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A cushion-cut diamond ring is set to be the star performer at an upcoming New York auction.

Christie's expects the 22.79-carat colourless jewel to fetch between $2 million and $3 million (£1.3 million and $1.9 million) at the event, entitled All the Colors of the Season.

Specialising in clear and pigmented diamonds, the catalogue of 210 lots also includes a pear-shaped Fancy Intense Pinkish Orange ring weighing 10.91 carats, embellished with half-moon white diamonds, as well as an oval-cut Burmese ruby and diamond ring.

Christie's estimates the total amount made from the auction will be more than $20 million, with items between $600 and $6 million going under the hammer at the sale on December 7th at the Big Apple's famous Rockefeller Center.

Another recent Christie's auction held in Hong Kong this week broke the record for the most expensive item ever sold at an Asian auction.

The Perfect Pink diamond was bought by an anonymous bidder at the event for $23.2 million.

An auction of items that once belonged to convicted fraudster Bernie Madoff includes a 10.5-carat diamond ring.

A diamond engagement ring is among the items that once belonged to Bernie Madoff and his wife Ruth that are due to go up for auction in New York.

Over 400 items seized from the convicted fraudster's homes are to go under the hammer next month after the first auction, held last year, raised more than double the $500,000 (£316,616) target.

A spokesman for the US Marshals Service, which is organising the event, said the ring – which is believed to have belonged to Ruth Madoff – is 10.5 carats.

Also going under the hammer is a Steinway grand piano, a desk and a pair of velvet slippers embroidered with Madoff's initials.

The sale is due to take place on November 13th and the diamond may attract interest from investors, after head of the jewellery department at Christie's in New York Rahul Kadakia explained to Reuters many are turning to precious stones in a bid to protect their assets during the current economic uncertainty.

Chloe Moretz, star of Kick-Ass, wore $71,000-worth of diamond jewellery to the premiere of her new film.

Teenage actress Chloe Moretz wore diamond jewellery worth $71,000 (£44,870) to the premiere of her new movie in Hollywood last night.

The 13-year-old donned the precious stones to walk the red carpet at the screening of Let Me In, a remake of Swedish film Let the Right One In, WENN News reports.

Moretz, who also starred in Kick-Ass alongside Nicholas Cage, wore a diamond heart pendant valued at $40,000, along with an 18-carat diamond ring and an 18-carat bracelet containing 62 of the precious stones.

"I love this jewellery. I could stay in it forever. I love the way it sparkles," she was quoted by the news source as saying when she picked up the gems on Monday afternoon prior to the premiere.

Diamond jewellery was also on show at the recent MTV Video Music Awards in Los Angeles, where Lady GaGa, Rihanna and Taylor Swift were among the stars who opted for necklaces, earrings and other items made from the precious stones.

Jennifer Lopez has said a diamond ring given to her by her husband to mark their first wedding anniversary is her favourite piece of jewellery.

A 14-carat diamond ring has been identified by Jennifer Lopez as her favourite piece of jewellery.

In an interview with the Daily Mirror, the singer and movie star said the item, which was given to her by husband Marc Anthony to mark their first wedding anniversary, is "gorgeous".

"That ring he gave me to celebrate that we'd made it to the first year mark is the favourite piece of jewellery I own," she was quoted as saying.

Lopez, who married Anthony six years ago, said she told her husband to get her a "really great" gift to mark their first 12 months of marriage, because it was a "big step" for her to be married for a year.

She had dated a string of A-list celebrities and tied the knot twice in the past, but both marriages were over within months.

The actress has appeared in films such as Maid in Manhattan and The Cell and also starred in this summer's The Back-up Plan.