Sotheby’s and Christie’s sold a combined $158,152,390 worth of jewels this week in New York, in sales that were dominated by spectacular named diamonds (flawless, colored, or huge), along with ...

A 10.33-carat Burmese ruby sold for an impressive $5.5 million after a six-minute bidding war among two bidders on the phone and one in the New York saleroom at Sotheby’s Magnificent Jewels auction.

The top lot is the Red Dragon, a 6.43-carat Burmese ruby and diamond ring estimated at $1 million to $1.5 million. The exceptional purplish-red color is natural (many rubies are heat-treated). It is ...