F1 Drivers to Race in Steinmetz Diamond Helmets

Steinmetz have presented Formula One leader Lewis Hamilton and his teammate Fernando Alonso with a diamond-studded helmet to wear in Sunday's Monaco grand prix. The diamond company and McLaren team sponsor gave the drivers helmets with 'Monaco 07' written in white diamonds on the side.

Following the race, the helmets will be auctioned for charities nominated by the drivers. To soften the blow of giving up the helmets, Steinmetz also gave each driver a gift to keep – a $10,000 ring with a diamond tire tread motif.

"I'm blinged out. I got bling on my helmet, how cool is that," said 22-year-old Hamilton at a party sponsored by Steinmetz, reports Reuters.

At the party, the two drivers stood next to a model wearing the 'Ponahalo,' a necklace estimated to be comprised 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.

Reuters reports that the necklace will be on display over the grand prix weekend before being sold to the highest bidder – assuming the unspecified reserve price is reached.