The Elizabeth Taylor Diamond, c.1968 © Christie’s Images/ Bridgeman Art Library

This cut cornered rectangular step cut may also be referred to as an Asscher cut. The famous gem, which GIA graded as D-color, VS1 clarity (potentially internally flawless), was a surprise gift from Richard Burton to Elizabeth Taylor in 1968, and instantly became the most iconic piece of jewelry in her diamond collection.

The diamond is set in a platinum ring, flanked by two tapered baguette-cut diamonds, which she wore nearly every day. As one of the most anticipated pieces of the 2011 Christie’s auction of Elizabeth Taylor’s jewelry, the diamond sold for an astonishing $8.8 million – far exceeding the $2.5-$3.5 million estimate.

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