A 118.35-carat sapphire from Sri Lanka could fetch a price for $4.5 million.

Phillips Hong Kong will auction a 118.35-carat royal blue Sri Lankan sapphire later this month with a high estimate of $4.5 million.The sapphire and diamond necklace was made by Bulgari in 2004.

The cushion-shaped sapphire from Sri Lanka received a “impossible” 98 points in the Gubelin Gemstone Rating for quality, uniqueness, and salience, according to Phillips.

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