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Mughal gem sells for record $2.2 million

Sanjay Suri in London

A rare Mughal emerald has sold for a record $2.2 million at an auction in London.

The sale of The Mughal, as the emerald is known, and other gems from India by Christie's yielded more than $7 million, the highest ever in an Indian auction.

The Mughal sold for more than twice the price it had been expected to fetch following dramatic bidding. The gem was finally bought for $2,272,400 by an anonymous bidder.

The sale price, the highest ever in an auction for an emerald, stunned the world of collectors.

The 217.80-carat gem dates back to the reign of Emperor Aurangzeb. Furious bidding raised its price a million dollars above the base price.

The vivid green emerald is believed to have been bought by a Mughal noble from Spanish traders who in turn got it from Colombia.

A magnificent diamond, enamel and emerald sarpech was also bought for close to $2 million in the auction. This too was bought anonymously.

The sarpech, set with 300 carats of diamonds and 300 carats of fine emerald beads, sold for $1,948,560, also a world record.

"A powerful momentum was maintained throughout the sale culminating in a magnificent climax," William Robinson, in charge of the sale at Christie's, said later. "Widespread interest was shown both before and during the sale in a broad range of countries."

Indian jewellery and gemstones were in great demand, he said. "Enamel jewellery from the 17th and the 18th centuries remained a strong and highly collectible area of the market."

Among other items auctioned were Mughal jewellery, furniture and paintings.

Indo-Asian News Service

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