A 132.55-carat yellow diamond, which has been given the title of ‘Golden Empress’, is dazzling visitors at an exhibition of rare jewels in Monaco.

The stunning diamond is one of the highlights of Graff’s annual Rare Jewels Exhibition, which is being at the Hotel de Paris on Place du Casino.

The magnificent Fancy Intense yellow cushion-cut diamond and its eight other siblings were produced from a single 299-carat rough diamond found in Lesotho, and is the highlight of a dazzling necklace that has been strung with 31 additional yellow diamonds.

Graff has not revealed prices of the diamond or the necklace, but if previous sales are of any indication, in May last year a 100.09 carat Graff Vivid Yellow, billed as the largest yellow cushion-cut precious stone in the world at the time, fetched a record $16.3 million at a Sotheby's auction in Geneva.

Coloured diamonds extremely rare, with just one in 10,000 diamonds discovered casting a magnificent and tantalising shade from a kaleidoscope of hues.

When Graff discovered the opaque 299-carat rough from the Letšeng mine in Lesotho, Graff set about crafting a diamond that would join its hall of world-famous stones.

Before the rough jewel was cut, the first stage of the long process involved a meticulous study of the individual nuances of the stone, and the risks involved. Graff’s senior gemmologists carefully assessed the stone; and it was at this point that “the distinct personality of the Golden Empress was revealed”.

An inextricably feminine and intensely warm molten-like glow radiates from the very core of this majestic diamond.

Coloured diamonds refract and reflect light differently to white diamonds and are cut accordingly, ensuring the jewel’s individual saturation, tone and hue is optimised. This required Graff’s artisan cutters and polishers to strike a tightrope balance between articulating the facets to encourage light in, igniting the fire within whilst not losing any of its colour.

Their instinctive passion and respect for diamonds resulted in the 132.55-carat Fancy Intense cushion-cut diamond, says Graff. The rough yielded a further eight satellite stones, comprising six pear-shaped Fancy Yellow stones – the largest at 21.34 carats – and two brilliant round stones.

Graf’s other legendary yellow diamonds include The Delaire Sunrise, the largest square emerald-cut, Fancy Vivid Yellow diamond in the world at 118.08 carats, The Gemini Yellows at 51.29 carats and 55.74 carats and the 100.09 carat Graff Vivid Yellow.

Also on display at the Monaco exhibition, which runs until August 23, is The Hallucination - an exceptionally rare multi-coloured diamond timepiece estimated to be the most valuable watch ever created, at a price of $55 million.

Another highlight is The Fascination, a highly unique, 152.96-carat transformable creation that converts seamlessly from a bracelet to watch to ring. 

Monaco is an important locale for Graff, representing a significant milestone in the company’s history as the destination for its first store outside the UK in 2000.

The store recently opened in a new location at the Casino de Monte Carlo, becoming part of the history and heritage of one of the most famous destinations in the principality.

Designed by Graff’s Monaco-based in-house interior design team, it boasts an exquisite array of fixtures and fittings in gold and bronze tones, beautifully complemented by striking walnut wall panels and a monochrome marble floor.