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118.35-carat Sri Lankan sapphire could fetch $4.5 million

A 118.35-carat royal blue Sri Lankan sapphire is to be sold later this by month by Phillips Hong Kong with a high estimate of $4.5m.Bulgari created the sapphire and diamond necklace in 2004.

The Sri Lankan unheated, cushion-shaped sapphire scored what Phillips describes as an "impossible" 98 points in the Gubelin Gemstone Rating for quality, rarity, and salience.

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