HONG KONG.- Rubies, historic signed jewels and increasingly sought-after colored gemstones drove Sotheby’s latest High Jewelry auction in Hong Kong to HK$267.5 million (US$34.1 million), marking the fifth consecutive season of growth for the house’s high jewelry sales in the city.

The auction drew bidders from 32 countries, with an average of 5.2 bidders competing for each lot. Nearly half of all bidders — 46 percent — were age 40 or younger, a figure Sotheby’s pointed to as evidence of a changing collector base increasingly interested in distinctive design, provenance and unusual gemstones.

At the center of the sale was a rare Mauboussin Art Deco ruby and diamond necklace dating to the 1930s. The elaborate jewel sold for HK$16 million (US$2.04 million), comfortably surpassing its HK$11 million high estimate. Set with tumbled rubies and ruby beads alongside brilliant, old European-cut, square and baguette diamonds, the necklace emerged as the auction’s top lot after spirited bidding.

Rubies occupied all three of the sale’s leading positions. A 5.06-carat “Pigeon Blood Red” ruby and diamond ring brought HK$12.8 million (US$1.63 million), while a pair of ruby and diamond pendant earrings set with stones weighing 5.20 and 5.08 carats achieved the same price.

The results reflected a broader appetite for exceptional colored stones, according to Stewart Young, Sotheby’s Senior Director and Head of Jewelry in Asia. The sale suggested that rare natural gemstones can command significant prices even without the name of a major jewelry house when color, origin, rarity and quality come together. At the same time, pieces by established maisons continued to attract intense competition.

Among the strongest results for signed jewelry was a pair of Cartier “Tutti Frutti” colored stone and diamond pendant earrings, which sold for HK$7.936 million (US$1.01 million), more than 12 times their low estimate. Van Cleef & Arpels ruby and diamond “Mystery-Set” pendant earclips reached HK$5.12 million, while a Schlumberger for Tiffany & Co. “Bird on a Rock” brooch set with a green tourmaline, diamonds and pink sapphires realized HK$960,000.

The September auction offered more than 180 lots, ranging from diamonds and colored gemstones to jewels by Cartier, Van Cleef & Arpels and Tiffany & Co. Sotheby’s said younger buyers are increasingly building collections around pieces with recognizable character and history rather than simply focusing on conventional markers of prestige.

Para�ba tourmalines were another area of strong interest. A 7.52-carat Para�ba tourmaline and diamond ring fetched HK$10.496 million (US$1.34 million), while a pair of Para�ba tourmaline and diamond pendant earrings brought HK$2.56 million. The electric blue-green stones, first discovered in Brazil’s Para�ba state in the late 1980s, have become among the most recognizable and coveted colored gemstones on the international market.

Jadeite also performed strongly. A jadeite and diamond demi-parure sold for HK$4.864 million, while a jadeite, ruby and diamond “Dragonfly” brooch reached HK$3.072 million. A rare Cartier jadeite, onyx, enamel and diamond pendant necklace from 1925 attracted multiple bids before selling for HK$2.176 million, more than four times its high estimate.

For Sotheby’s, the sale pointed to a market in which historic craftsmanship and recognizable names remain important, but where collectors are also increasingly willing to compete aggressively for exceptional gemstones on their own merits.