The gem and jewellery industry will be treated to auction for a Forevermark fancy yellow diamond, the largest in the world, at the Saffronart.com auction slated from October 7-8 2008. The auction is the first edition of many such to follow and the first of its kind for the industry, so far.

The yellow diamond is an oval-cut 42.02-carat diamond of VS1 clarity, owned by Rosy Blue and carries the inscription of De Beers Forevermark.

Amongst watches and jewellery to feature at the auction, will be strands of Basra pearls, Burmese rubies, Colombian emeralds and diamonds, pieces by contemporary designers, watches, and un-mounted fancy coloured diamonds.

The yellow diamond is expected to draw an auction value of between $554,338 and $650,000 (Rs.2.58 crore and Rs.3.02 crore).