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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.

Damien Hirst's diamond-encrusted skull has gone on display in Florence for five months.

According to the Art Newspaper, the British artist's piece, entitled For the Love of God (2007), has been unveiled to patrons at the Palazzo Vecchio in the Italian city.

Studded with 8,061 precious stones and valued at £50 million, the sculpture was first exhibited at London's White Cube gallery – it has also been shown at Amsterdam's Rijksmuseum, the Hermitage in St Petersburg and the British Museum in the English capital.

Tickets to see the piece costs €10 (£8.50) and include admission to see a show on Francesco I de' Medici and the Palace Museum and both Mr Hirst and the White Cube have stated that they will not be getting a fee.

This week, Oprah Winfrey gave her guests diamond gifts and other luxuries as part of her final Ultimate Favourite Things giveaway.

The talk show host presented each audience member with earrings, televisions and the keys to a new car. 

The Hope Diamond is being exhibited in New York after being refitted with a chain of precious stones.

The Hope Diamond is being displayed in New York with its new adornment of a chain of gems.

Complete with a new setting entitled Embracing Hope, the precious stone is exhibited to the public at the city's National Museum of Natural History.

The jewel's new chain is made up of 340 individual baguette diamonds and was crafted as part of the anniversary of the donation of the Hope to the Smithsonian Institution by renowned jeweller Harry Winston, as well as the centenary of the museum.

Viewed by some seven million people annually, the rare blue stone will be showcased with its new setting for one years before being refitted into its original encasement.

A jewel sold by Harry Winston 60 years ago has recently changed hands at auction, with British investor Laurence Graff making a winning offer of £29 million for the rare 'fancy intense pink' diamond, establishing its title as the most expensive ever to have been bid on.

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.