Diamonds For Kate

Published on 21/02/11

The most famous engagement ring in the world is back for an encore. The 18-carat sapphire surrounded by diamonds that Prince Charles gave Lady Diana in 1981 is now the engagement ring of Kate Middleton, given to her by Prince William, whom she will wed in April at Westminster Abbey.

Now estimated to be worth about $500,000, the ring has reportedly caused a surge in business for the Natural Sapphire Co. in New York. But in Memphis, there doesn't appear to be much interest.

"It was a big deal the first time around," said Doron Rozen, president of Doron Diamond Merchant Co. Inc. This time, he hasn't seen it mentioned even in trade publications, "which is unfortunate, because it's still a pretty ring," he said, "a very rare sapphire ... very deeply blue. Royal blue, we call it."