A fancy purplish red Argyle diamond ring valued at up to A$1 million (US$930,000) failed to sell at a Sotheby’s auction in Australia.

The red diamond, which weighs 0.82 carats and was the highlight of Sotheby's Australia’s first stand alone jewelry auction, attracted lots of interest according to the local media.

The diamond was just one of a selection of more than 250 lots of antique and contemporary jewelry on offer including jewels by Cartier, Bvlgari and Tiffany & Co, Paspaley South Sea pearls, GIA certified white, yellow and pink solitaire diamonds, and prestigious watches by Rolex and Cartier.

Prior to the sale, Sotheby's Australia received calls from interested buyers in North America and throughout Asia, according to ABC news, which reports that the bidding climbed to A$490,000 (US$455,000) having started at just A$480,000 (US$446,000).