$14 second-hand diamond ring turns out to be worth a fortune

A ring worth a fortune was in the possession of a man for 30 years but he did not realize it having it bought for a mere $14.

According to Honey.com.au, the diamond ring was sold for a whopping $883,583 during a 'heated' auction by Sotheby's in London on June 7, 2017. The ring was expected to fetch up to just about $470,000 before the auction.

However, in the 1980's, the same ring was originally bought by a man from the UK for just $14. At the time, the ring was called the 'tenner' ring because it was worth just £10.

It was sold during a Sunday sale in West London as costume jewelry. The man wore it almost daily for up to 30 years before knowing the actual price of the ring.

A jeweler finally informed him that the value of the ring could be a lot higher compared to what the owner thought because he believed the ring to be made of 26.27-carat diamond.

The ring was further reported to have been cut in the 19th century, a time when the stones were cut quite differently to how they are cut today.

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The actual procedure of how the ring made it to the sale is not known. But the Gemological Institute of America (GIA) had previously verified its authenticity.

The auction was held in the English capital by one of the largest brokers of fine jewelry in the world, Sotheby. It was bought at the staggering price during the auction by an international buyer.

Jessica Wyndham, the head of Sotheby's jewelry department in London, revealed that prior to getting auctioned, the original owner of the ring would wear it every day. "The owner would wear it out shopping, wear it day-to-day. It's a good looking ring."

He purchased it believing it to be a costume jewel and never considered the real value of the ring. He had also never considered identifying the ring's value with a jeweler.

The source also reported that a Cartier diamond brooch worn by the former Prime Minister Margaret Thatcher was also sold during the auction on the same day.

The precious jewelry was worn by Thatcher on several high-profile occasions including the day she had offered her resignation as the Prime Minister of the UK to the Queen.