Hope Spinel sells for USD $1.47 Million in London!

50 carat Hope Spinel sold for GBP 962,500 at the Bonhams' Fine Jewelry Sale in London

I cannot believe I am writing this post. This 50 carat spinel, "Hope Spinel" has sold for close to 

$30,000 per carat for a whopping $1.47 million!

The Hope has an illustrious past. It’s named for Henry Philip Hope, a 19th century collector from wealthy family of merchant bankers. His collection of rare jewels is one of the world’s most famous, and includes the Hope Diamond, a 45 carat blue diamond that once belonged to Louis XIV and now resides at the Smithsonian, and the Hope Pearl, one of the largest-known natural pearls.

The previous world record price for a faceted spinel was set in 2013, at $16,000 per carat. Bonhams’ last sale of a large spinel was in 2012, a non-faceted 18 carat stone set into an art deco ring, which sold for $73,000.