Online Jewelry Auctions: Online jewelry auctioneers Bidz.com is putting the world-famous Gianni Versace Tiara up for auction. It is the first time this privately owned piece of fine jewelry is being auctioned publicly. The bidding begins at $699,000. The sparkling Gianni Versace Tiara, which contains more than 1,200 GIA- and EGL-certified diamonds, has an estimated value of $3 million.

The Versace Tiara, also known as the Tiara, won the prestigious De Beers Diamonds International Award in 1995. The coveted gem transcends the jewelry industry and crosses over in to art community with its intricate detail and quality craftsmanship. The Tiara is a part of fabled Atelier Collection launched by Gianni Versace and Frank Muller in 1994.

"Many investors move toward trusted and time-tested commodities, such as gold and diamonds, in uncertain times. The Tiara, with its unique brand cache and intrinsic value has widespread appeal to the most discriminating jewelry buyers around the world," said Leon Kuperman, president of Bidz.com.

The face of Versace over the years has included many A-list Hollywood talents, such as Madonna, Demi Moore, Christina Aguilera, Halle Barry, Patrick Dempsey, and Ashton Kurcher. Famous wearers of the luxury label include Beyoncé Knowles, Elton John, Elizabeth Hurley, Jonathan Rhys Meyers, and Jennifer Lopez.

The Culver City, Calif.-based Bidz.com will be donating a substantial amount of the funds raised from the online auction to Aid for AIDS. Actress Carol Channing, who is forever linked to the sparkling stones by the song Diamonds Are a Girl's Best Friend, which she performed in the Broadway hit Gentlemen Prefer Blondes, will make national media appearances to raise awareness to the auction.

The auction begins March 23, 2009, at 9 a.m. Pacific time. For more information, visit www.bidz.com.

For LxM James Rothaar