60m wedding diamonds for William and Kate

Britain's Prince William and Kate Middleton are set to receive a £60million gem collection to celebrate their wedding.

A group of Saudi Arabian billionaires reportedly want to buy the pair, who are due to wed on April 29, a rare set of jewels called the Rainbow Collection.

The 301 diamonds are the world's largest and finest assortment of coloured diamonds.

The Saudi Arabian royal family tried to buy them from gem dealer Eddy Elzas for William's parents Prince Charles and Princess Diana in 1981 - but the offer was turned down.

Insiders at the jewellers now claim Mr. Elzas wants to retire and sell the rare gems - but only if they are given to the royal couple.

A source told Britain's Sunday Mirror: "Lots of Middle Eastern investors are keen to buy the collection and give them to William and Kate because it would be a huge badge of honour.

"A deal is now very close to being done and an announcement is set to be made soon."

The insider added: "Mr. Elzas is due to retire soon so is looking to sell. But he will only sell if they go to William and Kate. He thinks it would be a fitting gift for the couple."