–2 carats
Heat-treated
Ordinary colour
Basic report/no authoritative origin determination

These sapphires tend to show relatively ordinary liquidity and price performance.

Collector grade

Over 3 carats
Fine colour
Unheated
Prestigious origin
Report from a leading laboratory
Demonstrable rarity

This category is attracting growing attention from high-net-worth and collector buyers.

Industry reports likewise show that demand for fine Ceylon sapphires and exceptional Kashmir sapphires in 2026 is materially stronger than for commercial-grade goods. (The Sapphire Bank)

04 | So How Should You Buy a Sapphire?

When advising a client, I would not say:

“Sapphires are doing well this year—buy now.”

I would first ask:

What is your purpose in buying it?

For everyday wear:

There is no need to chase 10 or 20 carats blindly.

What matters more is:

Beautiful colour + suitable size + complete documentation + secondary-market recognition.

A genuinely beautiful 5-carat Sri Lankan sapphire may be a better buy than a 10-carat stone with greyish colour and obvious treatment.

For collecting:

Origin → colour → unheated status → carat weight → report → brand/provenance → design

Kashmir deserves particular attention.

Christie's has noted that the old Kashmir deposits were largely exhausted by the late 19th century and the mines officially closed in 1927, making supply non-renewable. (Christie's)

This is why:

an exceptional 10-carat Kashmir sapphire
and
an ordinary 10-carat Sri Lankan sapphire

cannot be compared within the same pricing framework.

05 | With a Limited Budget, Focus on Value

For example:

Budget: RMB 1 million。

You could buy:

A: A branded jewel containing a sapphire of ordinary quality

Or:

B: A sapphire outside the top luxury maisons, but with confirmed origin, no heat, excellent colour and complete documentation

If your objective is:

Wearability + value retention + future resale

we would generally favour B.

Because what the secondary market ultimately recognises is:

the rarity of the stone itself.

A brand naturally commands a premium, but that premium cannot fully substitute for gemstone quality.

06 | How Should You Bid at Auction?

This is where buyers are most likely to make a costly mistake.

Do not keep raising your bid simply because you like a lot and have formed an emotional price for it.

Auction strategy should work in reverse:

Step 1: Establish the stone's value

Assess:

Origin
Colour
Carat weight
Unheated/heat-treated
Laboratory report
Clarity
Cut
Fluorescence/internal characteristics

Step 2: Assess the auction premium

Brand, designer, provenance and craftsmanship can all increase the sale price.

In this top ten, for example:

Chaumet, Harry Winston, Graff, Bulgari and Cartier all appear.

Therefore:

Sale price ≠ value of the unmounted sapphire.

It is actually the result of:

Gemstone value + jewellery design + brand premium + rarity + saleroom emotion

all working together.

Step 3: Always set a maximum bid

Suppose we determine that:

the reasonable value range for a sapphire is RMB 6–8 million。

Set in advance:

My maximum purchase price: RMB 8 million

Rather than reaching RMB 7.8 million and thinking:

“We've come this far—what is another RMB 200,000?”

The greatest danger at auction is not paying slightly too much.

It is:

remaining caught up in the heat of the saleroom.

07 | What Should We Really Focus on in 2026?

The sapphire market can be divided into three broad tiers:

Tier 1: Commercial grade

Ordinary colour, 1–2 carats, predominantly heat-treated
→ Better suited to daily wear; do not approach it as an investment asset.

Tier 2: Fine quality

2–5 carats
Excellent colour
Unheated or favourably treated
Confirmed origin
Authoritative laboratory report
→ The range we believe merits closer study.

Tier 3: Collector grade

Over 5 carats
Exceptional colour
Unheated
Origin
Top-tier laboratory report
Rare historical/brand provenance
→ A true entry into the high-end collectors' market.

This year's auction data makes the point vividly:

9.82-carat Kashmir sapphire → RMB 11.9371 million

13.95-carat Kashmir sapphire → RMB 14.7902 million

15.49-carat Kashmir sapphire → RMB 14.6448 million

22.28-carat Kashmir sapphire → RMB 23.9922 million

Their per-carat prices far exceed those of some sapphires weighing dozens or even more than one hundred carats.

So if you ask me:

What matters most when buying a sapphire in 2026?

My answer is not:

“Buy big.”

It is:

Buy rarity.

Buy genuinely rare origin, colour, unheated status, carat range and documentation.

At auction, price is never ultimately determined by how large a stone is, but by this question:

Are enough people willing to pay for its rarity?

? If you are considering a sapphire, send us its carat weight, origin, report, heat status and your budget and we can assess it across boutique retail, pre-owned luxury, overseas market and auction results to judge whether it is truly worth buying.