Kate and William's Rainbow Connection

Kermit, eat your heart out. Britain's Daily Mirror reports that Kate Middleton and Prince William are going to be GIVEN the world's most expensive diamond stash, The Rainbow Collection, by some uber rich Saudis who want to buy the $120 million treasure chest from gem collector, Eddy Elzas.

It's good to be the king (in waiting).

These special 'crown jewels' are made up of 301 of the world's largest and finest fancy colored diamonds.  Few have seen the fabled collection (which is why I'm having a hard time tracking down pictures), and a member of the Saudi Arabian royal family even tried to buy them as a wedding gift for Prince Charles and Princess Diana in 1981, but the offer was turned down by Mr Elzas.

“Lots of Middle Eastern investors are keen to buy the collection and give them to William and Kate because it would be a huge badge of honor,” a source said.

“A deal is now very close to being done and an announcement is set to be made soon. Mr Elzas is due to retire soon so is looking to sell. But he will only sell if they go to William and Kate. He thinks it would be a fitting gift for the couple.”

What will the tony twosome do with the donated loot? Hard to tell - but I would give my pinky finger to see a new rainbow crown or tiara designed in Kate's honor. Can you imagine?

In the meantime, click here for more crown jewel craziness - and here to see another colored diamond display that took my breath away.

Diamond Rainbow Shines in New York

Colored diamonds are some of the most coveted creatures on this lovely planet earth, so when a jewelry hound gets a chance to gawk at a gaggle of them all in one place? Well, it's a very special day in blingville.

Enter the American Museum of Natural History in New York City.

The museum announced that a stunning collection of 25 diamonds is now on display in the Morgan Memorial Hall of Gems through January. The dazzling diamond exhibit includes the famous five colored diamonds from the Olympia Diamond Collection, on loan from Scarselli Diamonds Inc.


We're talking a 1.01-carat vivid orange-yellow diamond, a 1.02-carat vivid blue-green diamond, a 2.17-carat vivid purplish-pink diamond, a 2.13-carat vivid blue diamond and a 2.34-carat vivid orange diamond in case you were wondering.

Breathe, diamond divas. Breathe.

Other dazzlers in the exhibit include a brilliant-cut intense-pink diamond set in gold with smaller pink diamonds, designed by Carvin French with diamonds from Rio Tinto's Argyle Mine in Australia, and a 5.4-carat round-brilliant-cut diamond pendant surrounded by 20 sapphires and set in white gold, designed in California in 1960.

George Harlow, curator of the museum's Department of Earth and Planetary Sciences, curated the diamond case. Bless him. Viewing the diamonds is free with admission to the museum, which is located at Central Park West and 79th Street in Manhattan.

If you're in New York, it's a must see. Just bring oxygen and designated driver. Things might get ugly.

Diamond iPhone Tickled Pink

Pink diamonds have been lighting up celebrity betrothals for years now – from J-Lo’s famous rock back in the Ben days to Portia deRossi’s pink diamond ring bling. But pink ice isn’t just for ring fingers.

The Apple iphone 3GS just got a pink diamond makeover from UK-based Stuart Hughes.

Paris Hilton? Are you listening?

The pink beauty is made from 18ct rose gold and is decorated with 53 pink diamond gems set in the Apple logo to add a little sparkle.

And the cost to add this ‘essential’ accessory to your warchest? Only about $35,575, all told.

If pink diamond jewelry is more your style, check out Jewelry.com's assortment of colored diamond gems -all at prices that are much less than a new luxury coup.

And if you've ever wondered how diamonds get their color, they've got a great education section that tells you all you need to know.

Rare Blue Diamond Sets Record!

Colored diamonds are coveted by jewelry lovers everywhere, and despite the economic woe affecting the luxury industry, sales for big, rare stones are still going strong.

While nothing can compare to the world's most expensive blue diamond, The Wittelsbach, which sold to diamond dealer, Laurence Graff, last year for $24.3 million, Sotheby's just unloaded another blue bauble for a stunning $9.4 million.

"The price achieved is a world record by value per carat. This will certainly increase consumers' confidence in buying sparkling stones," said KK Sharma, executive director, Indian Diamond Institute (ID

African miner, Petra Diamonds, unearthed the gem from the Cullinan mine in South Africa, famous for yielding most of the world's best blue diamonds. The fancy vivid blue gem weighs 7.03 carats and is rated internally flawless by the G.I.A. - high praise for a natural stone.

According to the Natural Colored Diamond Association, only one diamond in 10,000 possesses a natural color so strong that it can be classified as fancy color diamond, with reds and blues being the most rare.

Colored diamond fans who don't have millions lying around to snatch a natural stone for their own jewelry box, can find more affordable treated diamonds in every color of the rainbow.

Treated colored diamonds are actually natural white diamonds that are subjected to intense heat to give the stones a range of different hues - from black and pink to yellow and blue. And you don't have to have an auction paddle to snatch one of your very own.

Cure your case of the blues on Jewelry.com, where you can shop for many treated colored diamond styles from the coffers of the retailers you trust.

Then take a look at this video of the real thing. And die a thousand deaths.