This June, one of the most storied gems in auction history will once again take center stage as Christie’s presents "The Blue Belle" — a 392.52-carat sapphire and diamond necklace — at its Magnificent Jewels sale in New York. Scheduled for June 17 at Rockefeller Center, this historic event marks a rare reappearance of the world’s most valuable blue sapphire, a little more than a decade after it stunned the jewelry world with a record-breaking sale.
Discovered in 1926 in Pelmadula, Ratnapura — Sri Lanka’s famed “City of Gems” — The Blue Belle is a cushion-shaped Ceylon sapphire of exceptional color and clarity. The gem’s journey is as rich as its hue: originally owned by renowned Colombo-based jewelers O.L.M. Macan Markar & Co., it was sold in 1937 to British industrialist Lord Nuffield.
Rumors swirled that the sapphire was intended as a gift for Queen Elizabeth on her coronation day in May of that same year, but the presentation never occurred, and The Blue Belle quietly vanished into private collections.
It wasn’t until 2014 that The Blue Belle — then known as the "Blue Belle of Asia" — reappeared, captivating collectors at Christie’s Geneva. That year, the necklace shattered records by achieving $17.3 million, easily eclipsing its presale estimate of $6.9 to $9.9 million and becoming the most expensive sapphire ever sold at auction.
As Rahul Kadakia, Christie’s International Head of Jewelry, memorably announced at the time, “The private collector… is now the new owner of the most valuable sapphire in the world.”
In 2025, The Blue Belle returns to the spotlight with a more conservative estimate of $8 million to $12 million. Despite the lower forecast, the significance of the sapphire remains undiminished.
Kadakia emphasizes, “Sapphires of this caliber are extraordinarily rare. This remarkable stone must be considered among the most prestigious colored gemstones to appear on the market in many years.”
The necklace itself is a masterwork: The Blue Belle is the centerpiece of a majestic diamond necklace featuring nine tassels adorned with brilliant-cut diamonds. Each tassel terminates in a larger oval-cut diamond.
Reports from leading gemological institutes, including SSEF and Gübelin, have certified the sapphire as untreated, confirming its natural brilliance and further elevating its rarity.
Credits: Images courtesy of Christie's.