A new world auction record price per carat for any sapphire was set tonight at Sotheby’s New York, when an Exceptional Platinum, Kashmir Sapphire and Diamond Ring sold for $5,093,000 / $180,731 per carat (est. $4/5 million). The square emerald-cut Kashmir sapphire weighing 28.18 carats is one of the finest sapphires ever to appear at auction, described by the American Gemological Laboratories (AGL) as “a gem of singular importance.”