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Royal diamond jewels belonging to Edward VIII and his American wife Wallis Simpson have gone up for auction today (November 30th).

Celia Walden, writing for the Daily Telegraph, noted that the couple, whose illicit courtship "rocked the constitution", amassed what is now the most valuable single-owner jewellery collection ever to go under the hammer.

One item on display is the diamond panther bracelet, which was reportedly tried on by Madonna and is expected to raise £1.5 million in the bidding war, which will take place at Sotheby's auction house on New Bond Street in London.

This month, the pop star was seen inspecting items in the Windsor Collection and she is said to be directing a film about Edward's abdication and relationship with Simpson.

Other gem-encrusted accessories include a small hinged purse that is estimated to sell for £20,000, a flamingo hair clip studded with rubies, sapphires, emeralds and citrine, as well as a row of spectacle-set precious stones supporting a bejewelled Latin cross engraved with inscriptions – an item Simpson wore on her wedding day.

Blake Lively has been snapped wearing a pair of dangling diamond earrings on the red carpet.

According to Stylebistro, the actress's hanging bauble accessories made up a look that included slicked-back hair and a nude corset at a jewellery event in New York.

The star, who is famous for roles in television series Gossip Girl and movies such as the Sisterhood of the Travelling Pants, was not the only A-lister in attendance, with pop star Beyonce hosting the evening's festivities.

Recently, Alison Keates, a jewellery expert, told the Daily Telegraph that simple diamond earrings in a stud style, rather than fancier designs, make the ideal gift when buying for somebody else.

She added that the accessories were the "equivalent of a classic white shirt" because of their timeless style appeal that the wearer could treasure, while rose gold is set to become a new craze for rings and pendants in the coming years.

American journalist Sarah Gonzalez claims that watches are making a comeback.

Watches are making a comeback into the fashion arena, according to one expert.

Sarah Gonzalez, writing for the National Public Radio (NPR) website, claimed sales figures for the timepiece are rising despite mobile phones and other handheld devices causing a decline in watch popularity over the past few years.

She noted that some fashionable time-telling accessories now come complete with GPS and solar-powered batteries to bring the devices into the 21st century.

According to the article, June Rhee, fashion watch buyer for the famous US department store Macy's, has seen demand for the items grow.

Ms Rhee said the change in buying trends was "explosive", adding: "People who've been in the industry for 20, 30 years have never seen numbers like this."

Nigel Farndale recently wrote in the Daily Telegraph that he sees his wristwatch as a "totem of individuality" and explained that watches make the perfect presents because the recipient will always be reminded of the giver.

Nigel Farndale of the Daily Telegraph waxes lyrical about wearing watches.

Watches reflect the wearer's integrity and personality and should be considered as unique "totems", according to one watch-wearer.

Nigel Farndale of the Daily Telegraph spoke of his appreciation for watches following the clocks going back at the end of October.

The paper quotes him as saying about his timepiece: "I treat its mechanism with more respect, always hesitating before winding its hands backwards".

Mixing up his routine, the columnist admitted to wearing his prized possession on his alternative wrist to keep him from becoming complacent.

He added timepieces – such as sports watches – make ideal presents, because the recipient will think of the giver each time they look down at their wrist.

It has been suggested by Mintel that demand for elegant and big watches is proving to be popular in the current market.

Technological advancement does not interest Mr Farndale, who has admonished the younger generation for shunning them for mobiles and laptops.

"They are totems of individuality and each watch has its own story," he remarked.