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Topline
A Sri Lankan gem company claims it has discovered the world’s largest single natural blue sapphire, a 683-pound gemstone that it plans to auction after obtaining an official valuation.
A 310 kilograms (683 pounds) heavy natural corundum blue sapphire is on display at a residence in … [+]
Key Facts
The stone, nicknamed the “Queen of Asia,” will go up for auction in Dubai January 20, announced Thilak Weerasinghe, chair of Sri Lanka’s National Gem and Jewelry Authority, La Prensa Latina reported.
The gemstone was put on display at the home of a gem pit owner in the town of Horana on Sunday, where it was blessed by a group of Buddhist monks.
The Gemological Institute of Ratnapura, which owns the gemstone, has already rejected an offer of over $1 million from a prospective buyer in the Middle East, EconomyNext reported.
GIR President Chamila Surnaga estimated the gem’s worth at $100 million, though international organizations had yet to certify the gem as of Monday morning.
Though GIR first considered splitting up the gem, Surnaga said the organization had decided to keep it in one piece.
Key Background
Mining in Sri Lanka mainly uses small-scale, traditional methods. Despite this, an estimated 2 million mining pits were dug in Sri Lanka from 1964-2014, according to the Gemological Institute of America, a nonprofit gemology research and education group. The “Queen of Asia” was unearthed three months ago near the city of Ratnapura, in one of Sri Lanka’s richest gem-producing areas. Ratnapura was also the site of a 2.5-million-carat star sapphire cluster accidentally discovered by workers digging a well in a gem trader’s backyard, valued at up to $100 million. Corundum, the mineral of which sapphire and ruby are varieties, is valued according to its color and clarity. In 2014, the 392-carat Blue Belle of Asia sold at Christie’s for over $17 million, making it the priciest sapphire ever sold at auction.
What To Watch For
The “Queen of Asia” has yet to be precisely valued. GIR plans to hire a local or international gem valuer soon, a company official told the Associated Press Monday.
Big Number
1,549,016. That’s about how many one-carat engagement rings you could fill using a 683-pound stone.
Tangent
Sri Lanka’s isn’t a newcomer to the international gemstone market. Sri Lankan stones found their way into Ancient Roman and Greek jewelry, and were described rapturously by Marco Polo in his 14th-century memoirs.
Further Reading
“Sri Lanka shows off giant natural blue sapphire” (CNN)
“Sri Lanka company prepares to sell massive blue gemstone” (Associated Press)
“Gems in the Backyard? A Tall Tale Has Glimmers of Truth.” (New York Times)
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