Heritage Auctions to Sell Rare Kashmir Sapphires Dec. 7

A Dec. 7 Holiday Fine Jewelry Signature Auction will offer a flawless 3.52 ct. diamond alongside four Kashmir sapphire rings.

Updated on Nov. 12, 2026 in Jewelry

Several deep blue faceted sapphires rest in a shallow dish of dark water, one catching warm raking light beside a pale silver ring band. — Heritage Auctions will sell a flawless 3.52-carat diamond and four Kashmir sapphire rings in its Holiday Fine Jewelry Signature Auction on Dec. 7 in Dallas. AI Illustration. Upload story photo >

Heritage Auctions has scheduled its Holiday Fine Jewelry Signature Auction for Dec. 7, featuring a flawless 3.52 ct. rectangular step-cut diamond graded D color and Flawless clarity by GIA. The sale also includes four Kashmir sapphire rings ranging from about 3 ct. to 8 ct. each.

Why it matters

Kashmir sapphires are scarce because the Zanskar deposits, discovered in 1881, were exhausted within a few years and have been idle for more than a century. For U.S. collectors, the sale offers a rare opportunity to acquire stones of this origin.

The largest sapphire is an 8.15 ct. emerald-shape stone flanked by 3.56 cts. t.w. of emerald-cut diamonds, and a 7.33 ct. cushion-cut sapphire carries an AGL report confirming Kashmir origin. Final hammer prices and total auction proceeds have not yet been reported.

The players

Heritage Auctions

Heritage Auctions is a Dallas-based auction house that runs major sales of fine jewelry, watches and collectibles.

Gemological Institute of America (GIA)

The Gemological Institute of America is a nonprofit gemological laboratory that grades diamonds and colored stones for color, clarity and origin.

The details

The auction, run by Dallas-based Heritage Auctions, includes a 17.75 ct. diamond in a Jacques Timey mounting for Harry Winston and a Van Cleef & Arpels Paysage Polaire watch in 18k white gold as the cover lot. A 3.28 ct. sapphire circled by diamonds once belonged to Walter Lippmann, and the 3 ct. cushion-cut sapphire sits in an antique ring with a GIA Royal Blue designation. Heritage says none of the four sapphires show signs of heat treatment.

1881: Zanskar Kashmir sapphire deposits were discovered.
Dec. 7, 2026: Heritage Auctions' Holiday Fine Jewelry Signature Auction takes place.

Season Trajectory

The Zanskar deposits, found in 1881, produced stones for only a few years before they gave out and stayed idle for more than a century. Every Kashmir sapphire that reaches a sale like this one is drawn from that exhausted supply, so the market for them is fixed by a 19th-century discovery rather than by new mining.

Collectors who want a Kashmir sapphire should register with Heritage before Dec. 7 and review each lot's GIA or AGL report, since these stones are finite. Expect competition for the rarest origins, and set a maximum bid before the sale begins.

The takeaway

Gemstone origin and treatment documentation, such as GIA and AGL reports, is what separates a verified Kashmir sapphire from an unverified one. Review those reports before bidding on any lot in a sale like this.

What happens next

Heritage Auctions' Holiday Fine Jewelry Signature Auction takes place on Dec. 7, when final bids on the listed Kashmir sapphires and diamonds will be determined.