A website has been set up with the sole purpose of selling the world’s very first billion pound piece of jewellery.

Professional Jeweller received correspondence from an Alfie Caffrey, announcing that he is selling the “world’s first billion pound ring”.

The website reveals that the ring in question is not made of any unusually expensive materials. Nor does it appear to have been designed by any famous names in the art, fashion, design or jewellery worlds.

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Instead, the website claims that the sterling silver ring’s £1 billion price tag is justified by the price itself.

It reads: “The fact that this ring is the first ring or piece of jewellery in history to be sold at [£1 billion] is what makes it worth the price.

“To own a ring that smashes previous records of ‘most expensive piece of jewellery’ you have to pay the price, and that price is £1,000,000,000.”

Going on to describe the piece, the website reveals: “The ring measures approximately 10mm in width and 2mm in depth[,] it is comprised of sterling silver, it can be adjusted and made to fit the buyer after the viewing of the ring or left the same size if it is being purchased as a display piece.

“Mr Caffrey has chosen a simple band design as it is truly timeless and can suit any style of clothing or occasion.

“The unique hallmark of the ring will be released to the public once the sale of the ring has been made and all other verification processes have been completed.”

The website thebillionpoundring.co.uk goes on to say that viewings of the ring will cost £25,000 each, in order to cover security costs, while there will be a 10% deposit (equating to £100 million) for anyone wishing to buy the piece.

The £25,000 fee for the viewing will not taken off the eventual price for the viewer that eventually makes the purchase.

Professional Jeweller has reached out to Alfie Caffrey for comment and is awaiting a response. Professional Jeweller was not able to find any information online about an Alfie Caffrey in the jewellery industry. The Alfie Caffrey Instagram account linked on the website has three followers and no posts at the time of writing.