In the words of Vickie Sek, deputy chairman and director of Christie’s Asia jewelry department, “It’s the year of the ruby at Christie’s Hong Kong,”.

Following a record-breaking ruby necklace sale in July, the exceptional Crimson Flame ruby sold for well-over the pre-sale estimates ($10 – $15million) by reaching a record-price of $18million.

At a cost of $1.2million per carat, this is now the most expensive per-carat ruby in the world.

Graded by the Swiss Gemmological Institute as a natural ruby with no indications of heating, it’s vivid pigeon-blood red colour is characteristic of some of the world’s finest rubies from Mogok, Burma.

Last year, Lawrence Graff re-purchased an 8.62ct Mogok ruby for $8.2million at a Sotheby’s auction, subsequently re-naming the stone the “Graff Ruby”.

Photograph courtesy of Christie’s