The Elizabeth Taylor Diamond, formerly known as the Krupp Diamond, is a 33.19-carat (6.638 g) stone sold at Christie's on 16 December 2011, for US$8,818,500, by the estate of Dame Elizabeth Taylor. Welsh actor Richard Burton gave the stone to the British-American actress in 1968 after acquiring it at auction for US$305,000 during the fourth year of their first marriage.
The Elizabeth Taylor Diamond is an Asscher cut diamond with a fairly large culet facet, indicating it was likely cut before the 1920s, when culet facets were being phased out. A report (1132411262) dated 9 May 2011 from the Gemological Institute of America states that the diamond is D colour, VS1 clarity; accompanied by a diagram indicating that the clarity may be potentially internally flawless.
There is a supplemental letter from the Gemological Institute of America stating that the diamond has been determined to be a Type IIa diamond. Type IIa diamonds are the most chemically pure type of diamond, and often have exceptional optical transparency. Type IIa diamonds were first identified as originating from India, particularly from the Golconda region, but have since been recovered in all major diamond-producing regions of the world. Famous examples of Type IIa diamonds are the 530.20 carat Cullinan I and the 105.60 carat Koh-i-noor.  The supplemental letter from the GIA is accompanied by a monograph from the Gemological Institute of America which features additional photographs, data collection charts and gemological research which details the rarity of the Elizabeth Taylor Diamond.
Elizabeth Taylor wore the Krupp Diamond as a ring, and called it her favourite piece. The Krupp Diamond and other famous pieces of jewellery in Taylor's collection became part of Taylor's image. After Taylor's death, the stone was renamed "The Elizabeth Taylor Diamond".
The diamond is often incorrectly credited with an appearance on the Here's Lucy episode "Lucy Meets the Burtons" in 1970. The ring that appeared in that episode was actually the pear shaped Taylor-Burton Diamond. Lucy Carter (played by Lucille Ball) found the 69.42 carat (13.88 g) ring and got it stuck on her finger. Lucy ends up having to substitute her own hand for Miss Taylor's at a press party held to show off the ring. This was the highest rated episode of the popular series and earned an Emmy nomination for comedy writing. Ball, the Burtons and the ring appeared on the cover of TV Guide on 5 September 1970. Taylor often wore her own jewellery including the Krupp Diamond in films, television movies, and personal appearances when she considered it appropriate.
On 16 December 2011, the diamond (renamed the Elizabeth Taylor Diamond by her estate) was sold at auction by Christie's for US$8,818,500 (including buyer's premium), to the South Korean conglomerate E-Land, setting a record price per carat US$265,697 for a colourless diamond.
- "The Krupp Diamond"
- CNN Larry King Live. "Interview with Dame Elizabeth Taylor". Aired February 3, 2003.
- "Diamond transparency". 2011.
- "Taylor Burton Diamond"
- "E-Land pays $8.8 million for 33-carat Elizabeth Taylor diamond ring". Joongang Daily. 16 December 2011. Retrieved 29 March 2013.
- "Once a Star, Always a Star"