A jewellers in Coventry has designed a luxurious engagement ring especially for Valentine's Day.

The seven-carat diamond and platinum band on sale at Francis and Gaye is believed to be the most expensive diamond in the British city and costs £42,500 ($83,708), reports the Coventry Telegraph.

The princess-cut centrepiece of the opulent bauble is of South African origin and was purchased by the jewellers at a gem fair in Switzerland.

Store manager Mark Francis told the local publication that each year the shop attempts to design a special creation for February 14th.

"I couldn't say what kind of person will buy it, but with interest free credit available it makes it very affordable for a lot of people and it would make a good investment for someone as the value of diamonds is always rising," he continued.

Meanwhile, Francis and Gaye is currently offering a limited edition platinum version of its Cross of Nails.

The unique pendent is a replica of the city's cathedral's famous cross.