The world's most expensive Barbie to go under the hammer

More than 450 jewelry pieces, including a rare blue diamond, should draw at least $40 million in a Christie's auction this week from buyers seeking to hedge against financial market risk.

Diamonds and colored-stone jewelry prices have shot up 20 percent from a year ago, and record prices likely will be set at this sale, Rahul Kadakia, head of the jewelry department at Christie's in New York, said in an interview.

"A lot of investors and clients who enjoy jewelry have started purchasing important diamonds and gems as a hedge against what's going on in the stock market, against what's going on with currencies," he said.

Text: Reuters

Image: The Bulgari Blue Diamond, a two-stone ring, is seen in this handout photograph October 18, 2010. The ring, which was designed in the 1970s, is being sold from a private European collection likely for at least $12 million.

Reuters/Christie's Handout

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