(19 March 2013) An 18 carat white gold ring with a massive 10.18 carat centre diamond went on auction today on South African online marketplace www.bobshop.co.za. 

When the side stones are added in, the total diamond weight of the ring is 11.14 carats.

The centre diamond is cut in the round brilliant shape, which is one of the most popular cuts, especially for engagement rings. This is the classic shape of a diamond, though few will ever get the chance to even glimpse a 10-carat stone.

The colour of the centre diamond is graded by the Johannesburg-based International Diamond Certification Laboratory as H Ecg, and its clarity as I2.

The seller, Diamond Merchants, states in his Bob Shop listing that Rapaport prices the diamond alone at R538,597.

Since Diamond Merchants decided to start the massive diamond ring auction from R1, without reserve, this means that, by the time the auction is closes on 8 April, the ring has to go to the bidder who placed the highest bid, regardless of the amount. According to the seller, this is the first time in South Africa that a diamond ring like this goes under the hammer at a rock-bottom opening bid. 'This is a once in a lifetime opportunity to own a ring fit for a queen", the seller adds.

The Bob Shop CEO Jaco Jonker points out that Jewellery is one of the most popular categories among the 1.6 million people who visit Bob Shop every month.

"The very size of the potential market assures good response to an auction like this", says Jaco Jonker and adds: "Besides, R1 auctions are very popular on Bob Shop. Thousands of buyers come to the site every day just to see these irresistible offers from sellers. Listing an item with a starting price of R1 is the best way to watch multiple buyers take the price of your item higher and determine its true value. Still, there is no denying that R1 auctions are by definition a buyer's market. They are strictly for sellers who are not averse to risk-taking and have strong nerves."