Mostafa Al Zouabi, Gulf Today

A precious stone of Blue Kashmir sapphire, weighing 27 carats was sold at €2.7 million at an auction organised by Auction House Hotel de Fant de Monte Carlo.

The Stone was fixed on a platinum and yellow gold ring and was surrounded by two wraps of diamond. It was put for sale at €1.7 million at an auction at the Café du Barry restaurant.

The stone was owned by a royal European family and then by an Italian.

The best blue Kashmir stones are usually sold at prices exceeding million euros.

A collapse of soil took place in the 19th century in the Himalaya Mountains and revealed a mine containing precious stones.

In 2014, a red Ceylon ruby named “Blu Bill of Ega,” weighing 392 carats fixed on a necklace of diamond was sold at $17.29 million during an auction in Geneva.

Around 80% of the 450 jewellery pieces at the auction were sold at €6 million.