Gem of a sale ... Petra's Johan Dippenaar holds the Cullinan Heritage Stone.

Record price

Rough diamond fetches $40m

A diamond the size of a hen's egg has sold for $40 million, the highest sale price on record for a rough diamond.

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Historic ring

32-carat diamond sells for $8.3m at US auction

A square, 32.01-carat emerald-cut diamond that US billionaire philanthropist Leonore Annenberg bought for her 90th birthday has sold for $US7.7 million ($8.3 million) at auction in New York.

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credit crunch

Is luxury dead?

As the credit crunch continues to bite into the fashion world, many are wondering if we have had our fill of excess.

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