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Lady Eliot, former fiancee of Earl Spencer, is selling the diamond ring given to her by the royal.

Earl Spencer's former fiancee is selling the diamond ring given to her when he proposed.

According to the Daily Mail, Lady Bianca Eliot has given what was once the royal's token of love to a jeweller's in London, where it is currently on sale for £29,000.

Lady Eliot, widow of Lord Eliot – whose death was the result of an epileptic fit in 2006 – separated from the Earl earlier this year.

A source was quoted in the paper as saying: "Spencer did not ask for the ring back – he said she could do whatever she wanted with it."

The ring was originally purchased for £25,000 and features a large diamond surrounded by small sapphires – the opposite of the ring Prince William proposed to Kate Middleton with, which formerly belonged to the Prince's mother and Earl Spencer's sister, Princess Diana.

Television historian Dan Snow exchanged rings recently with Lady Edwina Grosvenor in a simple Liverpool ceremony.

A statement read that the couple wanted a small wedding only attended by their families.

Prince William has given fiancee Kate Middleton Princess Diana's engagement ring.

Comprising of sapphire and diamond gems, the jewel was selected by the former Princess of Wales when she got engaged to Prince Charles in 1981.

When it was first purchased it cost £28,000 and was chosen from a collection of items by jewellery firm Garrard.

Prince William, commenting on his choice of ring, said it was "my way of making sure my mother didn't miss out on today and the excitement".

Kate Middleton's family have remarked that they are "absolutely delighted" about their daughter's plans to marry the prince, who she has been seeing for eight years.

Their engagement was officially announced yesterday (November 16th) stating that Prince William proposed on a Kenyan holiday after seeking the permission of his girlfriend's father.

The pair have been together since they met as students at St Andrews University and a statement from Clarence House has alluded that the wedding itself will take place in the spring or summer of next year.

A diamond necklace that once belonged to Princess Diana has failed to sell at an auction in New York.

The item, which was estimated to go for as much as $2.5 million (£1.57 million), did not attract interest at the Guernsey's auction, AFP reports.

Speaking to the news agency, president of Guernsey's auction house Arlan Ettinger said he was "a little beaten up" following the event, where many items remained unsold.

"I think the reserve prices were very high," Mr Ettinger remarked, adding the auction firm had "tried to convince the sellers to be realistic in a tough economy".

The necklace was put up for auction with a pair of diamond earrings by Jim McIngvale, the US furniture magnate.

Speaking earlier this month, Mr Ettinger noted the diamond necklace was worn by the princess at the Royal Albert Hall in June 1997, with photographs from her appearance featuring on the cover of People magazine.

An octagonal step cut diamond that sold for considerably more than its estimate was one of the highlights of a recent New York auction.

Demand for diamond jewellery was high at an auction that took place in New York recently.

Among the biggest sellers at Leslie Hindman Auctioneers' Fine Jewellery and Timepieces auction was an octagonal step cut diamond set in platinum and weighing around 15.2 carats, which was bought for $158,600 (£101,790) – far exceeding the upper estimate of $50,000.

Also popular was a pair of platinum and diamond snowflake earrings, which sold for $36,600, while irradiated green and yellow diamonds fetched $56,120 and $43,920 respectively.

Commenting, gemologist Alexander Eblen noted "record bidding" on fine diamonds took place at the event.

"The sale's most contested lots drew as many as 18 telephone bidders," he observed.

President and auctioneer at the firm Leslie Hindman noted many buyers are investors who are looking to use their money to make "reliable material [purchases]".

Famous diamond jewellery is set to go under the hammer in New York later this month in the form of a necklace once owned by Princess Diana.