Grapevine: McLaren duo to sparkle in Monaco

"I'm blinged out. I got bling on my helmet, how cool is that," enthused the 22-year-old rookie at a presentation organised by diamond company and McLaren team sponsor Steinmetz on one of the larger floating palaces moored in the Mediterranean principality's exclusive harbour.

Hamilton and double world champion teammate Fernando Alonso will wear helmets with 'Monaco 07' written in white diamonds on the side.

The helmets will then be auctioned for charities chosen by the drivers.

Both drivers flanked a model wearing the 'Ponahalo', a necklace made up of at least $50 million worth of stones cut from one 316 carat rough diamond - the largest to come out of the De Beers Venetia mine in South Africa.

The necklace, paraded under the watchful gaze of security guards, will be shown to some of the world's wealthiest individuals over the Grand Prix weekend before being sold to the highest bidder - assuming the unspecified reserve price is reached.

Both McLaren drivers were also given $10,000 rings, each one with a tyre tread motif in diamonds, to keep.