L'Oreal Paris is auctioning off two luxurious compacts made from 118 Kwiat diamonds.

The sparkling three-carat gems will be set in platinum on gold and the compact with fasten with a "red-carpet" ruby clasp.

Valued at $4,900, the L'Oreal Paris 2008 Red Carpet Compacts will be auctioned via eBay Giving Works to benefit the Ovarian Cancer Research Trust.

The beauty products giant has based its opulent design on the Swarovski crystal compacts it recently gave Hollywood's leading ladies.

One of the luxury products was presented to each of the female Academy Award nominees.

The auction, which began on February 15th, will run until February 25th.

Kwiat diamonds were recently utilised on a platinum necklace given to the winner of a Dove's Expressions of Love Valentine's Day contest.

Baubles from the luxury jewelers have adorned a number of famous actresses including Anna Friel and Ugly Betty's Ana Ortiz.