Rare diamond goes under the auctioneer's hammer

Singapore - A 40-carat emerald-cut diamond, one of the world's rarest, will go under an auctioneer's hammer in Singapore on Sunday, organizers said. Mined in Russia and set in an 18-carat white gold necklace laced with smaller diamonds, the diamond is expected to fetch a price of between 400,000 Singapore dollars (246,913 US dollars) and 600,000 Singapore dollars (370,000 US dollars), First State Auctions said on Saturday. The diamond was previously owned by a private collector. 'This is the most valuable item ever auctioned in our 11 years in the business,' said Ari Taibel, First State Auctions director. It is the second time the Australian auctioneer, with operations in Singapore and Hong Kong, will hold such an event in the city-state. More than 250 other rare pieces will also be auctioned, including a 15-carat Colombian emerald set in a necklace and an Australian South Sea pearl necklace. In the first auction held in January, nearly all of the 200 pieces valued at more than 1 million Singapore dollars (617,283 US dollars) were snapped up by buyers from throughout Asia. © 2006 dpa - Deutsche Presse-Agentur

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