One ring to rule them all

A $66,000 diamond ring doesn't sound much like a bargain, but that's the marketing pitch chosen by a jeweller in Auckland's upmarket Remuera.

Anthea's owner Murray Smith said newspaper ads featuring the ring under the heading 'Recession Beater' had generated plenty of interest as he battles back from the toughest of his 49 years in the trade.

"It's a bit of an eyecatcher and people have latched on to it. People may have thought I was mad but it worked."

Originally priced at $75,000, that ring and three similar styles have all been selling in the past few months, to businessmen and women from as far away as Invercargill.

Said Smith: "You can spend $60,000 on a car; why can't you spend that on a diamond ring?"

He plans to use the same tactic to sell an even more expensive item - a handmade 5.08 carat diamond platinum ring. Worth $95,000, it will be priced to sell for $75,000.