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Growing numbers of investors are looking to purchase rare diamonds as a hedge against economic uncertainty, according to one auctioneer.

Rare diamonds are growing in popularity among investors who want to protect themselves against the volatile financial markets, it has been suggested.

Speaking to Reuters, head of the jewellery department at Christie's in New York Rahul Kadakia noted prices for diamonds and coloured precious stones have risen 20 per cent in the last year as a result.

An event being held by the auction house that will see more than 450 items of jewellery go under the hammer is expected to raise at least $40 million (£25.1 million) this week and Mr Kadakia explained "a lot of people" are choosing to invest their money in gems.

"Investors and clients who enjoy jewellery have started purchasing important diamonds and gems as a hedge against what's going on in the stock market," he remarked.

Among the items going up for sale at the event on October 20th is the Bulgari Blue, which, according to the auction house, is the "largest triangular-shaped Fancy Vivid Blue diamond ever offered at auction".

Australian Olympic gold medallist Cathy Freeman has included a diamond ring in an auction that aims to raise money for her charity.

The runner, who won the 400 metres at the Olympics in Sydney a decade ago, is selling a number of items to generate funds for the Catherine Freeman Foundation, the Herald Sun reports.

Valued at AU$14,000 (£8,805), the ring will go under the hammer on October 25th in a sale that also features watches from luxury brands such as Bulgari.

Freeman said she wants to focus on her foundation – which provides support to indigenous children on Palm Island – after celebrating the tenth anniversary of her Olympic win.

Also going up for auction this month is a Barbie doll that comes with a one-carat pink diamond, which is expected to sell for up to $500,000 (£314,485) in New York on October 20th.

Christie's is auctioning off the item, with proceeds from the sale going to the Breast Cancer Research Foundation.

A Barbie doll that comes complete with a one-carat pink diamond is expected to sell for as much as $500,000 (£315,159) when it goes up for auction in New York on October 20th.

The custom-designed doll is going under the hammer at Christie's as part of breast cancer awareness month, with all proceeds from the sale being donated to the Breast Cancer Research Foundation.

Christie's said if the item meets the guide price of between $300,000 and $500,000, it will be the most expensive Barbie ever sold, far exceeding the current record of $17,091, which was set four years ago at Christie's in London.

The emerald-cut pink diamond choker is surrounded by three carats of smaller white diamonds and the doll comes wearing a strapless dress and pink stilettos.

Sotheby's is also auctioning off a pink diamond in the near future, with the 24.78-carat item expected to sell for up to $38 million when it goes under the hammer in Geneva on November 16th.