Kate and William's Rainbow Connection

Kermit, eat your heart out. Britain's Daily Mirror reports that Kate Middleton and Prince William are going to be GIVEN the world's most expensive diamond stash, The Rainbow Collection, by some uber rich Saudis who want to buy the $120 million treasure chest from gem collector, Eddy Elzas.

It's good to be the king (in waiting).

These special 'crown jewels' are made up of 301 of the world's largest and finest fancy colored diamonds.  Few have seen the fabled collection (which is why I'm having a hard time tracking down pictures), and a member of the Saudi Arabian royal family even tried to buy them as a wedding gift for Prince Charles and Princess Diana in 1981, but the offer was turned down by Mr Elzas.

“Lots of Middle Eastern investors are keen to buy the collection and give them to William and Kate because it would be a huge badge of honor,” a source said.

“A deal is now very close to being done and an announcement is set to be made soon. Mr Elzas is due to retire soon so is looking to sell. But he will only sell if they go to William and Kate. He thinks it would be a fitting gift for the couple.”

What will the tony twosome do with the donated loot? Hard to tell - but I would give my pinky finger to see a new rainbow crown or tiara designed in Kate's honor. Can you imagine?

In the meantime, click here for more crown jewel craziness - and here to see another colored diamond display that took my breath away.

Color Your World - With Diamonds!

Colored diamonds have always been treasured by jewelry hounds, but it wasn’t until J-Lo got the big pink rock from Ben Affleck that the gems became a sensation. Fashionistas everywhere put these rare stones on their wish lists, and celebrities from Kobe Bryant to Ellen DeGeneres followed Ben’s lead.

For those lucky diamond lovers who are in New York for Mercedez Benz Fashion Week this month, we have the perfect pit stop. The American Museum of Natural History is displaying not one, not two, but 240 dazzling fancy colored diamonds arranged in the shape of a butterfly. The “Butterfly of Peace” exhibit represents every variety of fancy color diamond in existence, and was painstakingly collected over twelve years by Alan Bronstein and Harry Rodman of Aurora Gems, Inc.

The stones collectively weigh in at 166.94 carats and are housed inside a glass box at the museum’s Morgan Memorial Hall of Gems. But don’t dally, diamond divas. The display only lasts until September 11th, when it will then travel to the Royal Ontario Museum in Toronto, the Houston Museum of Natural Science and The Field Museum in Chicago.

And if you've ever wondered what happened to J-Lo's 6-carat pink rock that didn't make its way down the aisle? Apparently Ben sold it back to Harry Winston - who we're sure found better use for it.