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The US government has taken ownership of a diamond worth $20 million after a money laundering operation.

US government officials have taken possession of a $20 million (£12.5 million) diamond following a fraud investigation.

The 43-carat Golden Eye stone- which could be used in diamond jewellery such as diamond earrings or diamond necklaces – was originally seized in an undercover operation in 2006.

It previously belonged to Paul Monea, who made his wealth by selling Tae Bo fitness tapes and has been convicted of money laundering.

A Cincinnati federal appeals court ruled on Monday (November 8th) that the government should take ownership of the gem.

Officials have said they plan to put the item up for auction and will use the money raised to fund the law enforcement organisations that have been involved in the operation.

An auction is also to be held at London's Palace of Whitehall, where a 119-carat diamond pendant in the shape of the Indian god Ganapati is expected to fetch upwards of £50,000, according to Diamond World.

It has been suggested that Indian men as well as women have an interest in diamond wedding rings.

Men in India are fuelling the demand for diamond wedding rings for grooms as well as brides, it has been suggested.

The Hindustan Times revealed gents in the country are looking for something more special than just a metal wedding band to signify their relationship status and social standing.

Designers in New Delhi have devised a range of 'his and hers' rings for couples that feature diamond embellishment.

However, the publication noted it is not solely weddings that turn males on to diamonds, with the notion of making a style statement looming large in the marketplace.

A love of jewellery and precious stones is not a new craze for Indian men, as the country's royalty have had a history of wearing precious stones in rings and earrings throughout the centuries and Bollywood actors are encouraging the trend.

This news follows reports that India's diamond jewellery market is experiencing growth of 20 per cent per year, as the rising price of gold turning customers' interests to diamond offerings instead, according to the Jewellery Export Promotion Council.

Willow Smith, daughter of Will Smith, was awarded a diamond-covered neck brace by talk show host Ellen Degeneres.

Willow Smith has been presented with a diamond-embellished neck brace by Ellen Degeneres.

The accessory is encrusted with stones that could also be used in diamond rings and diamond jewellery.

Will Smith's musical daughter was gifted the bejewelled support by the US television legend on her Monday show after performing her new single, Whip My Hair.

Degeneres reportedly gave the starlet the present because of her energetic dance moves.

The former actress remarked: "Because you have such great style, I want to make sure that if you do hurt your head … you can wear a neck brace, so there you go."

Ms Smith apparently explained that the dance routine can hurt your neck if you haven't warmed up properly.

Ten year-old Willow Smith, the daughter of film star couple Will and Jaka Pinkett Smith and sister of Jaden Smith, performed her acting debut alongside her father in 2007's I am Legend . 

A diamond weighing 185 carats might sell for £7 million.

An 185-carat rough diamond found in Lesotho that may be used in diamond jewellery could be worth almost £7 million.

According to the Daily Mail, analysts from Panmure Gordon & Co, an investment banking group, have estimated the mineral will sell for between £4.6 million and £6.9 million.

The stone will probably be cut down into smaller jewels, which might be made into diamond rings and diamond pendants.

Discovered at the end of October, the finding is of particular importance because it has come from the main mining pipe at the Letseng site, rather than the satellite pipe that has been the source of large precious rocks in the past.

A 196-carat white stone was recovered from the facility in August this year and the mine is the source of three of the world's top 20 largest diamonds.

These valuable discoveries will speed up production plans at the mine site, owner Gem Diamonds said, adding the specimen is "exceptional", with its value calculated according to colour and quality.