Part of the Colored Gemstone Price Guide
Sotheby's offers the 197.80 ct Romanov Sapphire in Geneva on November 11, 2026, with an estimate of CHF 850,000 to 1,700,000. That is about CHF 4,300 to 8,600 per carat (our arithmetic). The stone is set in a Cartier bracelet made around 2015, and the lot is number 1080 in the Royal & Noble Jewels sale.
Updated November 7, 2026. We will add the result after the sale.
TL;DR
197.80 ct cushion-shaped sapphire, Ceylon origin according to SSEF and Gübelin.
Gübelin's 2015 report reads "no indications of heating". Sotheby's lists the newer reports as "no heat".
Sotheby's says the stone was worn by Dowager Empress Maria Feodorovna at the 1903 Winter Palace Ball.
Estimate: CHF 850,000 to 1,700,000, about $1.03 million to $2.06 million according to JCK.
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The Lot
Detail | What Sotheby's lists |
|---|---|
Sale | Royal & Noble Jewels, Geneva, November 11, 2026, lot 1080 |
Stone | Cushion-shaped sapphire, 197.80 ct, 19th century |
Mount | Cartier bracelet, circa 2015, with an interchangeable engraved rock crystal centre |
Estimate | CHF 850,000 to 1,700,000 |
Per carat | About CHF 4,300 to 8,600 (our arithmetic) |
What the Lab Reports Say
Sotheby's lists four reports on the sapphire, all giving a Ceylon origin.
Report | Date | As listed by Sotheby's |
|---|---|---|
SSEF 151294 | January 9, 2026 | 197.80 ct (declared weight), Ceylon, no heat |
Gübelin 25120037 | December 10, 2025 | 197.80 ct (declared weight), Ceylon, no heat |
Gübelin 15030013 | March 4, 2015 | 197.80 ct, Ceylon, no indications of heating |
SSEF 75120 | June 30, 2014 | 197.79 ct, Ceylon, no heat |
"No heat" is how the catalogue summarizes the reports. The 2015 Gübelin report is listed with the fuller wording "no indications of heating", which describes what the lab found rather than a guarantee. We explain the difference in No Indications of Heating.
Provenance
The Russian Crown Jewels. Sotheby's says Dowager Empress Maria Feodorovna, mother of Nicholas II, wore it at the 1903 Winter Palace Ball.
Ganna Walska, opera singer and collector, acquired it from Cartier in 1927, according to the catalogue.
Sotheby's Parke Bernet New York, April 1, 1971, in the sale of her collection.
Sotheby's Geneva, November 18, 1992.
Remounted by Cartier in 2015, then a private collection.
National Jeweler reports that, after the revolution, the stone was catalogued in the Fersman inventory and later sold in the Soviet government's dispersal of imperial treasures.
How the Estimate Compares
The per-carat estimate sits far below the sapphire record. The Regent Kashmir sold at Christie's Hong Kong in 2025 at $271,515 per carat, as shown in our Sapphire Price Per Carat guide. The two stones differ in origin and in size, and the Romanov estimate also prices its history and a signed Cartier mount, so the figures are not a like-for-like test.
Other Colored Stones in the Sale
Lot | Estimate |
|---|---|
Toi et moi ring, 7.83 ct Kashmir sapphire and 6.77 ct Colombian emerald, formerly Lady Walston | CHF 350,000 to 500,000 |
Emerald bangle with a 27.38 ct Colombian cabochon, formerly Queen Amélie of Portugal | CHF 70,000 to 100,000 |
Emerald brooch, formerly Queen Amélie of Portugal | CHF 70,000 to 100,000 |
Cartier London black opal tiara, made for the Duchess of Devonshire | CHF 780,000 to 1,100,000 |
FAQ
When is the Romanov Sapphire sold? At Sotheby's Royal & Noble Jewels sale in Geneva on November 11, 2026.
What is the estimate? CHF 850,000 to 1,700,000.
Is the Romanov Sapphire heated? The reports listed by Sotheby's give no heat, and the 2015 Gübelin report reads "no indications of heating".
Where is it from? Ceylon, now Sri Lanka, according to SSEF and Gübelin.
What did it sell for? The sale has not taken place yet. We will update this page with the result.
Useful Sources
Carat Brief is editorial and is not investment advice. Get sourced gem prices, free, every Tuesday.