This blue diamond "Trombino" ring by Bulgari is part of Bonhams upcoming auction in London.

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London--In April, Bonhams in London will sell a 5.30-carat, cushion-cut fancy deep-blue diamond ring from Bulgari expected to garner more than $2 million.

The diamond is set horizontally in a “Trombino” ring from the brand crafted in 1965. The ring is pavé-set with round brilliant diamonds and baguettes.

The jewel, pictured below, is expected to sell for $1.6 million to $2.4 million when it goes up for auction as part of Bonhams’ Fine Jewellery sale, scheduled to take place April 24 at the auction house’s New Bond Street location.

“Blue diamonds, especially those over 5 carats, are extremely rare to see on the market and continue to be highly sought after,” said Jean Ghika, director of Bonhams jewelry department for the United Kingdom and Europe. “During the 1960s and ‘70s Bulgari was well known for its imaginative settings and use of colored diamonds, making them one of the most innovative and fashionable jewelers of the time. This ring epitomizes that ‘golden era’ of elegant simplicity and we are honored to be handling the sale of such a unique gem.”

In September 2011, Bonhams sold a fancy vivid-blue diamond ring by Bulgari for £1.9 million, the equivalent of about $3 million today. The ring was set with two pear-shaped diamonds, the blue and a white diamond. It sold for more than double its pre-sale estimate.

Other notable blues to appear on the auction block in recent years include the November sale of a 10.48-carat fancy deep-blue briolette-shaped diamond at Sotheby’s Geneva for $10.9 million, or slightly more than $1 million per carat.

Also, in Hong Kong in April, Sotheby’s sold an 8.01-carat emerald-cut fancy vivid-blue diamond ring for $12.7 million, which, at $1.6 million per carat, marked the second-highest price per carat for a blue diamond at auction.

For three days prior to the fine jewelry sale, the 5.30-carat blue diamond will be on display at Bonhams on New Bond Street.