An all diamond ring is set for auction in Miami and the proceeds donated to RED,a charity dedicated to fighting HIV/AIDS set up by singer and former U2 band member Bono and activist Bobby Shriver. The one-piece ring is cut from a large diamond that replaces the metal band used in normal rings with diamonds.

The diamond that has 2,000-3,000 facets is expected to fetch $150,000-$250,000 at the RED auction which will take place during the Art Basel and Design Miami fair.The coveted diamond was cut using a micrometer-thick water jet and a laser beam by Diamond Foundry in California.

This month a Pink diamond found in South Africa known as the Pink Legacy was sold for $50 million at Christie’s in Geneva at $2.637 million per carat and is now the most expensive ever sold by weight.