A fine art deco ruby and diamond bracelet, by Bulgari, circa 1925. Photo Bonhams.

The highly articulated bracelet, graduating in size slightly to the center, set with a row of square-cut rubies, between pairs of old brilliant-cut diamonds, rubies approximately 20.00 carats total, diamonds approximately 11.00 carats total, signed Bulgari, maker's mark, French assay marks, length 18.7cm, maker's case. Estimate HK$ 800,000 - 1.2 million (€74,000 - 110,000)

Accompanied by a SSEF report stating that forty-one natural rubies have no indications of heat treatment and originate from Burma (Myanmar), and one has indications of heat treatment and originates from Siam (Thailand). Report number 73118, dated 12 March 2014.

Bonhams. FINE JEWELLERY & JADEITE. Hong Kong, Admiralty, 21 May 2014 - www.bonhams.com