NEW YORK, NY.- One the world's rarest colored diamonds, a 3.50 carat natural fancy blue VS1 diamond brought $1,650,500 in Heritage Auctions' April 29 Jewelry Signature® Auction in New York.

Highly sought after for its rare coloration, placing it in the same class that includes the famous Hope Diamond, the diamond is the largest of its kind ever offered by Heritage.

Designed by the famed J.E. Caldwell & Co., the Art Deco ring features a natural fancy blue marquise-shaped diamond enhanced by full, single and baguette-cut diamonds set in platinum. In fact, Caldwell & Co. was so proud of the beauty and craftsmanship of this particular ring that it was used in a 1927 advertisement and described as "a degree of quality, beauty and importance rarely obtainable."

Additional highlights from the April 29 Jewelry Signature® Auction include:

An art deco fancy intense yellow diamond, sapphire, platinum ring by Cartier, realized $266,500.

A fancy intense yellow diamond, diamond, gold ring by Monture Harry Winston, reached $188,500.

A fancy deep yellow diamond, diamond, platinum gold ring by Piranesi sold for $146,500.

A 4.80 carat GIA E VVS2 emerald-cut unmounted diamond realized $128,500.