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Indian diamond necklace is set to sparkle at Hong Kong auction.

A diamond necklace worth 18-crore rupees (£2.4 million) will be the star attraction at the first Indian collection set for auction in Hong Kong later this month.

According to New Delhi Television, the jewel, which has been valued using the Indian crore – equivalent to ten million rupees – will go under the hammer at Christie's on November 29th.

Boasting a 12.29-carat Golconda diamond as well as rare Argyle pink gemstones, the masterpiece weighs just 50 grams thanks to artful design.

The eye-catching precious stone and the smaller Argyles, mined in Australia, have been set in as little metal as possible to give the impression that the wearer is only sporting the gems.

Described by the publication as "one-of-its-kind", the item took 1,300 experts more than a year to craft.

British jeweller Laurence Graff recently took home the world's most expensive diamond, bought at auction for £29 million.

The investor, who successfully bid for the 24.78-carat 'fancy intense pink' gem, has named it the Graff Pink.

A rare pink diamond has been sold at auction for a record-breaking £29 million.

British jewellery trader Laurence Graff bid over the phone for the precious stone, which went under the hammer at a Sotheby's event in Geneva.

Weighing 24.78 carats, the gem, known as the 'fancy intense pink' is now the most expensive jewel sold at auction, almost doubling the record set by the 35.56-carat blue Wittelsbach-Graff stone, which changed hands for £15.2 million in 2008, and was also purchased by the wealthy investor.

Mr Graff has reportedly named his new possession the Graff Pink and said his purchase was the most fabulous diamond he had ever seen in his career.

The jewel, currently set as a ring, first appeared on the market 60 years ago when it was bought from the renowned Harry Winston, and had remained in private collections ever since.

In a recent auction of jailed Bernard Madoff's possessions, an anonymous buyer took home the engagement ring the former financier had proposed with for $550,000 (£344,000). 

Watches and other possessions that once belonged to Bernard Madoff will be going up for auction in New York.

The tycoon's wristwtches, jewellery, clothing and books will be going under the hammer after the millionaire was sentenced to 150 years in prison in June this year.

Madoff was found guilty of a Ponzi scam that swindled wealthy investors out of billions of dollars.

Items set to go on sale include a collection of watches, a Steinway piano, embroidered slippers and various items of jewellery.

The auction is due to take place at the Sheraton hotel in the city this weekend and will be the second public sale of the former financier's possessions.

Recently, the US government took possession of a 43-carat diamond worth £12.5 million following a fraud investigation.

Officials have planned to put the so-called Golden Eye stone up for auction to raise money to fund the law enforcement organisations that were involved in the operation. 

A very rare diamond ring could fetch $27 million in an auction in Switzerland next week.

A rare pink diamond could set a new record when it goes up for auction in Geneva next week.

The stone, which has been named Fancy Intense Pink, is currently presented as an emerald cut diamond ring and Sotheby's has estimated that it is worth around $27 million (£17 million).

It was sold by renowned American jeweller Harry Winston 60 years ago and has been kept in a private collection until now.

A star attraction at the upcoming auction at a luxury hotel in the Swiss city on November 16th, the item is predicted to overtake most valuable jewel ever to go under the hammer, the Wittelsbach blue diamond, which fetched $24.3 million in December 2008 at a sale held by rival auction house Christie's.

Thaindian News recently reported a diamond encrusted pen sold at an auction in Visakhpatnam, India for 2.3 million rupees (£32,000) in October.

The pen was said to have been made by six craftsmen and was embellished with 2,500 stones encased in white gold.