The gem and jewellery industry will be treated to auction for a Forevermark fancy yellow diamond, the largest in the world, at the Saffronart.com auction slated from October 7-8 2008. The auction is the first edition of many such to follow and the first of its kind for the industry, so far. %% The yellow diamond is an oval-cut 42.02-carat diamond of VS1 clarity, owned by Rosy Blue and carries the inscription of De Beers Forevermark. %% Amongst watches and jewellery to feature at the auction, will be strands of Basra pearls, Burmese rubies, Colombian emeralds and diamonds, pieces by contemporary designers, watches, and un-mounted fancy coloured diamonds. %% The yellow diamond is expected to draw an auction value of between $554,338 and $650,000 (Rs.2.58 crore and Rs.3.02 crore).