A platinum ring featuring a 7.03-carat blue diamond sold for a record £6.2 million at a Sotheby's auction - the highest price per carat ever paid for a gemstone, the Telegraph reports.

The stone - found in South Africa's Cullinan mine - is the rarest to feature in the international market so far this year and the ring was snapped up by an anonymous phone buyer after a 15-minute bidding war.

According to Sotheby's, the previous highest selling price for a vivid blue diamond was £5.2 million for a 6.04-carat stone, sold in Hong Kong in October 2007.



Jewellery retailers in Guangzhou are looking to increase their presence across the mainland of China as jewellery demand in the country continues to grow.

Chow Tai Fook will open two to three stores in the suburbs this year, while Billion Jewellery hopes to open four to five new outlets in Xintang, Huangpu and Panyu.

In addition, Shining House intends to launch 40 to 50 wholly-owned stores all over China, JewelleryNetAsia.com reports.



Indeed, Alibaba.com reports that the surge in Chinese demand for platinum jewellery, in particular, could help the metal offset losses from declining automaker demand.

"The strength in China's consumer demand lies in the fact that it had nil before ... and therefore the interest in wanting to buy new consumer items is incomparable to that of many other countries," Akira Doi, Managing Director at Tokyo's Daiichi Commodities Co Ltd, told the news provider.

China's platinum imports rose by 17.3 per cent in the first quarter of 2009, while Johnson Matthey revealed recently that net platinum jewellery demand in the country increased by nine per cent in 2008 to 850,000 oz.



Meanwhile, Platinum Guild International has launched a new advertising campaign to reinvigorate its 'Your love has just gone platinum' drive of four years ago.

The platinum jewellery industry's worldwide marketing body will use the tagline in adverts, sponsorship, on the internet and in various stores across the US and Europe.

"Our aim is to connect with consumers on a deeply emotional level, affirming their already firm belief that platinum is the best and, therefore, that a platinum ring – engagement or wedding band – is the best way to symbolise their unique relationship," said CEO James Courage.



Major US jeweller Tiffany and Co has confirmed that its profits declined by 62 per cent in the first quarter of 2009 as the recession impacted demand for its products.

However, the company has introduced its Tiffany Keys collection - featuring a $15,000 platinum piece, among others - to tackle the fall in sales figures.



Renowned Hollywood jeweller Neil Lane unveiled his new Meteorite collection at the California premiere of Star Trek in May.

The set features platinum spheres covered with diamonds, rock crystals and pearls, FirstWaterNews.com reports.

Zoe Saldana and Rachel Nichols - who both star in the film - attended the event in diamond and platinum ball drop earrings and a crystal, diamond and platinum ring respectively.



Jeweller Roberto Demeglio won the Best of Platinum award at the recent Couture Design Awards in Las Vegas for his zebra-like platinum and carbon-fibre bracelet with black diamonds .

Also recognised at the Encore ballroom event was Zobel Atelier, who won Best of Pearls for her conch-pearl ring with natural pink diamonds in 18-carat pink gold and platinum.



Leading watchmaker Omega has confirmed that it is marking the 40th anniversary of the first-ever moon landing with a new platinum timepiece worth $125,000.

The 'Speedmaster Professional Moonwatch Apollo 11 40th Anniversary Limited Edition' will feature a solid gold case and is limited to 69 pieces in total, National Jeweller Network reports.



Meanwhile, a host of celebrities have been showing off the height of platinum jewellery designs at various red-carpet events in the past month.

Among them were Alison Lohman, Claire Danes, Leighton Meester, Kate Walsh, Melinda Clarke and Rachel Evan Wood.

Samantha Harris and Carrie Ann Inaba both wore platinum jewellery in recent appearances on Dancing with the Stars.



Finally, Brad Pitt gave daughter Shiloh two diamond and platinum necklaces for her third birthday, US Weekly magazine reports.



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