The Jewel Royale Company has announced details of a multi-million pound chess set adorned with platinum and other precious metals.

Using gold and platinum gem encrusted pieces, the chess set has been carefully crafted by the firm, which is now on the lookout for sponsors for the artefact.

The set, which will be worth £5 million - making it the most expensive item of its kind in the world - is being made in partnership with Boodles.

The finished piece will be constructed in gold and platinum and will be set with diamonds, emeralds, rubies, sapphires and pearls.

Sponsors will be able to get their brand associated with the impressive piece of craftsmanship, with the firm organising a chess championship and a celebrity chess match using the decorative set.

The matches will be televised and shown on the internet in a bid to raise the set's profile.

A number of replica chess sets will also be constructed, each valued at £20,000, and are to be given away to members of the public in a prize draw.