Christie's are preparing to host their first jewellery auction in New York since last year's astounding sale of the Elizabeth Taylor Collection which set numerous records and remains, at $137.2 million, the biggest auction of a private jewellery collection of all time.

Last month we previewed the collection of the American heiress Huguette M. Clark, which will appear in the sale with an estimated value of up to $12m.

However, this collection is just the start in an auction which is expected to bring more than $40m. The auction will also feature jewellery from the Estate of Lucille E. Davison, a renowned New Hampshire philanthropist and jewellery collector whose jewels are expected to raise in excess of $1m, and a wealth of exceptional D-quality diamonds.

These will include a 44.09 carat D-color internally flawless emerald cut diamond known as 'The Perfect Diamond', along with pieces from jewellers such as Cartier, Dreicer & Co and Van Cleef & Arpels.

A Cartier diamond ring valued at $2m - $3m

"Christie's record results of $600 million in jewelry sales worldwide last year were shaped by continuing demand for top colored and colorless diamonds with exceptional provenance," said Rahul Kadakia, Head of Jewelry at Christie's New York.

"Investment-quality jewels of this caliber, whether collected purely for enjoyment or as a tangible alternative asset, continue to inspire great interest from new and established collectors worldwide."

As regular readers of the site will know, we've reported on some remarkable record-breaking diamond sales over the past 12 months - and the market looks set to continue its upwards trajectory in 2012.

Sotheby's recent sale of magnificent gems in Hong brought $64 million, and Christie's can expect similarly impressive results on April 17.

For the latest news, interviews and reports from the international jewellery market, visit our jewellery section here.