Rare ruby ring sells for world-record £19 million

A rare Burmese ruby weighing 25.59 carats has sold for a world record £19.4 million.

"The Sunrise Ruby", which has the rare grading of 'pigeon's blood' colour, was hotly disputed by two private collectors bidding by telephone, auction house Sotheby's said, but they declined to name the anonymous buyer.

David Bennett, chairman of Sotheby's international jewellery divison, said: "It's a new record price for a ruby. It becomes the most expensive coloured gemstone that is not a diamond.

"It completely mesmerised me, in a sense for me it is the stone of my 40-year career. It's just a magical stone".

The ring came from a private Cartier collection and was sold alongside another 'vivid pink' ring which fetched more than £10 million.

According to the auction house, the historic pink diamond was once part of the incredible jewellery collection of Princess Mathilde Bonaparte, niece of France's Emperor Napoleon I.

A pair of ruby ear pendants once owned by Jacqueline Kennedy Onassis, which is thought could go for up to £50 million, are due up to be sold by rival auction house Christie's in Geneva.