Bling and buy - the 'crown jewels' of hip hop are set to go under the hammer for £1.6m

But it seems the time has come for bling as New York auctioneers prepare to put a collection of 'hip hop's crown jewels' under the hammer.

Jewellery in the auction comes from rap stars ranging from Missy Elliott and Kanye West to Tupac Shakur and Notorious BIG - both drive-by shooting victims.

Going for gold: Missy Elliot's all-moving mini-turntable of black diamonds and gold (left) and a diamond-encrusted headphone pendant owned by rapper Biz Markie

The auction gives hip hop the kind of cultural weight previously accorded to icons such as Andy Warhol and the Beatles.

In all, 70 of pieces are being auctioned by Phillips de Pury, which has set itself up as the auction house for young collectors.

They are expected to raise an estimated $3million (£1.6million).

The sale was scheduled for October 1 but has drawn so much interest that it has had to be postponed until March 5 next year so late-coming pieces can be included.

Golden boy: Lil Jon's 12lb Crunk Ain't Dead necklace has 3,756 diamonds

Lots will include:

• A crown ring with 10 carats of cabochon rubies and pavé diamonds said to have been worn by Tupac when he was shot dead in Las Vegas in 1996 - inscribed in honour of his relationship with music doyen Quincy Jones's daughter (listed at $10,000 to $20,000)

• Missy Elliot's all-moving mini-turntable of black diamonds and gold ($8,000 to $12,000)

• A diamond and white gold Gucci link necklace belonging to Pharrell Williams (up to $250,000)

• A diamond and platinum bracelet owned by Sean 'Diddy' Combs.

• Lil Jon's 12lb Crunk Ain't Dead necklace, featuring 3,756 diamonds.

Kanye West's diamond-studded black Jesus pendant may also go under the hammer.

Diamond life: Pharrell Williams and Biz Markie strut in their costly showpieces

In his own image: Rick Ross, pictured with fellow rapper Slick Rick, wears a self-portrait in gold

Other candidates for inclusion are a gold ring embossed with the face of Egypt's Queen Nefertiti; a diamond-encrusted cassette and headphone pendants owned by rapper Biz Markie; a large gold and stainless steel Rolex with diamond bezel owned by Notorious BIG.

The auction is set to show how bling displaced Nike shoes and baseball caps as the visual signature of rap and hip hop.

The outrageous ostentation of the pieces is the whole point, according to experts.

'It's all about getting people to look at you,' says rapper Big Daddy Kane in Minya Oh's book Bling Bling: Hip-Hop's Crown Jewels.

Owners have donated the items to raise money for the Smithsonian Institution's new hip hop archive and for Rush Community Affairs, a charity founded by hip hop entrepreneur Russell Simmons.

Goldfingers: Snoop Dogg and Tupac Shakur accessorise expensively together