A beautiful diamond parure believed to have belonged to Italy’s Queen Margherita will be among an array of fine jewellery, watches and precious items on sale in Milan next week.

The jewels are being offered by Faraone Casa D’Aste, a new auction house set up by Italy’s high-end jewellery house Faraone.

Faraone Casa D’Aste’s inaugural sale on June 16 at the Four Seasons Milan will feature 140 “masterpieces” including the diamond parure which belonged to the Queen Margherita of Savoy, who lived from 1851 to 1926. 

Faraone Casa d’Aste was set up following an analysis of the use of old jewellery, explains CEO Victoria Bianchi. “The opportunities to wear important jewellery are now rare. The finery and brooches of our grandmothers have left the scene. Why not sell them, or turn them into something more wearable? The opportunities we offer our customers are various: from the auction sales, to the barter of the jewel with a more current version, to direct purchase of items of great value.”

An experienced team will be on hand to evaluate fine jewellery from all periods – either of the maison’s or other iconic brands - from single pieces to entire collections, she adds.

The June 16 sale will be the first of two auctions held by Faraone Casa d’Aste in 2016. 

One of the top attractions of the sale is diamond parure, believed to have been given to Queen Margherita by her husband King Umberto I of Italy, and estimated at €150,000-200,000 ($170,000-228,000).

The set consists of a necklace with 38 diamonds totalling of 55 carats, and earrings with two diamonds weighing 5.30 carats each.

Other jewellery on offer include a beautiful 15.60-carat Burmese ruby, a late 18-century rose gold brooch featuring a 7.35-carat Burmese ruby surrounded by 39 diamonds weighing a total of 39 carats (€550,000-700,000/$626,000/797,000), and a Faraone white gold ring featuring a 24.85-carat Burmese sapphire with two triangular cut diamonds at the sides (€200,000-250,000/228,000-285,000).

In addition to these masterpieces, other jewels will be also presented. 

“They are jewels of no less importance, as well as diamonds for investment; and private individuals also will have the opportunity to close a deal,” Bianchi says.

Established in 1860, Faraone’s patrons have included Queen Margherita, the Monegasque royal family, more recently Charlotte Casiraghi, the daughter of Princess Caroline of Hanover, as well as stars of opera and cinema such as Maria Callas, Anna Magnani, Ava Gardner and Ingrid Bergman.