The scene: Sotheby’s auction house in Manhattan. Auctioneer Quig Bruning is poised at the lectern before a packed house. Bidding is set to commence at $20 million. The object in question: A rare ...

The auction house’s head of jewelry for the Americas, Quig Bruning, said in a statement that the ruby could help African stones compete with, “and even outshine” those from Myanmar (the ...

Quig Bruning, the company's head of jewels in North America, Europe and the Middle East, said they chose Abu Dhabi for the current exhibition because of the Gulf nation's high interest in diamonds.

Quig Bruning, the company's head of jewels in North America, Europe and the Middle East, said they chose Abu Dhabi for the current exhibition because of the Gulf nation's high interest in diamonds.

A few minutes later, Bruning dropped the hammer at $2,250,000. With Sotheby's premiums included, the jacket was sold to an unnamed buyer bidding by phone for $2,772,500.

A 55.22-carat ruby has become both the largest and most valuable gem of its kind ever to sell at auction, netting $34.8 million on Thursday. The stone went under the hammer in New York in June ...