Christie's, who had been asked by the Philippine government to appraise jewellery collection of former Philippine first lady Imelda Marcos, has found a rare 25-carat, barrel-shaped pink diamond.  As David Warren, director of jewelry at London-based Christie’s, says, "We had an extremely exciting find. We found an old briolette-cut diamond, which is 25 carats. It has a distinct pink color. Pink diamonds are exceedingly rare. The diamond could be valued at $5 million and would significantly increase the value of the entire collection if the collection is auctioned. The three sets in the collection were valued at $6 million-8 million in 1991.’ 

Earlier, the Philippine government had tried to auction the three sets in 2005 but Imelda Marcos contested the move, claiming ownership of only two of the sets. One was found in the presidential palace after her family's hasty departure in 1986 and another was seized in Hawaii, where they lived in exile. 

It may be recalled that Imelda Marcos, now an elected member of Congress, is best known for leaving behind more than 1,200 pairs of shoes when her family fled. She has vowed to recover her family's seized assets. 

The rival auction house Sotheby's will also be appraising the collection.